The Ministry of Commerce is confident that Thai exports will set a new record within the year after surpassing 93 billion USD over the past 6 months.
Commerce Minister Pornthiva Nakasai revealed that export volume in the first half of this year expanded by 36.6%, higher than the previously expected 23%. Total trade value now stands at 93.1 billion USD.
In June, the volume of exported agricultural products increased by 33.3% while that of automobiles, jewelry, and gold rose by 92.5%, 191.1%, and 534.6% respectively. The ministry expects the number to continue to escalate and hit even greater heights. This year’s forecasted export growth has been revised from 14% to 19% to a total of 183 billion USD. Thailand is expected to have a trade surplus of 10 billion USD this year.
Ms Pornthiva added that the government will be working closely with the private sector to drive exports to the new target. The ministry has instructed commerce envoys stationed in foreign markets around the world to study weaknesses in Thai products. The data will be used to develop strategies to promote Thai export in the future.
The investment market sector is backing revocation of the State of Emergency in the hopes of bolstering foreign investor confidence.
President of Asia Plus Securities Company Mr Kongkiat Opaswongkarn has voiced support for the revocation of the Emergency Decree. He said that the deactivation would reflect that the situation in Thailand has returned to normal.
Investment sentiment in the Thai stock market has improved continually. Positive turnover figures announced by registered companies have indicated the strength of the private sector’s foundation in the face of ongoing political conflict and global economic crisis. Mr Kongkiat believes that foreign capital will flow back into the share market if the turnover trend continues in the coming quarters as well the political and Map Ta Phut problems are settled.
World Bank lowers Thai GDP growth outlook to 2.2%
In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.
BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.(more…)
Thailand’s Economy and COVID-19: Five Things to Know
Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.
Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.(more…)
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