Thailand expects exports to expand by 3-4 percent in 2022, to an estimated THB8.98-9.07 trillion, despite the growth rate will slow down due to the spread of COVID-19 omicron variant, the Department of International Trade Promotion said Tuesday.
This forecast is similar to earlier projections by the Bank of Thailand of 3.5 percent growth, the Ministry of Commerce of 3-5 percent growth, and the Thai National Shippers’ Council of 5-8 percent growth.
The factors that will support exports in 2022 derive from trading partners’ economies, which are predicted to expand despite the omicron’s impact, but will be limited in the first half of the year and recover in the near term. The baht is trading at a favorable rate for exports. Oil prices kept rising, which benefited exporters, particularly those involving oil.
DITP also plans to conclude agreements establishing deeper trading relationships with Hainan, China, and Telangana, India, as well as other possible new cities, through “mini-FTAs.”
