24 Jan 2023 Trading Thai exports grew 5.5% in 2022 while 2023 shipments projected to shrink at 0.5% despite China’s reopening (Business Brief No.3989) คะแนนเฉลี่ย คะแนนเฉลี่ย 5 stars 4 stars 3 stars 2 stars 1 star Economic slowdown in Thailand’s trade partners during 2H22 and the high 2021 base caused Thailand’s outward trade in December 2022 to contract sharply for the third consecutive month at 14.6 percent YoY, equivalent to USD21,718.8 million. As a result, Thailand’s overall 2022 export growth stood at only 5.5 percent YoY. Factors hurting Thai shipments in December 2022 include the contractions seen in exports of cars, auto parts, computers and related components in line with weaker global demand. Additionally, oil-related shipments shrank to 25.7 percent due to the softening global oil prices. Thai shipments to almost all trade partners contracted in December 2022. Particularly, exports to China shrank sharply by 20.8 percent, causing the overall exports to China to contract 7.7 percent in 2022, which was due primarily to the highest base ever recorded during 2021, plus eroding purchasing power in China amid numerous negative factors, especially stringent COVID-19 restrictions imposed throughout 2022. Meanwhile, Thai shipments to the Middle East surged 22.8 percent. It is likely that Thai exports to this region will thrive in 2023, thanks to governmental support. Looking into 2023, we at KResearch are of the view that the overall Thai shipments will continue to face numerous downside risks, particularly the slowing global economy that may undermine purchasing power in Thailand’s key trade partners, plus the stronger Baht (at least until 1Q23), and the high 2022 base. However, the overall Thai exports may shrink at 0.5 percent (bettering the 1.5 percent contraction projected as of the end of December 2022), supported by China’s relaxation of its zero COVID-19 measures and earlier-than-expected reopening, effective January 8, 2023. Such factors may in turn help shore up its economic activity, including manufacturing and consumption, thus supporting Thai shipments to China in 2023. Under this scenario, KResearch expects that Thailand’s outward trade to China may grow at 3.4 percent in 2023 (versus a static growth estimated before). View full article Login / Register Or Enter the code from the poll Annotation This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow. Trading TradeExport valueExport Related Analysis View all 21 Feb 2018 Trading 1Q18 Shipments to Expand at least 10% on Surprising Growth in January Exports (Business Brief No.3728) Contrary to the past 5-6 years when the value of January exports tended to fall over-month, January shipments in 2018 posted better-t... Read more 0 KB 0 KB 22 Jan 2018 Trading Export in 1Q18 slowing due to 2017 base effect after surging 11.7% in 4Q17 (Business Brief No.3723) Thailand saw a trade deficit in December 2017 for the second time in the year (after one in July 2017) due to higher than expected imports that had... Read more 0 KB 0 KB 9 Jan 2018 Trading Delayed GSP Renewal has Limited Impact on Thai Exports to US (Current Issue No. 2894 Full Ed.) Over recent years, Thai exports to the US have been relatively competitive, thanks to the US Generalized System of Preferences (GSP). Howeve... Read more 0 KB 0 KB 22 Dec 2017 Trading Recovering Global Economy to Lift 2018 Thai Export Growth to 4.5% (Business Brief No.3720 Full Ed.) Thailand's outward trade grew steadily for the ninth consecutive month in November, thus sending 11M17 export performance to 10.0 percent... Read more 0 KB 0 KB 22 Nov 2017 Trading Thai Export Strength Continues to the Yearend, Raising 2017 Export Growth to 9% (Business Brief No.3714 Full Ed.) Thai export value in the first month of 4Q17 (October) continues to show bullish signs. - Exports related to oil prices continued to rise,... Read more 0 KB 0 KB 20 Nov 2017 Trading New Era in Bilateral Trade Negotiations with US to Transform Thai Trade Strategies (Current Issue No. 2881 Full Ed.) Bilateral trade negotiations with the US are ushering in a new era following President Trump's historic visit to Asia, November 5-14,... Read more 0 KB 0 KB View all