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23 Aug 2021

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Export growth reaches 11-year high in July 2021… Full-year growth projected at 12.4 percent (Business Brief No.3947)

คะแนนเฉลี่ย
  • ​In July 2021, Thai exports maintained strong growth at 20.27 percent YoY, the highest level in 11 years and higher than the market forecast of 19.7 percent YoY. Export growth during the first seven months of 2021 was equal to 16.2 percent, which is consistent with the levels seen in the ASEAN market though lower than regional rivals, which generally grew more than 20 percent. Excluding oil-related products, gold, weaponry and military supplies, Thai exports in the first seven months of 2021 expanded 21.47 percent, which clearly indicates growth in the real economy. Rapid vaccination rates have restored economic activity in many of Thailand's trading partners to normal levels, providing a boost to Thailand's export sector. As of July 2021, exports to most major trading partners have performed well at almost every destination.
  • Despite the healthy figures at present, exports – the main economic driver – will begin to encounter heightened risks over the remainder of 2021. Externally, outbreaks of the COVID-19 Delta variant have started to intensify in many countries. Meanwhile, Thailand's manufacturing sector is also struggling with viral outbreaks in factories. That said, the pilot Factory Sandbox program should help to somewhat curb the spread of the virus. On the other hand, global economic recovery, especially in the United States and Europe – together with the weakening Baht – will likely allow Thai exports to enjoy high levels of growth over the remainder of 2021. KResearch has thus upwardly revised its forecast for Thai export growth in 2021, from 11.5 percent to 12.4 percent YoY.


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