Thai exports in 2023 face pressure from trading partners’ economies…Full year expected to contract by 1.5% as a result of declining price effect

• Thai exports registered the second consecutive month of contraction by 6.0%YoY in November 2022, resulting in a 7.6%YoY increase in the first 11 months of the year. Thai exports in 2022 may record the highest export value for the second consecutive year, driven by the accelerated energy and commodity prices during the first half of the year. However, Thai exports have slowed down significantly since the second half of the year, and this trend should continue next year.
• KResearch views that Thai exports may contract by 1.5% or fall to USD282 billion in 2023 due to the significant high export value in 2022, the evident weakness in the global economy that has diminished the purchasing power of trading partners, and the declining price effect. Dragged down by products at a risk of export contraction such as luxury goods, gems, automobiles and commodities, although necessity goods show a bright outlook, the growth is limited (such as food products with low export value and electronic products with limited growth), and therefore insufficient to drive overall exports.

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