The Commerce Ministry has vowed to continue ramping up export promotion activities in the remaining months of 2022, with the aim of raising export revenue to US$285 billion by year-end, hitting the ministry's target and an uptick from $271 billion in 2021.
Speaking after a joint meeting on export stimulus plans in the second half with ministry officials and commercial counsellors in 58 offices located in 42 countries, Commerce Minister Jurin Laksanawisit said the ministry plans to organise 530 activities to stimulate exports this year, 345 of which are scheduled for the second half. Some 185 promotional activities were held in the first half, he said.
Despite myriad challenges, exports still recorded strong growth this year, with customs-cleared value of exports amounting to $173 billion in the first seven months of the year, a rise of 11.5% over the same period last year.
Imports also rose by 21.4% to $183 billion, resulting in a trade deficit of $9.91 billion.
Exports in the real sector (excluding gold, oil-related products and weaponry) also increased by 8.3% for the period.
The ministry expects exports will expand well amid global economic uncertainties by diversifying to various markets.
Moreover, global demand for food and agricultural products has continued to grow and Thailand remains a strong producer and exporter.
Supporting factors include the depreciation of the baht, decreasing freight rates, an increasing volume of shipping vessels and containers, and a downward trend in global energy prices, which will lower costs and help exporters compete in the global market.
However, inflationary risk and interest rate hikes in trading partner countries as well as geopolitical conflicts may pressure the supply chain worldwide and will have to be monitored, said Mr Jurin.
The ministry is also planning to form deeper trade partnerships through mini-free trade agreements (mini-FTAs) with target cities and provinces in foreign countries.
In the remaining months of this year, the ministry is scheduled to sign mini-FTA deals with Gyeonggi province of South Korea and Shenzhen and Yunnan of China.
The ministry previously signed five mini-FTAs with Japan's Kofu city, China's Hainan and Gansu provinces, India's Telangana state and Busan of South Korea.
The ministry also wants to increase exports to secondary markets in the remaining months of this year.
Exports to secondary markets saw strong year-on-year growth of 7.4% in July led by shipments to South Asia, Australia, the Middle East, and Africa, which grew by 21.1%, 20.0%, 27.4% and 4.3% respectively.