Total exports in 2022 now appear likely to exceed the government’s original target of 9 trillion baht. Acknowledging this, the Ministry of Commerce is looking to substantially increase the number of export promotion events outside Thailand. It is also looking to penetrate markets in second-tier cities around the world in order to boost the nation’s export value by another 20 billion baht.
Deputy Prime Minister and Commerce Minister Jurin Laksanawisit recently discussed talks he held with Thai commercial attaches stationed at 58 offices in 42 countries. Private sector representatives also participated in the discussion.
Minister Jurin said the meeting resolved to adjust the export target for the second half of 2022 up by 20 billion baht, while proactive as well as in-depth plans are to be implemented in support of the revised target. The number of export promotion events held outside Thailand in 2022 will be raised to 530, from the 185 events originally intended. Efforts will also be made to accelerate the implementation of mini-free trade agreements, online trade promotion, business matching and the utilization of soft power in the sale of goods and services. Additionally, an existing policy to retain Thailand’s shares of existing markets while finding new markets and reviving previously prominent markets will be accelerated. Jurin further noted that markets in 105 “secondary cities” across 36 countries will be penetrated, with the ministry to conduct market penetration for newer products in additional markets. For example, the ministry aims to focus on construction-related goods and services in the Saudi Arabian market.
Jurin said the commerce ministry’s original export target for 2022 was 9 trillion baht, or at least a 4% increase from the previous year. However, 5.7 trillion baht in export value has already been achieved within the first 7 months of 2022. Therefore, it is believed that total exports in 2022 will exceed the initial target.
Minister Jurin also noted risk factors that needed to be followed up on, including trade tensions and geopolitical conflicts, as these issues have caused slowdowns in the economies of Thailand’s trade partners. He also acknowledged policy rate hikes, inflation and logistics as potential risks.