The Thai Ministry of Commerce today, March 25th, announced the rise of export growth to 16.2 percent in February with the highest skyrocketing orders from Russia, although this mostly took place before the Ukraine/Russia war began.
Commerce Minister Jurin Laksanawisit reported that the export figures in February are still in good condition which was at 23,483.1 million USD or 770, 819 million baht, increasing by 16.2 percent year over year. The trade surplus was at 123.3 million USD.
The top 10 major countries exported to were 1. Russia with an increase of 33.4 percent; 2. Five ASEAN countries with an increase of 31.5 percent; 3. Hong Kong with an increase of 29.8 percent; 4. South Korea with an increase of 28.9 percent; 5. the United States with an increase of 27.2 percent; 6. India with an increase of 23 percent; 7. Taiwan with an increase of 17.7 percent; 8. The United Kingdom with an increase of 17.3 percent; 9. CLMV (Cambodia, Laos, Myanmar, and Vietnam) with an increase of 14.4 percent; and 10. The Middle East with an increase of 13.8 percent. Strict Covid zero rules in China have affected exports to their country.
The Minister stated that the factors that contributed to the expanding exports in February were the expansion of the manufacturers around the world as seen in the Purchasing Managers’ Index (PMI) which had risen above 50 for the 20th consecutive month.
“In February, the situation had not been affected by the Russia-Ukraine war but this could see some major changes in March-April. The authorities must closely monitor the situation and receive updated in-depth reports from commerce ambassadors around the world. Then, the ministry would assist the situation with the private sector to seek solutions,” Jurin stated.
Thailand is, for the most part, staying neutral during the Ukraine/Russia war, sparked by Russia’s invasion of a sovereign nation, however, has released some mostly tepid statements of support to Ukraine, including today, at UN meetings without directly mentioning Russia by name. Thailand has not, however, suspended imports and exports to Russia in categories that have not been sanctioned.
Follow us on Facebook