Thailand’s land border trade flourishing; up 30.3% in 2021

Thailand-Cambodia cross-border trade in 2021 expanded by 16.63 per cent to hit ?144.9 billion despite the borders being closed for a significant duration. Thailand’s total trade of ?1.71 trillion in 2021 represented a rise of 30.03 per cent, with exports rising by 34.6 per cent to ?1.03 trillion and imports up by 23.7 per cent to ?684 billion, said commerce minister Jurin Laksanawisit.

Thailand’s overall cross border trade grew by 30 per cent last year compared to the previous year, the commerce ministry said, while setting a target of 5-7 per cent growth for this year.

The 2021 cross-border trade has overwhelmingly exceeded the ministry’s target of 6 per cent expansion by five times, he pointed out.

Thailand-Cambodia cross-border trade in 2021 expanded by 16.63 per cent to hit ฿144.9 billion despite the borders being closed for a significant duration. Thailand’s total trade of ฿1.71 trillion in 2021 represented a rise of 30.03 per cent, with exports rising by 34.6 per cent to ฿1.03 trillion and imports up by 23.7 per cent to ฿684 billion.

“This year we estimate the trade volume will continue to grow within the range of 5 to 7 per cent year on year. Exports are expected to amount to 1.08 trillion to 1.1 trillion baht,” Jurin was quoted as saying by Thai media reports.

He said the factors that would contribute to an expansion in cross-border trade in 2022 include the continued recovery of global and regional economies from the impact of Covid-19, the weakening baht that would increase product price competitiveness and the use of the newly opened China-Laos railway that would greatly help in transportation of farm products from Thailand to Vientiane and Chongqing – two of the biggest markets for agricultural products.

Thailand-Laos cross-border trade was worth ?417.73 billion in 2021, increasing by 39.31 per cent year on year; that with Malaysia, it was worth ?346.6 billion, increasing by 42.6 per cent; with Myanmar, it was worth ?122.08 billion, increasing by 109.24 per cent; with China, it was ?194.82 billion, increasing by 59.71 per cent; with Singapore, it was ?53.85 billion, increasing by 51.49 per cent; with Vietnam, it was ?46.3 billion, increasing by 5.03 per cent.

Fibre2Fashion News Desk (DS)