Kasikorn Research Centre predicts about 7% Thai export growth this year
Thailand’s exports this year are projected to increase by 7% year on year, thanks to the gradual economic recoveries in Europe and the US, following mass vaccinations to contain the spread of COVID-19, according to forecasts by the Kasikorn Research Centre (KRC).
Thai exports for April grew 13.09%, compared to the same period last year, according to the centre, adding that Thailand’s export growth projection this year corresponds with export expansion forecasts for other countries in the Asian region.
The research centre took note, however, of the new wave of COVID-19 pandemic in emerging economies in Asia, which are experiencing export contractions, estimated at about negative 4.4%, compared to the same period last year.
Thailand’s exports to Cambodia, Laos, Myanmar and Vietnam, for the month of April, increased 44.3%, compared to the same period last year, while exports to India, which is facing one of the worst COVID-19 pandemics, jumped a whopping 193%, as COVID-19 affects India’s local production capacity, forcing the country to rely more on imports of plastic pellets, steel products, chemical products, cars and spare parts from other countries, including Thailand.
The KRC said that Thailand’s exports have the potential to grow for the rest of the year, buoyed by global economic recovery, as more people around the world get vaccinated.
It warned, however, that Thai export growth faces risks posed by COVID-19 resurgence in some countries, adding that the situation must be monitored closely, especially regarding the efficacy of vaccines in the containment of the virus.