The Thai National Shippers' Council (TNSC) <\/strong><\/span>has revised its export growth target for 2022 to 6-8% <\/strong><\/span>from the previous estimate of 5.8%, while keeping an eye on risk factors such as inflation and the Ukraine-Russia war that may impact exports towards the end of this year.<\/strong><\/span><\/p>

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Mr. Chaiyacharn Jaroensuk, President of the Thai National Shippers' Council (TNSC) <\/strong><\/span>stated that the TNSC forecasts total exports for 2022 to grow by 6-8%, an upward revision from the earlier estimate of 5.8%. Positive factors supporting export growth include the exchange rate of 34 baht per US dollar and stable raw material prices, with crude oil priced at $100-115 per barrel.<\/p>

However, it is essential to monitor significant risk factors that could hinder growth in 2022, particularly the global inflation rate, which remains high. The IMF predicts that inflation in developed countries will average 6.6% and 9.5% in emerging or developing countries. Energy prices remain elevated due to the ongoing conflict between Ukraine and Russia, while shipping freight rates are also high, although there have been reductions on several routes. Nonetheless, additional costs related to oil prices continue to fluctuate, and issues with raw material shortages and price volatility persist. Some countries have begun easing import tax measures on consumer goods to alleviate domestic price pressures caused by inflation, and many countries are increasingly seeking cooperation on supply chain security.<\/p>

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For June 2022, compared to the same month last year (YoY), exports amounted to $26,553.1 million, growing by 11.9%, with a value of 907,286 million baht, an increase of 22.7% (excluding gold, oil, and military equipment, exports in June grew by 10.4%).<\/p>

Meanwhile, imports totaled $28,082.3 million, growing by 24.5%, with a value of 971,481 million baht, an increase of 36.3%, resulting in a trade deficit for Thailand in June 2022 of $1,529.2 million or 64,195 million baht.<\/p>

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In the first six months of 2022, total exports amounted to $149,184.8 million, growing by 12.7%, with a value of 4,945,248 million baht, an increase of 23.1% (excluding gold, oil, and military equipment, exports from January to June grew by 9%). In contrast, imports totaled $155,440.7 million, growing by 21%, with a value of 5,223,277 million baht, an increase of 32%, resulting in a trade deficit for Thailand from January to June 2022 of $6,255.9 million or 278,029 million baht.<\/p>

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