Thailand’s cross-border trade hits 912 billion baht, up 3.6%

Thailand’s cross-border and transit trade reached a significant milestone, totalling over 912 billion baht in the first half of the year, marking a 3.6% increase compared to the same period last year. The government attributed this growth to enhanced promotion of cross-border trade in recent months.

Government spokesperson Chai Wacharonke referencing data from the Department of Foreign Trade, noted that the combined value of Thailand’s cross-border and transit trade stood at 912.28 billion baht over the past six months. This figure includes trade with third countries conducted through Thailand’s border checkpoints.

Cross-border and transit exports were valued at 534.3 billion baht in the first half of 2024, reflecting a 3.1% increase from the previous year. Cross-border imports amounted to approximately 188 billion baht during the same period.

Trade with Laos was the highest among Thailand’s neighbours, valued at 150.6 billion baht. This was followed by trade with Malaysia at 149.3 billion baht, Myanmar at 106.6 billion baht, and Cambodia at 86.7 billion baht.

Transit trade to third countries in the first six months of 2024 reached 418.8 billion baht, up 4.8% from the previous year. Exports accounted for 228.8 billion baht, while imports were valued at 189.9 billion baht.

China emerged as the top destination for transit trade, with a total value of 244 billion baht, representing a 14.3% increase from the same period last year. Singapore followed with 53 billion baht, and Vietnam with 36 billion baht.

Thailand’s leading cross-border exports included fresh durian, valued at 67 billion baht, hard-disk drives at 40.9 billion baht, and technically specified natural rubber or block rubber at 19.5 billion baht.

The uptick was a result of the government’s proactive policy to boost cross-border and transit trade value, aligning with Prime Minister Srettha Thavisin’s directive for all government agencies to closely monitor the trade situation, Chai stated.

Aiming to further promote cross-border trade, a border trade fair will be held in Songkhla from Friday to Sunday. The event will feature a trade show, seminars for entrepreneurs, and online business matching activities.

Organised by the Department of Internal Trade, the Export-Import Bank of Thailand, the Small and Medium Enterprise Development Bank, and the Bank for Agriculture and Agricultural Cooperatives, this fair underscores the government’s commitment to enhancing trade ties with neighbouring countries and beyond, reported Bangkok Post.