Malaysia-Thailand border trade rises 30.26% in 2021

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BANGKOK: Border trade between Malaysia and Thailand elevated 30.26 per cent to 627.7 billion baht (100 baht=RM12.60) final 12 months following the reopening of all 9 checkpoints alongside the borders of each nations which have boosted financial actions.

Thai Deputy Prime Minister and Commerce Minister Jurin Laksanawisit stated export to Malaysia elevated 42.62 per cent to 346.6 billion baht whereas import rose 18.44 per cent to 281.1 billion baht final 12 months, ensuing in a 65.5 billion baht trade surplus.

For 2021, he stated Thailand’s total border trade, together with transit trade stood 1.71 trillion baht, a rise of 30.03 per cent year-on-year (y-o-y).

He stated export expanded 34.6 per cent to 1.03 trillion baht whereas import jumped 23.7 per cent to 684 billion baht, ensuing in a trade surplus of 347.3 billion baht in 2021.

“Last 12 months, Thailand’s cross-border trade with 4 neighbouring nations, particularly Malaysia, Myanmar, Laos, and Cambodia, stood at 924 billion baht, a rise of 21.56 per cent y-o-y whereas transit trade with Singapore, Vietnam, Southern China and different nations stood at 791 billion baht, a development of 41.55 per cent y-o-y,” he stated in a press release.

For 2022, Jurin stated Thailand’s cross-border trade is predicted to develop between 5.0 per cent and seven.0 per cent to between 1.08 trillion baht and 1.1 trillion baht, pushed by world and regional financial restoration.

The Deputy Prime Minister stated a weaker baht would enhance the competitiveness of Thai merchandise.

He stated the newly-opened high-speed rail connecting China and Laos is predicted to facilitate the transport of Thai items, particularly agricultural merchandise export this 12 months.

“The Commerce Ministry plans to reopen extra border checkpoints to spice up border trade actions this 12 months. We plan to reopen no less than 12 border checkpoints this 12 months to spice up border trade,” he stated.

So far, 48 of the 97 checkpoints, together with all 9 checkpoints alongside the Malaysian border are in operation.

The Thai authorities closed its border checkpoints to curb the unfold of COVID-19 in March 2020, resulting in trade disruptions as freight carriers struggled to ship items.

Meanwhile, Jurin stated the unpredictable pandemic, particularly the extremely contagious Omicron variant would have an effect on the reopening of border checkpoints and site visitors of products alongside the borders.

“The political and financial state of affairs in Myanmar could have an effect on border exports to Myanmar, particularly Myanmar’s coverage to cut back the utilization of overseas forex and management imports to cut back steadiness of funds,” he stated. – Bernama



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