Thailand’s food, gems and jewellery exports drive Q1 2022’s economic growth

After its robust growth of 26 percent in Q1 2022, food exports in Thailand are projected to increase by five percent

After its robust growth of 26 percent in Q1 2022, food exports in Thailand are projected to increase by five percent. The boost will be driven by the Russia-Ukraine conflict and mounting concerns about food shortages in many countries, as reported by Bangkok Post.

The aforementioned conflict triggered concerns regarding food security in many countries, which resulted in leading importers accelerating food shipments to avoid a shortage. According to Visit Limlurcha, honorary president of the Thai Food Processors Association, Thailand benefitted from this, with food exports generating THB324 billion (USD9.3 billion) in Q1.

Industrial food products made up THB187 billion (USD5.4 billion), up 40.5 percent year-on-year (YoY) while agricultural food products accounted for THB138 billion (USD4 billion), which was an increase of 10 percent.

Fats and edible oils from plants and animals, sugar and molasses, squid, rice, and food spices were among the key products that contributed to export growth. China, Japan, the United States, Australia, and the United Kingdom were the leading food import markets.

According to Limlurcha, food exports will reach THB1.1 trillion this year, which was an increase of five percent. He said the growth would be driven by a gradual economic recovery and increasing economic activities among trading partners

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Gem and jewellery exports have increased 37 percent YoY in March, according to The Nation Thailand. 

The Gems and Jewellery Institute of Thailand (GIT) director Sumed Prasongpongchai said the growth could be attributed to the global economic recovery, borders reopening, rising purchasing power, and investment expansion.

Gold exports increased due to global price increases, he said. It rose 699.1 percent YoY to USD3.59 billion.

Exports of major products have increased, such as polished diamonds (70.9 percent), scraps made of precious metals (63.5 percent), polished soft gems (50.3 percent), polished hard gems (48.2 percent), gold jewellery (42 percent), artificial jewellery (37.6 percent), rough gems (27.4 percent), silver jewellery (14 percent), and rough diamonds (3.1 percent), he said.

The Property Report editors wrote this article. For more information, email: [email protected].