The Regional Comprehensive Economic Partnership (RCEP), with 15 member countries, including 10 ASEAN countries, Japan, South Korea, China, Australia, and New Zealand came into effect on January 1, 2022, opening up more trade opportunities between Thailand and member countries.
Thailand's trade with the RCEP has increased, according to data from the Department of International Trade Negotiations, the value of exports in September 2022 was $12,679.2 million US dollars, up 4.6 percent from the same time in 2021 with a consistent growth for months, and up 1.7 percent from August 2022 despite a weakening global economy.
The improvement of the Thai manufacturing sector arose from the constant expansion of industrial products and the resolution of supply chain issues. the baht's decline, which helped in sustaining.
Most of the major export markets continued to expand, except China, Japan, and South Korea. The ASEAN market grew by 16.1 percent, expanding products such as cars, equipment, and components, air conditioners, and components.
The markets in Australia and New Zealand grew by 12.7 percent and 27.0 percent, respectively. Products that expanded in the market were automobiles, equipment, parts, and canned and processed seafood.
As for the Chinese market, it contracted for the fourth consecutive month at 13.2 percent. Products in the market that contracted were fresh fruits, chilled fruits, frozen fruits, cassava-based products, and rubber. Motorcycle tires and components Fresh chilled and frozen chicken The Japanese market contracted again this September at 1.7 percent after expanding in the previous month. The South Korean market contracted by 1.0 percent.
According to statistics for the first 9 months of 2022, Thai exports to RCEP totaled 116,253.4 million US dollars. It grew by 7.5 percent, accounting for 52.5 percent of the total value of Thai exports to the world market.
Source: DEPARTMENT OF FOREIGN TRADE
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