The Federation of Thai Industries (FTI) expects 10 export sectors will gather momentum if there are no serious interruptions from COVID-19 spread in the industrial sector which might result in a shortage of raw materials.
FTI vice-chairman Kriengkrai Thiennukul said, of the 10 industries, food and auto exports have a strong correlation with global economic conditions. A stronger world market will increase demand for food and cars from Thailand. Medical equipment, herbal medicine and food supplements should also have good export prospects, because people are concerned about COVID-19 infections and have become more health-conscious.
He said in the food segment, market supply and demand, along with manufacturers’ attempts to keep COVID-19 at bay, are crucial to the outlook. Growth in the food industry results from higher prices for agricultural products, as well as strict measures to protect food processing against contamination, especially by COVID-19.
Mr. Kriengkrai said exports are healthy and will keep growing, adding that trade is the key factor driving the economy throughout the rest of the year. The global economic recovery is also expected to drive the export segment this year, specifically the US and China, as many developed countries have vaccinated a significant proportion of their population against the highly contagious virus. (NNT)