The continuous improvement of the Chinese economy boosts the growth of the Thai economy in tourism and exports

Recently, the TTB Economic Analysis Center in Thailand revealed that the Chinese economy is on an upward trend, which is positive news for the global economy, especially for Thailand, which has close economic relations with China, which will directly or indirectly benefit. Among them, in the post epidemic tourism industry, approximately 247000 Chinese tourists visited Thailand in the first two months of this year, far higher than 8000 in the same period last year; And there was also an increase of 127000 people compared to the fourth quarter of last year. Meanwhile, TTB predicts that approximately 5.3 million Chinese tourists will enter this year, generating approximately 446 billion Thai baht in revenue for Thailand's tourism industry. Meanwhile, since the end of 2022, China's imports from all over the world have started to increase slightly, which is also a positive factor for Thai commodity exports. It is understood that China is Thailand's second largest export market, with an average annual export value of 35.5 billion US dollars from 2021 to 2022, accounting for 12% of Thailand's total exports. The top four export commodities are rubber products, cassava products, fruits, and plastic particles.

TTB stated that since the beginning of the year, China's demand for Thai goods has gradually recovered. Although it may shrink to 10.8% in the first half of the year, it will rise to 12.9% in the second half of this year. This makes Thailand's exports to China in 2023 more stable compared to a 7.7% reduction in 2022.