The beginning of the COVID-19 pandemic has toppled the economy of many countries around the world. As a result, investors and entrepreneurs have to adapt to the new strategies and alter their business models unless they want to become bankrupt.
Like other nations, Thailand also faces difficulties and challenges during these times. Its trades and exports have suffered inevitable setbacks over the years. However, Thailand is now experiencing more and more economic development, particularly the country’s export growth. So how did the country handle its economic crisis? For a wholesale business, is it worth investing in? Let’s find out!
The Toll of COVID-19
As we mentioned in our previous articles, the export market of Thailand is huge, seeing that 65% of the country’s GDP is generated from the export industry.
According to KResearch, in August 2021, the COVID-19 outbreak worsened due to the highly contagious Delta variant spread across several Asian countries, including Thailand. Thus, affecting economic activity and manufacturing sectors and forcing a slowdown in export growth. Consequently, Thailand’s export only grew by 8.93% in August 2021, which is a drastic decrease from 20.30% in July 2021. Nevertheless, despite all the obstacles and number decreases, Thailand still manages to uplift its economy during the last quarter of 2021.
Thailand’s Economic Growth, Despite the Pandemic
Despite the economic slowdown, Thailand’s exports still continue to grow, nearing the end of 2021. To start with, Thailand’s export to the USA has increased by 16.20%, and now it is valued at over USD 34.40 billion.
Exports to other countries also face an increase as well, including 27 European countries at a growth rate of 16.1%, while exports to China surged by 32.3% despite the lockdown measures implemented in several Chinese cities.
On the same token, the agricultural and food product exports remain vital to Thailand’s economic growth. For example, the exports of rice rose by 25.4%, driven by higher output and weaker Thai Baht. Additionally, exports of luxury goods such as gems and jewelry continued to perform well throughout the year, ending in robust export growth of 17.1%.
Economic Growth Forecast in 2022
After a few months in 2022, Thailand’s financial status remains strong, and with the ease of lockdown and prevention regulations, the country is expected to grow back to its “pre-covid” economy. Currently, the latest statistics in March 2022 show exports from Thailand rose by 19.5%, valued at USD 28.86 billion, and will continue to grow even further.
Finance Minister, Arkhom Termpittayapaisith, forecasts average 2022 export growth of 3.6% – 4%, while the private sector predicts an expansion of up to 5%. He said that the government sector had committed itself to make life easier for exporters regarding logistics and liquidity issues.
For foreign entrepreneurs, wholesalers, importers, and exporters, it is safe to say that Thailand is the right place for you to start a business.
Test & Go Update: Good News for Foreign Entrepreneurs
Another reason to pick Thailand as the destination for your business is the recent Test & Go update implemented on May 1st. The scheme has since made it easier and more convenient for foreign entrepreneurs looking to start a business.
First, Thailand’s Center for COVID-19 Situation Administration (CSSA) has lifted the RT-PCR testing requirement for international arrivals. Therefore, if you are fully vaccinated, you no longer need to show proof of negative RT-PCR test results before arrival nor undergo a test upon arrival. While unvaccinated visitors need to go through a 5-day quarantine and perform an RT-PCR test on the last day.
As a result, business transactions between retailers or consumers in the wholesale market Thailand would be much faster, while an increase in tourists and travelers would bring more money to drive the economy.
With Thailand’s triumph over COVID-19, the year 2022 is the golden period for all entrepreneurs planning to start an export or wholesale business. However, one question remains – how could you find quality wholesale products, or where can you start selling them? The answer is AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION.
AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION
The largest and most comprehensive wholesale center in Thailand and Southeast Asia, providing support to wholesalers who are planning to start a business in the country.
First, AEC TRADE CENTER has an effective Solution Service Center (SSC) that offers exclusive support services for wholesalers, entrepreneurs, business partners and customers such as Business Matching Area, B2B/B2B2C Parking Space, Loading Zone, Live Feeding & Studio, and various more.
With our vision to create a superior wholesale online experience, AEC TRADE CENTER also integrates the services with PhenixBox, a B2B/B2B2C omni channel wholesale platform via the website and application that provides seamless O2O trading. Along with unique features such as Group Purchase, Seller Store, E-Catalog, and many more all of which come with smart functions including:
- Quotation – Customers can request a quotation directly from the seller (Store).
- Multi-level Procurement – Add up to 5 approvers (Supervisor)
- Compare Product – Select up to 5 products for comparison
- Product QR Code – Scan the QR Code to view the product details easily
Guaranteed to answer all your needs, cost-worthy, and quality product straight from the source. Allowing for convenience, safety, and 24-hour trading for both wholesalers and customers. If you are interested, please feel free to visit: https://www.phenixbox.com/
Our Chinese alliance, “Yiwu” from CCC Group, is known as “the largest small commodity wholesale market in the world.” In 2020, they opened their physical store called “YIWU SELECTION THAILAND SHOWCASE” at AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION, BANGKOK, THAILAND. Their service will help customers find a reliable partner in China who can offer qualified service and trustable after-sale service. They are one of the key online stores in PhenixBox that will help you find great China suppliers with reasonable prices and more related services.
For more information about AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION, please see the contact details below.
AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION
💻 Website: https://aectradecenter-th.com/
💻 PhenixBox: https://www.phenixbox.com/
👥 Facebook: https://www.facebook.com/aecpantip
👥 Facebook: https://www.facebook.com/yiwuselection.th
📩 Inbox: https://www.facebook.com/messages/t/aectradecenter.th
💬 Line: @aecpantip
📞 : 061-416-6790, 065-950-5986
Reference:
- https://www.kasikornresearch.com/en/analysis/Export-FB-30-09-21.aspx
- https://thaiembdc.org/2021/10/07/thai-exports-still-rising-despite-pandemic/
- https://www.bangkokpost.com/business/2287806/
- https://tradingeconomics.com/thailand/exports-yoy
- https://tradingeconomics.com/thailand/exports-by-country
- https://www.worldbank.org/en/news/press-release/2021
- https://www.canr.msu.edu/resources/the-impact-of-the-covid-19-pandemic-on-thailand-s-agricultural-export-flows
