Export Gems and Jewelry Nov ’22 Continued Growth, Valued at $687.81 Million, an Increase of 8%, for a Total of 11 Months in 2022, Valued at $7,466.16 Million, an Increase of 34, 02%, driven by the increase in purchasing power Tourism is recovering, the market is expanding and it is the end of the year in spending, which should remain very positive throughout the year. But must keep an eye on inflation, cost of living, carbon adjustment measures escalate in the year ’66
Mr. Sumeth Prasongphongchai Director of Gem and Jewelry Institute of Thailand (Public Organization) or GIT revealed that exports of gems and jewelry excluding gold in November 2022 were worth $687.81 million, an increase of 8%, including gold, valued at $868.87 million, a decline of 15.98% and 2022 11-month total (January-November) Excluding gold, it was worth $7,466.16 million, an increase by 34.02%, and including gold, it was worth $14,489.54 million, an increase of 57.24%.
Factors Contributing To The Expansion Of Gems And Jewelry Exports From Increased Purchasing Power As Inflation And Commodity Prices In Many Countries Have Started To Decline. Freight costs on many routes around the world have gone down. recovery of the tourism sector resulting in more purchases in this group And the end of 2022 is the shopping season. Therefore, it is a factor driving the orders that arrive all the time. while the baht while appreciating But does not freeze too fast. It also helps Thai products to be competitive, and many markets have continued to buy more products from Thailand.
For major export markets with good growth rates in the past 11 months, the United States increased by 23.60%, India increased by 91.61%, Hong Kong increased by 19.04%, Germany is increased by 4.34%, the UK increased by 36.67%, Singapore increased by 159.95% and Switzerland increased by 82.48%, Belgium by 34.76%, the United Arab Emirates by 32.84% and Japan by 9.11%.
As for the important products that have been exported, such as gold jewelry, an increase of 49.32%, diamonds, an increase of 5.39%, polished diamonds, an increase of 50.19%, polished gemstones, a 99.89% increase, polished gemstones, a 73.94% increase, gemstones, 53.28% increase, silver jewelry, 3.12% increase, platinum jewelry 9.32%, costume jewelry, 20.71%, unused objects in precious metals, 18.45% and gold, 92.73%.
said Mr. Sumeth Gems and Jewelery exports during the 11 months of 2022 continued to grow well. Although the overall global economy is influenced by many factors. both economic problems geopolitical conflict Including the unresolved COVID-19 spreading problem that Thailand is believed to be doing well AND the number for the remaining 1 month i.e. December 2022 is expected to continue to expand. making the overall export outlook for the full year positive
For the year 2023, GIT advises entrepreneurs to be careful in doing business. Because growth in 2023 may not have support factors. curb growth from higher cost of living inflation and the return of the COVID-19 outbreak causing the economy to grow poorly as it should Although the tourism sector has started to recover. In addition, he must be prepared to face measures to adjust the carbon price before crossing the border of the European Union or CBAM, including measures related to reducing carbon emissions and preserving the environment. that both the United States and Europe is very important. may determine non-tariff trade protection measures
