Gem and jewelry exports in November 2022 continued to grow, reaching a value of $ 687.81 million, an increase of 8%, a total of 11 months in 2022, a value of $ 7,466.16 million, an increase of 34.02%, driven by increasing purchasing power . Tourism recovered, the market expanded, and it was the end of year shopping season. The whole year is expected to be extremely positive. But we must keep an eye on inflation, living costs, carbon adjustment measures to intensify in the year ’66
Mr. Sumeth Prasongphongchai Director of the 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, worth $868.87 million , a decrease of 15.98% and a total of 11 Months from 2022 (Jan.-Nov.) Excluding gold, it was worth $7,466.16 million, an increase of 34.02% and if it included gold, it was worth $14,489.54 million, an increase of 57.24 %.
Factors contributing to the expansion of gem and jewelery exports from growing purchasing power As inflation and commodity prices in many countries begin to decline. Freight costs on many routes around the world have fallen. the recovery of the tourism sector leading to more purchases in this group And the end of 2022 is the shopping season. Therefore, it is a factor that drives orders coming in continuously. while the baht despite appreciating But it does not freeze too quickly. It also helps Thai products compete. And many markets have continued to increase their purchases from Thailand.
For major export markets with good growth rates in the last 11 months, the United States increased 23.60%, India increased 91.61%, Hong Kong increased 19.04%, Germany increased 4.34%, the United Kingdom increased 36.67%, Singapore increased 159.95% , and Switzerland increased 82.48%, Belgium, 34.76%, United Arab Emirates, 32.84%, and Japan, 9.11%.
In terms of important exported products, such as gold jewellery, an increase of 49.32%, diamonds, an increase of 5.39%, polished diamonds, an increase of 50.19%, polished gems, an increase of 99.89%, polished gems, and an increase of 73.94% , gems, an increase of 53.28%, silver jewelry, an increase of 3.12%, platinum jewelry 9.32%, fake jewelry, 20.71%, unused items made of precious metals, 18.45%, and gold, 92.73%.
Mr. Exports of gems and jewelery during the 11 months of 2022 continued to grow well. Although the overall global economy is affected by many factors. economic problems both geopolitical conflicts Including the unresolved problem of the spread of COVID-19 which Thailand is considered to be doing well And it is expected that the number for the remaining 1 month, which is December 2022, will continue to expand. causing the overall export outlook for the whole year to be positive
For the year 2023, GIT advises entrepreneurs to be careful when doing business. Because growth in 2023 may lack supporting factors. causing growth to decrease from higher cost of living inflation and the return of the outbreak of COVID-19 causing the economy to grow poorly as it should Although the tourism sector has started to recover. In addition, it must be prepared to deal with carbon price adjustment measures before crossing the European Union, or CBAM, as well as measures related to reducing carbon emissions and preserving the environment. which are both in the US and Europe is very important. it can cause non-tariff trade protection measures
