Word Association (2024)

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Export growth of 20% now expected this year

By Petchanet Pratruangkrai

The Nation

The Commerce Ministry has increased the Kingdom's 2010 export growth target from 19 per cent to more than 20 per cent with an overall value of US$189.9 billion (Bt6 trillion), thanks to strong demand in many markets.

"Significant export growth in many markets has ensured exports will grow by more than the previous estimate. Despite some risk factors, including the stronger baht and rising global oil prices, exports of many goods such as electronic products, electrical appliances, cars and parts and rubber have shown robust expansion," Commerce Minister Porntiva Nakasai said yesterday.

This is the second time since the beginning of July that the ministry has adjusted the export figures for the year. The original forecast was for growth of 14 per cent, but this was raised to 19 per cent a month ago.

Thai shipments exceeded expectations and expanded 36.6 per cent for a value of $93.06 billion in the first half of the year.

After a meeting of the Commerce Ministry task force responsible for driving export growth, officials revised the fullyear growth estimates for certain key product groupings.

Exports of electronics are now expected to grow 20 per cent against the earlier 15percent forecast, while the estimate has been increased from 20 to 40 per cent for autos and auto parts, from 10 to 20 per cent for electrical appliances, from 15 to 20 per cent for plastic and plastic products, from 10 to 25 per cent for rubber, from 5 to 12 per cent for furniture and from 5 to 12 per cent for printing products.

Porntiva said the global economy should continue to recover in the latter half of the year, particularly in Asean, emerging countries and the US.

The ministry has also adjusted its export target for certain key markets: from 12 to 20 per cent for the US, from 27 per cent to 30 per cent for Asean, from 30 to 50 per cent for China, from 35 to 50 per cent for Russia and from 2 per cent to 5 per cent for Africa.

It has however maintained the export target for the European Union at 11 per cent, at 18 per cent for Japan, 25 per cent for India and 12 per cent for the Middle East.

Porntiva said the ministry was maintaining the assumptions of Bt32Bt33 per US dollar and an average Dubai oil price of $80 a barrel for the year.

Although the baht has recently strengthened slightly to Bt31.96 against the dollar, the highest level in the past six months, this is largely in line with other export rivals, she added.

-- The Nation 2010-08-10

[hhgz]

So many TVers were predicting that the strong baht would cause exports to decrease, and destroy the economy. I guess that's not going to happen.