Thailand's 8-Month Exports Surge 33%

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Thailand's 8-month exports surge 33%

BANGKOK: -- Thailand's exports in the first eight months of this year totalled around US$125 billion, representing an increase of 32.6 per cent, according to Commerce Minister Pornthiva Nakasai.

Ms Pornthiva said the export volume in August alone reached US$16.4 billion, or an increase of 23.9 per cent, compared to the same period last year.

The export for major goods increased in every sector, she said. Agricultural and agro-industrial products saw a 14-per cent rise, as well as rubber, processed and canned frozen food which enjoyed increasing orders in both quantity and value.

Industrial goods including electrical appliances, automobiles, plastic resin, and plastic and rubber products recorded an increase of more than 20 per cent.

Export values in Thailand's main markets have continued higher for the tenth running, at some 31.2 per cent, while the values in its minor or new markets rose for the 12th consecutive month, at around 11.5 per cent.

However, rice orders for exports were lower due to the ongoing strong baht currency and competition from Vietnam, Pakistan and India. The volume of rice orders has fallen by 13.5 per cent, while its value was down 18.6 per cent.

Ms Pornthiva said Thailand's import from January to August, this year, was worth some US$119 billion, or a 47.9 per cent increase year-on-year. In August alone, the import value accounted for US$15.8 billion, or a 41.1 per cent increase compared to the same period last year.

Imports of fuel, capital goods, raw materials and semi-finished products rose to 42.1, 38.9, and 39.4 per cent respectively.

However, Thailand gained a positive balance of trade for about US$6 billion during the first eight months of this year, and around US$643 million in August alone.

Ms Pornthiva said she believed the stronger baht will not affect Thailand's overall export value if the government and the Bank of Thailand impose measures to maintain the Thai currency at being not stronger than Bt30 per US dollar.

The Commerce Ministry originally estimated an increase of export value by at least 20 per cent or around US$183 billion. The ministry will also meet with related officials and agencies to evaluate the baht situation and will adjust its measures to penetrate existing and new markets in order to support the market trend next year. (MCOT online news)

-- TNA 2010-09-20

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