Banking service???????

[webfact]

Thai exports rise, further growth expected

BANGKOK, November 19, 2010 (AFP) - Thai exports rose in October despite the effect of a surging currency, official data revealed Friday, as the government upgraded its outlook.

Higher demand for rubber and jewellery helped Thai exports increase 15.7 percent in the month from a year earlier, to 17.13 billion dollars.

The figure was weaker than the 21.2 percent annual growth seen in September, the commerce ministry said, blaming the fast-appreciating baht and slowing economic growth in some export destination countries.

Thailand revised up its 2010 export growth target to about 25 percent, up from a previous projection of 20 percent.

"I believe it will definitely meet the new target," said Commerce Minister Porntiva Nakasai.

The baht, along with other Asian currencies, has been surging against the US dollar, which threatens to undermine the competitiveness of Thai exporters and reduce their overseas earnings.

Imports rose 13.5 percent to 14.81 billion dollars.

As a result, the country posted a trade surplus of 2.32 billion dollars in October.

The Thai economy has shown resilience following mass opposition protests in April and May which sparked violence that left 91 people dead, scared off foreign tourists and paralysed the retail heart of the capital.

GDP grew 10.6 percent in the first half of 2010.

The central bank last month cited strong exports when it raised its forecast for gross domestic product (GDP) to between 7.3 and 8.0 percent in 2010.

The Bank of Thailand held its benchmark interest rate steady at 1.75 percent in October, pausing after two consecutive rises as a faltering global recovery and a soaring baht dimmed the economic outlook.

-- (c) Copyright AFP 2010-11-19