Thai Exports Hit New High

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Thai exports hit new high

BANGKOK, April 20, 2011 (AFP) - Thailand's exports jumped 30.9 percent in March from a year earlier, hitting a new all-time high in a boost to the country's economic recovery, government figures showed Wednesday.

The value of exports surged to $21.3 billion, up from $16.2 billion in the same month of 2010, helped by strong overseas demand for Thai products such as jewellery, plastic, rice and rubber, the Commerce Ministry said.

The strong performance eased worries that Thai exports would suffer from the impact of the devastating March 11 earthquake and tsunami in Japan.

Exports to mature markets including Europe, Japan and the United States increased 25.4 percent, while shipments to dynamic markets such as South Korea, Hong Kong, Taiwan and South Asia soared 33.9 percent.

Imports also struck a record high of $19.5 billion, marking a rise of 28.4 percent from a year earlier, partly due to increased energy import costs.

Thailand posted a March trade surplus of $1.8 billion, slightly higher than the figure for the previous month.

The Thai economy returned to growth in the fourth quarter of 2010, snapping out of a brief technical recession on the back of solid exports and private consumption.

The central bank raised its benchmark interest rate in March for the fifth time in eight months, in an attempt to curb inflation in the face of higher commodity prices.

The Bank of Thailand was due to hold a policy meeting later Wednesday with many analysts predicting another rate hike to keep a lid on rising consumer prices.

-- (c) Copyright AFP 2011-04-20

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