Thailand Posts Record Exports In June

[webfact]

Thailand posts record exports in June

BANGKOK, July 21, 2011 (AFP) - Thai exports hit a record high in June as the country's trade surplus widened, Commerce Ministry figures showed Thursday, bolstering expectations of robust economic growth.

Exports grew 16.8 percent from a year earlier to $21.07 billion, after a 17.6 percent rise in May and Commerce Minister Porntiva Nakasai said trade was likely to remain resilient despite a strengthening Thai baht and the European debt crisis.

"Export values in June were a historical high," she said, adding the ministry would hold its export target for the full year at 15 percent.

Imports expanded 26.1 percent to $19.81 billion.

The country posted a monthly trade surplus of $1.27 billion in June, from $277.5 million in May, which was caused by a slowdown in auto exports in the wake of Japan's March 11 quake-tsunami.

Exports to Japan continued to strengthen in June and robust demand was also seen from other Asian nations.

However growth in shipments to the United States and Europe was weaker as the two giant economic blocs struggle to recover from the global downturn.

The figures also showed exports jumped 23.6 percent to $114.98 billion in the six months to June, while imports swelled 28.5 percent to $111.53, resulting in a trade surplus of $3.45 billion.

KGI Securities economist Pragrom Pathormboorn told Dow Jones Newswires that the robust exports reinforced expectations that the economy would achieve 4.4 percent growth this year -- at the higher end of the firm's targets.

Economic growth hit 2.0 percent quarter-on-quarter in the three months to March, the quickest pace in a year, helped by surging exports.

Pragrom brushed off concerns that the upward trend in interest rates may cause a further strengthening in Thailand's currency, which could hit exports and said the two factors were now less correlated.

Thailand raised its key interest rate to 3.25 percent this month and warned that the incoming government's populist policies were likely to fuel inflation.

Puea Thai, the winning party of exiled former premier Thaksin Shinawatra, has outlined a raft of measures -- including an increase in the minimum wage -- that are expected to stoke cost pressure.

-- (c) Copyright AFP 2011-07-21

[djlest]

In an ideal world POO THAI should move all the factories to Isarn - and give Isarn the jobs at the new minimum wage...

Wonder how long the factories last before they cut jobs, or bring in more technology to reduce the increased labour expenditures

Thus less people get jobs in Thailand - and those that do get paid more...

It wasn't that many years ago the MADE IN THAILAND brand was everywhere.

Nowdays China undercuts everything the Thais could ever make...

And Poo Thai is here to make sure it stays that way... because afterall - they are chinese too

[12DrinkMore]

Great News!!!

Well done Thailand!

In an ideal world POO THAI should move all the factories to Isarn - and give Isarn the jobs at the new minimum wage...

Wonder how long the factories last before they cut jobs, or bring in more technology to reduce the increased labour expenditures

Thus less people get jobs in Thailand - and those that do get paid more...

It wasn't that many years ago the MADE IN THAILAND brand was everywhere.

Nowdays China undercuts everything the Thais could ever make...

And Poo Thai is here to make sure it stays that way... because afterall - they are chinese too

Come on, give them their due.

No matter how well the economy of Thailand does, there are always those detractors who say it is all about to fall apart.

Regarding the rise in minimum wages, there has already been a degree of back tracking over this. And you are right, the rich and powerful in Thailand are generally descendants from China. But they are very interested in ensuring that their own businesses are successful, and are certainly not interested in sacrificing their own profits to the gain of China,as you seem to imply, no way at all.

Once again, well done Thailand!

[hellodolly]

Great News!!!

Well done Thailand!

In an ideal world POO THAI should move all the factories to Isarn - and give Isarn the jobs at the new minimum wage...

Wonder how long the factories last before they cut jobs, or bring in more technology to reduce the increased labour expenditures

Thus less people get jobs in Thailand - and those that do get paid more...

It wasn't that many years ago the MADE IN THAILAND brand was everywhere.

Nowdays China undercuts everything the Thais could ever make...

And Poo Thai is here to make sure it stays that way... because afterall - they are chinese too

Come on, give them their due.

No matter how well the economy of Thailand does, there are always those detractors who say it is all about to fall apart.

Regarding the rise in minimum wages, there has already been a degree of back tracking over this. And you are right, the rich and powerful in Thailand are generally descendants from China. But they are very interested in ensuring that their own businesses are successful, and are certainly not interested in sacrificing their own profits to the gain of China,as you seem to imply, no way at all.

Once again, well done Thailand!

Agreed well done Thailand

Now that it has a new leader and a publicly announced promise to raise wages we will have to hope that it will continue to grow.

Yes the PT has done a lot of backtracking but will they be allowed to cut back on there promise. They have promised a lot of very poor people this money as well as had there leader come out and say he will make every one in Thailand rich in 6 months.

Not sure if it is wise to pi--s those people off. A lot of them thought the TP really meant those things.

[Ricardo]

Yet more evidence of the outgoing government's total mismanagement of economic-affairs, erm ... totally vindicating the electorate in their landslide-vote to throw out the incompetent Korn & Abhisit ... replacing them with a much-stronger more-experienced PM & financial-team ... erm ... clearly shows just how much the country has suffered without the guiding-influence of Dear Leader !

OMG I seem to be infected with Red-Shirt-itis !

Nurse, fetch a dose of medicinal Chang, Stat !

[12DrinkMore]

Nurse, fetch a dose of medicinal Chang, Stat !

You should stay off that stuff, I used to drink loads of it but then realised I was turning into a zombie.

[lannarebirth]

Yet more evidence of the outgoing government's total mismanagement of economic-affairs, erm ... totally vindicating the electorate in their landslide-vote to throw out the incompetent Korn & Abhisit ... replacing them with a much-stronger more-experienced PM & financial-team ... erm ... clearly shows just how much the country has suffered without the guiding-influence of Dear Leader !

OMG I seem to be infected with Red-Shirt-itis !

Nurse, fetch a dose of medicinal Chang, Stat !

Yes. One of the PM elects oft stated goals is to "turn the economy around and get it moving again". What direction might that be? Anyhow, I hope that promise turns out to be as hollow as the rest.

[Ricardo]

Nurse, fetch a dose of medicinal Chang, Stat !

You should stay off that stuff, I used to drink loads of it but then realised I was turning into a zombie.

"My Master Needs A Brain !" ... with apologies to Garfield !

"Would You Care For A Twist of Lemming, Sir ?" ... a nod to Monty Python.

But seriously, all the tosh that has recently been sprouted on TV, about how the outgoing government have achieved nothing, and the poor are worse-off than in the 'Good Old Days' of TRT, are given the lie by news-items like this one.

I hope that Ms Yingluck can take the excellent economic-start she's been handed, and not blow it. Good Luck to them.

Edited July 21, 2011 by Ricardo