Thai exports jumped 10.2% in November
AS exports rose by 10.2% in November with this being the best performance in nine months the Commerce Ministry now expects this year’s performance to move slightly into the positive territory by around 0-0.2%, Thai News Agency quoted Assistant to PM’s Office Minister Korbsak Phutrakul as saying today.
Should exports also do well in December it would further improve the annual total, he added.
That exports climbed last month is because of greater demand for agricultural products and industrial goods with countries importing more Thai goods including Japan and China by 22% and Europe by 13.8%.
Another reason Thai exports are increasing is because exports are rising across the globe with this being good news for next year, Mr Korbsak said, adding that this is evident in many other regional countries including Taiwan, Vietnam, Singapore and Indonesia.
While Bank of Thailand still expect exports in 2017 to stay flat at 0%, the National Economics and Social Development Board thinks it will grow by 2.4% while Commerce Ministry by 2.5 to 3.5% . A key reason is that oil price has increased and this will also raise prices of petrochemical and other chemical products.
Moreover key exports markets are improving including US, Europe and Japan. The Thai baht will also likely weaken with this boosting exporters’ liquidity and profits. However they might have to cut the price of their products to compete better.
Mr Korbsak added that this new trend means exports will again be another engine that will drive the Thai economy.
Top: Mr Korbsak says exports are now doing better. Photo: Thai News Agency