Thai export growth just 1% this year
Thailand’s commerce ministry has said that it expects export growth in 2013 to end up at just 1 per cent after shipments declined continously over the first 10 months.
The ministry reported that exports in the first 10 months were valued at $191.53 billion, while imports increased by 1.4 per cent to $210.97 billion. Thailand thus locked in a trade deficit of $19.44 billion in the period.
“Exports this year will face slower growth than expected, at only 1 per cent, because of sluggish trading in many markets, the dropping price of farm crops, and lower competitiveness,” said Urawee Ngowroongrueng, deputy permanent secretary of the ministry.
She added that the ministry forecast that the value of exports in the remaining two months would be $19 billion to $20 billion, so annualised export growth would end up at about 1 per cent.
Export in 2014 should shows signs of recovering “if there are no severe negative factors”. The current political conflict is expected to end soon, so it should not affect the export or manufacturing sectors.
In October alone, exports declined 0.67 per cent year on year to $19.39 billion. Imports also dropped 5.37 per cent to $21.16 billion, resulted in a trade deficit of $1.77 billion in the month.
Exports last month to many major markets declined, particularly Japan, down 12.1 per cent, followed by Singapore, Malaysia, Indonesia, the Philippines and Brunei, down 16.2 per cent. Exports to South Asia dropped 15.1 per cent, to South Korea 3.2 per cent and to Canada 9.9 per cent.
However, shipments to some markets increased in October. Exports to the US grew 6.5 per cent, to the European Union 7 per cent, to mainland China 14.5 per cent and to Hong Kong 3.2 per cent.
Thailand's commerce ministry has said that it expects export growth in 2013 to end up at just 1 per cent after shipments declined continously over the first 10 months. The ministry reported that exports in the first 10 months were valued at $191.53 billion, while imports increased by 1.4 per cent to $210.97 billion. Thailand thus locked in a trade deficit of $19.44 billion in the period. "Exports this year will face slower growth than expected, at only 1 per cent, because of sluggish trading in many markets, the dropping price of farm crops, and lower competitiveness," said Urawee Ngowroongrueng,...
Thailand’s commerce ministry has said that it expects export growth in 2013 to end up at just 1 per cent after shipments declined continously over the first 10 months.
The ministry reported that exports in the first 10 months were valued at $191.53 billion, while imports increased by 1.4 per cent to $210.97 billion. Thailand thus locked in a trade deficit of $19.44 billion in the period.
“Exports this year will face slower growth than expected, at only 1 per cent, because of sluggish trading in many markets, the dropping price of farm crops, and lower competitiveness,” said Urawee Ngowroongrueng, deputy permanent secretary of the ministry.
She added that the ministry forecast that the value of exports in the remaining two months would be $19 billion to $20 billion, so annualised export growth would end up at about 1 per cent.
Export in 2014 should shows signs of recovering “if there are no severe negative factors”. The current political conflict is expected to end soon, so it should not affect the export or manufacturing sectors.
In October alone, exports declined 0.67 per cent year on year to $19.39 billion. Imports also dropped 5.37 per cent to $21.16 billion, resulted in a trade deficit of $1.77 billion in the month.
Exports last month to many major markets declined, particularly Japan, down 12.1 per cent, followed by Singapore, Malaysia, Indonesia, the Philippines and Brunei, down 16.2 per cent. Exports to South Asia dropped 15.1 per cent, to South Korea 3.2 per cent and to Canada 9.9 per cent.
However, shipments to some markets increased in October. Exports to the US grew 6.5 per cent, to the European Union 7 per cent, to mainland China 14.5 per cent and to Hong Kong 3.2 per cent.
