Thailand’s exports surge despite strong baht
Despite a considerably strong domestic currency, Thailand’s exports in August grew at their fastest pace since January 2013, far better than expected as demand from major markets increased in the wake of a global economic recovery. The country’s exports climbed 13.2 per cent from a year earlier, beating a forecast of a 4.93 per cent rise year-on-year, and against 10.5 per cent growth in July.
The export gains were helped by an annual 13.5 per cent rise in shipments of (mainly assembled) electronics and a surge of 139 per cent in gold exports. The country’s automotive exports increased for the first time in 14 months in August and grew 9.26 per cent to 102,907 units according to the Federation of Thai Industries.
From January to August, exports grew 8.9 per cent year-on-year, even though the Thai baht appreciated around eight per cent versus the US dollar in the period, the biggest gain in Asian currencies. Imports rose 15.4 per cent.
“Global trade recovery significantly boosted exports in the month,” Pimchanok Vonkhorporn, an official at the Commerce Ministry, said at a press briefing.
Exports to the US, Thailand’s biggest market in August, were at record while shipments to China saw an annual rise of over 20 per cent for ten consecutive months, the ministry said.
The ministry now expects exports to grow by seven per cent in 2017 after last year’s 0.5 per cent rise, adding that the strong baht has not yet affected this year’s orders because they were made in advance. However, an impact might be felt next year.
Exports are, besides tourism and agriculture, key sectors of Thailand’s economy. Many of the materials Thailand imports are assembled into completed goods and shipped out again. Thailand had a trade surplus of $2.09 billion in August.
Despite a considerably strong domestic currency, Thailand’s exports in August grew at their fastest pace since January 2013, far better than expected as demand from major markets increased in the wake of a global economic recovery. The country’s exports climbed 13.2 per cent from a year earlier, beating a forecast of a 4.93 per cent rise year-on-year, and against 10.5 per cent growth in July. The export gains were helped by an annual 13.5 per cent rise in shipments of (mainly assembled) electronics and a surge of 139 per cent in gold exports. The country's automotive exports increased for the...
Despite a considerably strong domestic currency, Thailand’s exports in August grew at their fastest pace since January 2013, far better than expected as demand from major markets increased in the wake of a global economic recovery. The country’s exports climbed 13.2 per cent from a year earlier, beating a forecast of a 4.93 per cent rise year-on-year, and against 10.5 per cent growth in July.
The export gains were helped by an annual 13.5 per cent rise in shipments of (mainly assembled) electronics and a surge of 139 per cent in gold exports. The country’s automotive exports increased for the first time in 14 months in August and grew 9.26 per cent to 102,907 units according to the Federation of Thai Industries.
From January to August, exports grew 8.9 per cent year-on-year, even though the Thai baht appreciated around eight per cent versus the US dollar in the period, the biggest gain in Asian currencies. Imports rose 15.4 per cent.
“Global trade recovery significantly boosted exports in the month,” Pimchanok Vonkhorporn, an official at the Commerce Ministry, said at a press briefing.
Exports to the US, Thailand’s biggest market in August, were at record while shipments to China saw an annual rise of over 20 per cent for ten consecutive months, the ministry said.
The ministry now expects exports to grow by seven per cent in 2017 after last year’s 0.5 per cent rise, adding that the strong baht has not yet affected this year’s orders because they were made in advance. However, an impact might be felt next year.
Exports are, besides tourism and agriculture, key sectors of Thailand’s economy. Many of the materials Thailand imports are assembled into completed goods and shipped out again. Thailand had a trade surplus of $2.09 billion in August.
