Thai Exports Growth in September Beats Forecast
Ministry eyes double digit growth in exports following year with current month export growth beating consensus forecasts
Gradual opening of trading partners globally and a weak baht lead Thailand’s exports to beat market expectations in September compared to a year earlier.
Thai exports in September increased 17.1% compared to the same month a year earlier beating forecasts of Reuters poll by 5.48%. Growth in Thai exports in August stood at 8.9%.
Commerce Minister Jurin Laksanawisit at a conference noted, January-September shipments rose 15.5% year-on-year and expected to post strong growth in 2021.
He further added “our private sector is also strong, making manufacturing recover quickly despite the impact of COVID-19 and the lockdown,”.
On the other hand, imports rose 30.3% in September form a year earlier, resulting in a trade surplus of US$0.61 billion in September.
Jurin added Thai exports are expected to hit double digit growth in 2021 given weak Thai baht and robust increase in global demand.
The ministry noted the growth in exports in September is largely attributed to shipment of refined oil, chemicals, plastics and steel.
Exports figures from a year earlier to largest trading partner United States accounted to an increase of 20.2% followed by China 23.3% and Japan 13.2%.