Thailand is on track to see its exports expand by 4.5-5 per cent this year, before accelerating to 10 per cent next year despite the global uncertainties, the Commerce Ministry said yesterday after reporting 15.57-per-cent year-on-year growth in October.
"Thai shipments in the remaining two months should grow by more than 10 per cent monthly," said Srirat Rastapana, director-general of the International Trade Promotion Department. "Manufacturing has fully recovered. Imports of capital goods and semi-raw materials have increased to support manufacturing, which should encourage stronger exports in the future."
Exports will ramp up by up to 10 per cent next year, despite concern that the euro zone's financial crunch will continue to hurt global trade, she said.
Shipments in the first 10 months were barely up by only 0.34 per cent year on year to US$191.86 billion (Bt5.887 trillion). Imports rose 7.15 per cent to $206.11 billion, causing a large trade deficit of $14.25 billion.
Exports in October swung back to expansion, chiefly because of the very low base last year when industrial zones and Bangkok suffered from disastrous floods.
October showed the highest growth rate in 14 months, thanks to the strong recovery of automobile, electronics and rice exports compared with the same period last year during the flood.
Exports in October reached $19.52 billion, while imports jumped 21.61 per cent to $21.99 billion, the strongest performance in five months, resulting in a trade deficit of $2.46 billion for the month alone.
The euro crisis has been highlighted as a major reason for the dark clouds hanging over the Thai export outlook. Besides the direct impact on Thai exports to Europe, Eastern Europe and China, which are now major exporters to Europe, will also be hit, and they are major export markets of Thailand.
Last month's robust figures were attributed to the rise in exports by the industrial sector by 24.3 per cent. Automobiles, electrical appliances, jewellery and ornaments, and electronic goods led the way, while shipments of farm and agricultural-industrial products dropped by 9 per cent. Rubber was down by 40.1 per cent, frozen and canned food by 5.5 per cent, processed and frozen shrimp by 24.5 per cent, fresh and frozen fruits and vegetables by 29.1 per cent, and sugar by 12.3 per cent.
Rice exports last month surged by 29.2 per cent in value to $591 million and 21.3 per cent in volume to 871,215 tonnes. But cumulative rice exports still declined by 31.2 per cent in value to $3.82 billion and 41.4 per cent in volume to 5.59 million tonnes.
Shipments to most markets were back on the growth path in October, but those to China fell by 7.7 per cent and to Eastern Europe (12 new EU members) by 12.1 per cent year on year.
Exports last month were higher to Japan by 10.2 per cent, to the United States by 17 per cent, to the EU by 9.6 per cent and to Asean by 14 per cent.
With trading prospects looking dim next year, the Commerce Ministry in cooperation with other government agencies and the private sector will try hard to promote shipments in the following periods, since exports are still a major engine of economic growth, Srirat said.
Exports should run at about $20 billion a month throughout next year as stronger economic growth is expected in the United States amid higher demand in emerging countries in Africa, the Middle East and Asean. However, the EU's sovereign debt dilemma could still hamper export growth, she said.
Latest stories in this category
- Analysts expect central bank to keep policy
- The Bank of Thailand's Monetary Policy Committee..
- Commerce predicts 4.5-5% export growth after..
- WeChat seeks smart-phone download lead
We Recommend
- Protesters injured, arrested in clashes with police
- Police Saturday morning fired teargases at..
- Bangkok on rally alert
- Police defend tear gas firings
Comments conditions
Users are solely responsible for their comments.We reserve the right to remove any comment and revoke posting rights for any reason withou prior notice.
Article source: http://www.thethailandlinks.com/2012/11/27/commerce-predicts-4-5-5-export-growth-after-october-boost/
0 comments:
Post a Comment