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INSIDE THAILAND
Thai Exports Have Registered the Highest Growth in 62 Months

28 February 2018 (Readers 624)

 
The value of Thai exports surged with a growth rate of 16.7 percent in January 2018, compared to the same period in 2017. This represents the highest growth in 62 months, according to a report on the Economic and Monetary Conditions for January 2018, issued by the Bank of Thailand on 28 February 2018.
 
According to the report, the value of merchandise exports, excluding gold, grew by 18.1 percent in January, and expanded in all major export destinations and most product groups.
 
The expansion was on the back of (1) continued increase in crude oil price, which contributed to the increase in exports of petroleum-related and chemical products; (2) increase in exports of automotive and parts, particularly tires; (3) increase in exports from industries which recently expanded their production capacity, such as hard disk drives; and (4) continued improvement in external demand for agro-manufacturing products, such as rice, rubber products, sugar, and cassava.
 
Additionally, the effect of the Chinese New Year holiday, which this year was in February, contributed to increased international trade activities in January.
 
Commerce Minister Sontirat Sontijirawong said that the significant increase in Thai exports reflects a clear recovery in the global economy, which has mitigated the impact of the stronger baht, while Thailands efforts to find new markets have yielded fruit.
 
The Ministry of Commerce has set a target for Thailands export growth in 2018 at 8 percent, valued at 255,630 million US dollars. Emphasis will be placed on pushing for more exports to secondary cities and emerging markets, especially in China.
 
According to the Office of the National Economic and Social Development Board, Thailands export value in 2017 grew by 9.7 percent, against a growth rate of only 0.1 percent in 2016. It expects that Thai exports in 2018 will grow by 6.8 percent.
 
 
Foreign Office, The Government Public Relations Department, Office of the Prime Minister
9 Rama VI Road, Bangkok 10400, Thailand

Fax : (+66) 2618 2358 E-mail : prforeign@prd.go.th
 
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