Thailand’s export value increased 12.2% YOY in the month of September, showing a strong growth in all the product categories and major markets. Particularly, gold exports grew 243% YOY. In fact, oil and related items like refined fuel plus rubber and rubber products have expanded by 53% YOY and 42% YOY, respectively. Similarly, there has been an increase in the manufacturing sector and computer equipment exports have gone up by more than 9% YOY in line with more and more demand for the industrial products.
Moreover, in six years Thai exports have experienced the highest growth of 13.4% in the month of November. To this, the Commerce Ministry’s General Trade Policy and Strategy Office, Ms. Pimchanok Vonkorpon, attributed the export growth to world-wide economic recovery, especially in the US, South Asia, European Union and China, which also saw the growth of around 5.3, 20.7, 16.9 and 41.8%, respectively.
Where export value has been making a prominent mark, import value also expanded at 9.7% YOY. Continue recovery is also experienced in the imports of capital goods, with a 3.8% YOY growth rate, while reflecting a positive outlook for the domestic investment. The country’s overall import value increased by more than 14.8% YOY (first 9 months).
However, the oil price that remains low and a few commodity prices that are expected to contract may result in declination of the export price and the exporter’s income in 2018. In case the global trade and/or the manufacturing industry continue with their upward trend, it is likely that the export will beat its forecast.
As according to the EIC forecasts, the import value is expected to expand 13% and 7% YOY in 2017 and 2018, respectively, whereas the import figures will be based on the demand for raw materials plus capital goods that is to rise.
