Thai industries sentiment index TISI climbed in October to 87.5 after falling two months in a row, and exports in October rose to US$20.2 billion, up 3.97% from same month last year.
The rise in confidence index was attributed to increasing orders, improved border trade, and oil prices fall, although automotive exports declined. Chairman of the Federation of Thai Industries FTI Supant Mongkolsuthree said the confidence index rose to 87.5 from 86.1 in September as there were more orders for products, border trade grew and global oil prices were dropping.But he said however that business operators are still concerned about domestic economy.
Operators saw government spending and investment as key to long-term economic stimulation and as a boost for investment by the private sector, he said.The TISI for the next three months rose to 105.7 from 104.7 in September.Surapong Paisitpattanapong, spokesman for FTI’s Automotive Industry Club, said Thailand exported 93,413 completely built automobiles in October.
The amount dropped by 3.54 per cent year-on-year and fell for the third consecutive month as auto exports to the Middle East, Africa and North America shrank during that period.Auto export value stood at 43.97 billion baht, a 1.48 per cent increase year-on-year.In the first 10 months of this year, auto exports amounted to 932,365 units, decreasing by 1.25 per cent year-on-year.
Thai exports in October rose to US$20.2 billion, up 3.97% from same month last year.
The 3.97% year-on-year increase is the highest in 21 months, driven by overseas demand for vehicles and parts, said Commerce Minister Chatchai Sarikulya.
However imports on the same month also declined 4.88% year-on-year to US$20.1 billion, leaving Thailand with a $32 million trade surplus for the month, He said exports in the first 10 months of 2014 totaled US$190.6 billion, down 0.36% from the same period last year, while imports amounted to US$192.1 billion, down 9.49%.
He put the accumulated trade deficit at US$1.486 billion.
Automobiles and auto parts led the growth in industrial exports in the month while some farm items, including rice, sugar and tapioca, posted gains.
He said if Thailand could ship at least US$19 billion during November and December, exports would finish up for the year.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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