Connect with us
CGIF-10th-Year-Anniversary

Economics

Thai exports growth leaps 10.5% in July, growth forecast up to 5.5% for 2017

The value of Thai exports expanded by 10.5%YOY in July, prompting EIC to adjust 2017 exports value growth forecast to 5.5% from 3.5%

Avatar

Published

on

The value of Thai exports expanded by 10.5%YOY in July, with gains were seen in almost all product groups and major markets, but with lesser growth in oil-related exports as oil prices grew slower.

Main manufacturing exports such as electronics and electrical appliances increased by 8.7%YOY and 6.1%YOY, respectively, thanks to continued recovery of the global economy supporting a pickup in demand for Thailand’s main manufacturing exports.

Meanwhile, exports of cars and car parts returned to positive growth with a 22.3%YOY increase. Overall, Thai exports expanded by 8.2%YOY during the first 7 months of this year.

The value of Thai imports continued to expand by 18.5%YOY owing to 19.6%YOY growth in imports of fuel and 26.4%YOY growth of imports of computer products and parts, following improvements in exports of related products.

The continued recovery of imports of capital goods (excluding airplanes and ships), which grew by 9.1%YOY, also reflects a pick-up in domestic investment. On the whole, Thai imports grew by 15.5%YOY during the first 7 months of the year.

EIC adjusted 2017 exports value growth forecast to 5.5% from 3.5%

EIC adjusted 2017 exports value growth forecast to 5.5% from 3.5%, previously, owing to continued recovery of main trade partner economies such as the U.S., Eurozone, Japan and China and reduction in political risks in Europe, which will boost trade and investment confidence and in turn raise demand for Thailand’s main manufacturing exports for the remainder of this year.

Nevertheless, declining oil and commodities prices may put pressure on exports of related products to grow lesser than the first 7 months.

Furthermore, the baht strengthening relative to export competitors in the region may weaken price advantage of Thai exports, commodities especially.

Whilst, trade protectionism policies from the U.S. remains to be another key risk to global trade that needs to be closely watched.

EIC increased its imports value growth forecast for 2017 to 11.3%YOY from previous estimate of 7.2%YOY due to rise in demand for raw material and capital goods following expected recovery in domestic investment during the rest of this year. Regardless, the rise in value of fuel imports may level off, given weak outlook on oil prices.

Author: Pimnipa Booasang

Source link

Comments

Banking

Thailand’s Public debt to GDP ratio within framework says Finance Minister

Currently, Thailand’s ratio of public debt to gross domestic product (GDP) stands at 49.34 percent, which is below the Fiscal Sustainability Framework set at 60 percent.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – The Thai economy is gradually recovering, with monthly economic indicators, such as the consumer confidence index and domestic spending, showing positive signs.

(more…)
Continue Reading

Economics

Thai bank revised up 2020 GDP forecasts to -6.4% and projected 2021 growth at 3.3%

This upward revision reflects the better-than-expected performance 3Q20, which can be attributed to stronger government spending and a rebound in exports

Bahar Karaman

Published

on

Bangkok restaurant

Krungsri Research predicts that Thai GDP will fall by -6.4% in 2020, then grow by 3.3% in 2021, and expects that the MPC will keep interest rates unchanged through next year

(more…)
Continue Reading

Economics

Thailand to roll out more economic measures for New Year

Thai economy next year is expected to grow by 3.5-4.5 percent, while the Ministry of Finance has prepared more measured to be rolled out

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – The Ministry of Finance’s permanent secretary says that the Thai economy next year is expected to grow by 3.5-4.5 percent, while the Ministry of Finance has prepared more measured to be rolled out for the general public as New Year gifts.

(more…)
Continue Reading

Cart

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,206 other subscribers

Trending