The Ministry of Commerce revealed figures of export growth for last year at 9.9%, the highest in the past six years.
Pimchanok Vonkorpon, director of the Commerce Ministry’s General Trade Policy and Strategy Office, said Thai exports continue to grow steadily for the past 10 months last year with export in December growing 8.6% worth US$19,741 million, while imports also increasing 16.6% worth US$20,019 million, a trade deficit of US$278 million.
Exports for the full year in 2017 showed the highest growth in six years at 9.9% amounted to US$ 236,694 million, a trade surplus of US$ 13,930 million, she said.
The high growth was attributed to economic recovery of Thailand’s major trading countries, and satisfactory growth in Thai farming and agro-industrial products, she said.
Growth of Thai exports in 2018 may be slower than in 2017. This is in line with growth outlook of Asian exports (excluding Japan) in 2018 which is expected to expand by 5.1%, a slower rate than 7.1% of 2017, according to survey of Asia Pacific Consensus as of December 2017
Finance Ministry cuts economic growth outlook to 2.8%
The Ministry of Finance has now cut the country’s economic growth outlook to 2.8%, from the previous 3%.
We’ve entered the Asian Century and there is no turning back
In the nineteenth century, the world was Europeanized. In the twentieth century, it was Americanized. Now, it is being Asianized – and much faster than you may think.
Asia’s rise has been swift. Home to more than half of the world’s population, the region has climbed from low- to middle-income status within a single generation. By 2040, it is likely to generate more than 50% of world GDP, and could account for nearly 40% of global consumption.(more…)
EIC Export growth forecast for 2019 is maintained at -2.5%
Without a clear signal of export recovery, EIC views that during the 4th quarter of 2019 the export contraction momentum will continue
Although China and the US reached a preliminary trade agreement on October 10-11, 2019, the ongoing trade war should still drag on, pressuring export growth throughout the remainder of the year. Hence, EIC maintains its -2.5% export growth forecast for 2019.(more…)
Thailand Ecommerce Market: Shooting For Success
At present, the Thai ecommerce market is valued at USD 3.5 billion. According to a Google Temasek study, Thailand’s e-commerce...
Aspire Set to Become First SME Neobank in Southeast Asia with US$32.5 Million Raise
The recent financing has been led by Mass-Mutual Ventures Southeast Asia with participation from Silicon Valley’s Arc Labs and existing...
How is Thailand Bringing Technology to the Table?
In Asia, a country like Thailand has taken the initiative to implement agricultural biotechnology in its industry. The country has...