BANGKOK (NNT) – Despite the continuing hindrance of COVID-19, expanding exports and state consumption have turned the Thai economic trend positive.
Fiscal Policy Advisor Wuttipong Jittangsakul, reported today that Thai exports rose to over 21 billion USD in value in April, growing 13.1 percent on-year, the highest rate in 36 months.
Best performing goods included vehicles and automotive accessories, agricultural and goods and foods, and related work-from-home items. The nation’s top trading partners continued to be the United States, China, the European Union and South Asia.
Private consumption also improved on the same period last year. New car registrations soared 65.8 percent, in line with a 9.8 percent expansion in agricultural revenue.
Passenger car sales grew a huge 92.4 percent despite dropping slightly from March as consumer confidence fell from 48.5 points to 46, due to concerns to do with the latest wave of COVID-19 infection. Nonetheless, stimulus measures such as Rao Chana and Article 33 helped to energize commerce.
Private investment was positive in April with imports of base goods continuing on an upward trend, in particular construction materials needed for government infrastructure projects.
Economic stability was described as good with inflation at 3.4 percent and public debt in March at 54.3 percent of the GDP, within fiscal discipline limits. The foreign reserve ended April at a high of over 8 trillion baht.