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Thailand’s export up 12.2%YOY in September, reaching historic high

Thailand’s export value expanded 12.2%YOY in September, posing strong growth in almost all product categories and key markets

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Thai exports in February were valued at US$19.03 billion, a growth of 0.91 per cent compared to the same period last year.

Thailand’s export value expanded 12.2%YOY in September, posing strong growth in almost all product categories and key markets. Gold exports, in particular, grew 243%YOY, with the export growth rate at 7.9%YOY without gold.

Oil and related products, such as refined fuel, as well as rubber and rubber products expanded by 53%YOY and 42% YOY respectively.

Meanwhile, in the manufacturing sector, computer equipment and parts exports increased by more than 9%YOY in line with more demand for industrial products thanks to a better global economic outlook.

Update :

Exports in November grow to record high in six years

Thai exports continued to grow strongly with a two-digit growth of 13.4% registered in November, making it the highest in six years time.

According to the director of the Commerce Ministry’s General Trade Policy and Strategy Office, Ms Pimchanok Vonkorpon, the growth for November was the ninth consecutive month. It rose to 13.4%, the record high in six years.

She attributed the export growth to the global economic recovery, particularly in the European Union, US, China, and South Asia which saw the growth of 5.3, 20.7, 16.9 and 41.8 % respectively.

Overall, Thailand’s exports saw a 9.3%YOY growth in the first nine months of the year.

Import value also continued expanding, at 9.7%YOY, led by imports of computer equipment and parts, which grew 18.8%YOY in line with more exports in the same product category.

Continuing recovery is also seen in the imports of capital goods (excluding airplanes and ships), with a 3.8%YOY growth rate, reflecting a better outlook for domestic investment. Overall, Thailand’s import value grew by more than 14.8%YOY in the first nine months of the year.

EIC expects export value growth to be 7.0% and 3.3% YOY in 2017 and 2018 respectively.

The price of oil which remains low and some commodity prices that are likely to contract may depress export price and exporters’ income in 2018.

However, the economies of major trading partners such as the US, Eurozone, Japan, and China are likely to continue expanding in 2018, boosting confidence in trade and investment and thereby maintaining demand for key industrial products.

If global trade and the manufacturing sector continue their upward trend, export growth may also beat the forecast.

EIC forecasts import value will expand 13% and 7% YOY in 2017 and 2018 respectively. Import figures will depend on demand for raw materials and capital goods, which is likely to rise thanks to Thailand’s better domestic investment outlook. However, low oil price may dampen fuel products imports.

Author: Pimnipa Booasang
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Economics

Thai fruit exports to FTA markets up 107 percent

China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.

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Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

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The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

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Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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