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Thai exports post eighth straight month gain in October

Exports rose for an eighth straight month in October, bringing the total for the first 10 months to a slightly higher level than expected

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Exports rose for an eighth straight month in October, raising hopes that full-year growth could approach 10%, says the Commerce Ministry.

Exports totalled US$20.1 billion (657.97 billion baht) in October, up 13.1% year-on-year, while the 10-month figure reached $195.5 billion, up 9.7% year-on-year, said Pimchanok Vonkorpon, director-general of the ministry’s Trade Policy and Strategy Office.

“Exports were higher in every sector because of strong overseas demand as the economies of Thailand’s major trade partners recovered,” she said.

Shipments to China rose 17%, growing at a double-digit rate for a 12th straight month based on strong demand for rubber, plastic and chemical products.

Thailand’s export value already 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.

Thailand’s export value could reach an all-time high of US$232.6 billion in 2017 if the monthly value is at least $19 billion in the fourth quarter of this year, according to the International Trade Promotion Department.

Exports to the EU rose 28%, while those to the US and Japan grew by 11% and 6%, respectively.

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Exports to India jumped 39% on strong demand for automobiles and auto parts, chemical products, oil and jewellery, while shipments to the neighbouring group of Cambodia, Laos, Myanmar and Vietnam grew 11%.

Trade

Thailand to increase rice exports to 6 million tons this year

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BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

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Singapore

UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

Singapore’s role as a hub for UK companies, whether as exporters or investors accessing Southeast Asia’s and broader Asian dynamic economies, was elevated by the new UK-Singapore trade agreement (UKSTA) which came into effect on 1st January 2021.

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UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

There was much controversy, before and after the United Kingdom’s (UK) Brexit from the European Union (EU), in talk of it adopting a free trade and manufacturing model similar to Singapore’s.

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