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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

Bahar Karaman

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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.

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%.

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Economics

Cross-border trade is expected to grow up to 3-6%

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.

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Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.

According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.

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Tourism

Thai government may subsidise an unlimited domestic air pass

The government looks to offer a subsidy for an unlimited travel pass to people who buy domestic air tickets in advance to help struggling airlines in Thailand.

National News Bureau of Thailand

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BANGKOK (NNT) – The government looks to offer a subsidy for an unlimited travel pass to people who buy domestic air tickets in advance to help struggling airlines in Thailand.

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Asean

Canada, Indonesia Trade Talks Begin for Comprehensive Economic Partnership Agreement

The CEPA would benefit Canadian exporters and importers as it will improve access to ASEAN’s largest economy and the world’s fourth most populous country.

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Canada, Indonesia Trade Talks Begin for Comprehensive Economic Partnership Agreement

On January 11, 2021, Canada’s Minister of Small Business, Export Promotion, and International Trade, Mary Ng, announced that the country has launched public consultations on a Comprehensive Economic Partnership Agreement (CEPA) with Indonesia. 

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