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146859
Wed, 10/20/2010 - 19:43
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http://m.oananews.org//node/146859
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Thai exports hit record high in September year on year
BANKOK, Oct 20 – Thailand's September exports rose by 21.2 per cent, hitting a record high at US$18.06 billion year on year, Commerce Minister Porntiva Nakasai said on Wednesday.
The growth was registered across all key sectors, but was particularly noticeable in the agricultural and agro-industrial produce sectors which increased by 12.7 per cent.
Compared to a year earlier, shipments of rubber grew by 92 per cent while electronic devices were up 11.1 per cent. Electrical appliances rose 20.6 per cent and automobiles and vehicle parts expanded by 46.2 per cent.
Meanwhile, the volume of rice exports fell 4.5 per cent due to price competition with other major rice exporters as well as problems related to the release of stockpiled rice. Currently
rice stored in the government’s stock and the private sectors’ stock currently consists of over ten million tonnes.
However, the ministry remains confident that Thailand’s annual rice exports can reach 8.5 tonnes as targeted earlier, Mrs Porntiva said.
Apart from the decrease of rice exports, the volumes of construction materials and sugar exports also dropped by 7.9 per cent and 51.9 per cent respectively.
The country’s exports in the first nine months of this year soared to a record high compared to the same period last year, increasing by 31.07per cent with some $143.14 billion in value.
The minister explained that the exports to the key markets expanded 22.9 per cent for the ninth consecutive month, while those to the new markets rose by 5.5 per cent, except Australian markets which declined by 18.7 per cent.
Meanwhile, the imports from January to September were valued at nearly $134 billion, up 43.5 per cent year on year, which resulted in trade deficit of around $3 billion.
During the first nine months of 2010, the country enjoyed a trade surplus of about $9.15 billion thanks to the strong appreciation of the Thai baht staying at Bt29 to the dollar.
The surge of the baht caused Bt70 billion ($2.34 billion) loss in September, Mrs Porntiva said, adding that if the value of currency remains unchanged, the ministry projected that the exports value in the last quarter of this year will loss approximately Bt30-40 billion a month. Over Bt200 billion from exports were lost during the past five months.
When converting to the US dollar, the ministry believed that exports this year grew at least 20 per cent, valued at $183 billion as targeted earlier.
The minister admitted that the current currency fluctuation is a major factor related to exports and must be closely monitored because the baht is likely to strengthen further and its impact
will be realised in the first quarter of next year.
Mrs Porntiva urged both the government and the private sector to join together to resolve the problem in order to avoid an adverse impact from currency fluctuation. However she said although 2011 exports are based on the fluctuating currency exchange, exports will grow at least 10 per cent.
In other developments, the commerce ministry, commercial counselors posted to 60 countries, the Federation of Thai Industries and the Thai Chamber of Commerce jointly discussed and mapped out a plan and direction to develop and boost exports of the fiscal year 2012.
The meeting laid out frameworks both for short- and long-terms, particularly the private sector which needs government support.
Currently the government plans to help inject financial liquidity through a fund providing Bt15 billion in order to ease the impact of strong baht.
In addition, commercial attaches are to expand overseas markets and conduct road shows aboard to soften the currency fluctuation as well as to boost border trade. (MCOT online news)
The growth was registered across all key sectors, but was particularly noticeable in the agricultural and agro-industrial produce sectors which increased by 12.7 per cent.
Compared to a year earlier, shipments of rubber grew by 92 per cent while electronic devices were up 11.1 per cent. Electrical appliances rose 20.6 per cent and automobiles and vehicle parts expanded by 46.2 per cent.
Meanwhile, the volume of rice exports fell 4.5 per cent due to price competition with other major rice exporters as well as problems related to the release of stockpiled rice. Currently
rice stored in the government’s stock and the private sectors’ stock currently consists of over ten million tonnes.
However, the ministry remains confident that Thailand’s annual rice exports can reach 8.5 tonnes as targeted earlier, Mrs Porntiva said.
Apart from the decrease of rice exports, the volumes of construction materials and sugar exports also dropped by 7.9 per cent and 51.9 per cent respectively.
The country’s exports in the first nine months of this year soared to a record high compared to the same period last year, increasing by 31.07per cent with some $143.14 billion in value.
The minister explained that the exports to the key markets expanded 22.9 per cent for the ninth consecutive month, while those to the new markets rose by 5.5 per cent, except Australian markets which declined by 18.7 per cent.
Meanwhile, the imports from January to September were valued at nearly $134 billion, up 43.5 per cent year on year, which resulted in trade deficit of around $3 billion.
During the first nine months of 2010, the country enjoyed a trade surplus of about $9.15 billion thanks to the strong appreciation of the Thai baht staying at Bt29 to the dollar.
The surge of the baht caused Bt70 billion ($2.34 billion) loss in September, Mrs Porntiva said, adding that if the value of currency remains unchanged, the ministry projected that the exports value in the last quarter of this year will loss approximately Bt30-40 billion a month. Over Bt200 billion from exports were lost during the past five months.
When converting to the US dollar, the ministry believed that exports this year grew at least 20 per cent, valued at $183 billion as targeted earlier.
The minister admitted that the current currency fluctuation is a major factor related to exports and must be closely monitored because the baht is likely to strengthen further and its impact
will be realised in the first quarter of next year.
Mrs Porntiva urged both the government and the private sector to join together to resolve the problem in order to avoid an adverse impact from currency fluctuation. However she said although 2011 exports are based on the fluctuating currency exchange, exports will grow at least 10 per cent.
In other developments, the commerce ministry, commercial counselors posted to 60 countries, the Federation of Thai Industries and the Thai Chamber of Commerce jointly discussed and mapped out a plan and direction to develop and boost exports of the fiscal year 2012.
The meeting laid out frameworks both for short- and long-terms, particularly the private sector which needs government support.
Currently the government plans to help inject financial liquidity through a fund providing Bt15 billion in order to ease the impact of strong baht.
In addition, commercial attaches are to expand overseas markets and conduct road shows aboard to soften the currency fluctuation as well as to boost border trade. (MCOT online news)
