Thai exports rose 17.4% year-on-year in October, prompting the Commerce Ministry to become confident that overall exports could grow by 15-16% this year, much higher than the 4% growth target set by the ministry.
Ronnarong Phoolpipat, director-general of the Trade Policy and Strategy Office under the Commerce Ministry, said exports for the remaining two months of the year are still expected to continue growing with an average of US$22 billion expected to be obtained per month.
The growth rate for November and December is expected to be 17% higher compared to the corresponding period last year, he said.
"For the entire year, 15-16% growth is likely to be achieved, with exports worth $266.37-268.69 billion, the highest in 12 years," he said. "This is despite the shipments of certain products and some markets remaining at a lower level such as gems and jewellery, television sets to the US market, processed chicken and machinery to Japan."
The Commerce Ministry reported on Monday customs-cleared exports fetched $22.73 billion, with imports increasing by 34.6% to $23.10 billion, resulting in a trade deficit of $370.2 million.
It was the eighth consecutive monthly increase for exports, after gains of 17.1% in September, 8.39% in August, 20.3% in July, 43.8% in June, 41.6% in May, 13.1% in April and 8.47% in March, following a 2.59% contraction in February.
Exports of the real sector (excluding gold, oil-related products and weaponry) rose continuously by 12.2% in October after a rise of 14.8% in September and 19.4% in August.
For the first 10 months of this year, exports expanded by 15.7% to $222.73 billion, while imports rose by 31.3% to $221.08 billion, resulting in a trade surplus of $1.64 billion.
Products that expanded strongly in October were agricultural and food products such as rice, cassava products, rubber, palm oil, sugar, pet food and food seasoning; work-from-home products and home appliances such as computers and parts, radios and television receivers and parts, microwave ovens, air conditioners and parts, telephones and parts.
Other gains include Covid-19 prevention and medical products such as medical devices, and pharmaceutical products; intermediate goods and raw materials such as iron, steel and their products, chemicals, plastic resins, rubber tyres, electronic integrated circuits, and machinery and parts; and durable goods or luxury goods such as automobiles and parts, and gems and jewellery (excluding gold).
Commerce Minister Jurin Laksanawisit said the growth in October was supported largely by the Ministry of Commerce's proactive export promotion, coupled with the easing of lockdown measures and higher growth rates of vaccination in many countries, the global economic recovery, the weaker baht as well as higher oil prices.