Thai exports value in September have roared to a new record in most product categories and major markets, with the full-year export expected to beat the previous forecast at 8 percent, local media quoted the commerce minister as saying on Saturday.
Exports, a key driver of Thailand’s growth, climbed 12.2 percent in September with a total value of 21.8 billion U.S. dollars, Commerce Minister Apiradi Tantraporn said, adding that exports rose to a seventh month straightly.
Export of agricultural products and manufacturing products increased 7.9 percent year on year and 12.5 percent year on year, respectively. Key sectors whose exports rose substantially included rubber, sugar, chicken, gold, oil, computers and automotive, according to the minister.
Growth was driven by growing demand for Thai manufacturing products from Thailand’s major trade partners especially China and Japan. Apriradi also credited the surge for an improvement in the global economy and the rising prices of commodity and oil.
Overall, Thai exports during the first nine months of this year grew 9.6 percent year on year, hitting a six-year record high.
“If we continue to export at about 19 billion U.S dollars a month during the rest of this year, exports for the whole of 2017 should grow at least 8 percent or 8.5 percent, since we expect strong demand during the year-end period”, said the minister who also warned potential risks from fluctuating values of currencies.
China tops as Thailand’s largest trading partner. According to data from Thai customs, Thailand’s exports to China amounted to 23.6 billion U.S. dollars or 11 percent of its overall exports in 2016. Rubber and electronic equipment held the top shares.
Over the past 32 years, the economy of Thailand has expanded. The GDP at current prices shows that from 1980 to 2012 the Thai economy has expanded nearly sixteen-fold when measured in baht, or nearly eleven-fold when measured in dollars. This makes Thailand the 32nd-biggest economy in the world, according to the IMF. With regard to GDP, Thailand has undergone five periods of economic growth. From 1980 to 1984, the economy has grown by an average of 5.4 percent per year. Regional businesses account for 70 percent of GDP, with Bangkok contributing 30 percent.