BANGKOK:Thailand’s customs-cleared annual exports rose for an eighth straight month in October, slightly more than expected, as global demand remained strong. Exports, a key driver of Thailand’s growth, climbed 13.1 percent in October from a year earlier after rising 12.2 percent in September, commerce ministry data showed on Wednesday. That beat the median forecast of an 11.8 percent rise from economists polled by Reuters. Imports in October increased 13.5 percent from a yea earlier, more than the forecast of a 6.7 percent rise.
That resulted in a trade surplus of $0.21 billion in October, well below a forecast of $1.3 billion surplus. In January-October, exports grew 9.7 percent from a year earlier, while imports rose 14.6 percent in the same period, Pimchanok Vonkhorporn, an official at the Commerce Ministry, said at a briefing.
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A strong baht is yet to affect exports in the short term, she added. Shipments have recovered this year, despite the baht appreciating more than 9 percent against the dollar so far this year, the second-biggest gainer among Asian currencies.
The baht’s strength, however, has had only a little impact on exports, historical data showed. The central bank has said trade partners’ economies are more important for trade. The commerce ministry now predicts exports will grow 9-10 percent this year, accelerating from a modest 0.5 percent rise
in 2016 following three years of decline. Many of the materials Thailand imports are assembled into
completed goods and shipped out again.
