BANGKOK: Customs-cleared exports surged in November thanks to higher demand from major markets, an encouraging sign for the trade-dependent economy. Exports for the month jumped 10.2% year on year, Commerce Ministry data showed on Monday, compared with the median forecast for a 1.55% rise in a Reuters poll and October’s 4.2% drop. The percentage gain was the highest for a month since February. Exports in November were valued at UScopy8.91 billion and imports copy7.37 billion.
Higher global oil prices helped lift demand for Thai oil-related goods in November and overall shipments should increase this year, a ministry official told a briefing. Imports in November increased 3.0% from a year earlier. Economists had expected a fall of 1.05% after a rise of 6.5% in October. The November figures produced a trade surplus of copy.54 billion, triple the expectation for a $500 million one.
Exports by the farm and agro-industrial sector expanded 12.7% in November, and exports of industrial products rose by 9.8%. Japan had become the market with strongest growth at 22.5% in November, followed by China at 22%. The 15 European countries saw growth of 13.8% in the month. For the 11 months, Thailand shipped a total of copy97.162 billion, or 0.05% contracted from the same period of 2015. The imports over the period was copy77.441 billion, down 5.1%. This resulted in an overall trade surplus of copy9.72 billion.
Thai exports, worth about two-thirds of the country’s GDP, have contracted the past three years. The Bank of Thailand last week predicted exports would fall 0.6% this year and be flat in 2017. It maintained its GDP growth forecast at 3.2% for both this year and 2017. The economy expanded 2.8% last year.
