Thai August exports close to forecast, Chinese market slump
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THAILAND’S exports rose slightly less than expected in August as global demand for food products increased, but oil-related shipments fell and exports to China slumped, the commerce ministry said on Monday (Sep 26).
Exports, a key driver of Thai growth, increased 7.5 per cent in August from a year earlier, versus a forecast 7.7 per cent rise in a Reuters poll, and against July’s 4.3 per cent increase.
In January to August, exports rose 11.0 per cent from the same period a year ago, already exceeding the ministry’s full-year target of 4 per cent to 5 per cent growth, Commerce Minister Jurin Laksanawisit told a news conference.
“Exports should still be good for the rest of the year and remain a key driver of the economy as tourism has just started to recovery,” he said.
Global demand for food is expected to increase later this year and food prices to remain high, but global risks, including high inflation and China’s slowdown, may put downward pressure on the world economy, the ministry said in a statement.
In August, exports of farm and agro-industrial products rose 4.6 per cent year on year, but oil-related goods fell 11.4 per cent, it said.
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Among key export markets, shipments to the United States rose 16.3 per cent from a year earlier and those to South-east Asia increased 19.1 per cent. Shipments to China plunged 20.1 per cent year on year
August imports surged 21.3 per cent from a year earlier, more than forecast, with a trade deficit of US$4.2 billion in the month, the ministry said.
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