Thai exports beat forecast in June on high global demand, weak baht
Add BT as a preferred source
THAILAND'S customs-based exports rose by a more than expected 11.9 per cent in June from a year earlier, helped by increased global demand as well as a weak baht, the commerce minister said on Wednesday (Jul 27).
Exports, a key driver of Thai growth, beat a forecast rise of 8.5 per cent in June in a Reuters poll, and after a 10.5 per cent rise in the previous month.
In the first 6 months of 2022, shipments rose 12.7 per cent year-on-year, already above the ministry's 4 per cent export growth target for the year, Commerce Minister Jurin Laksanawisit said.
"Global food demand continues to rise and production is increasing. A weak baht is a further boost to exports," he told a news conference.
The Thai currency traded at 36.87 per dollar at 4.02 am GMT, around its weakest level in more than 15 years.
In June, exports were lifted by a yearly 6.7 per cent rise in industrial goods shipments, and a 24.5 per cent jump in exports of agricultural and agro-industrial products, the ministry said in a statement.
Exports to key markets were largely higher in June, with those to the United States up 12.1 per cent from a year earlier and those to South-east Asia jumping 28.3 per cent. Exports to China dropped 2.7 per cent from a year earlier.
June imports climbed 24.5 per cent from a year ago, with a trade deficit of US$1.53 billion in the month. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
CSE Global independent director quits after clashes with chairman Eugene Lai over board refresh
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
Cat A COE rate exceeds Cat B for third time in 4 months; premiums largely down
What’s wrong with Orchard Road? Experts weigh in on the street’s cachet and its future
