Thai March exports beat forecast, but shipments to Russia tumble

THAILAND'S exports in March jumped 19.5 per cent from a year earlier, a much faster pace than forecasts, helped by increased global production growth, lower freight rates, and a weaker baht, the commerce minister said on Tuesday (Apr 26).

The export value was at a record of US$28.86 billion in March, boosted by surging shipments of gold and electronics, according to the customs department.

Excluding gold, oil-related products, and arms, exports rose 8.9 per cent in March year-on-year, Commerce Minister Jurin Laksanawisit told a news conference.

Shipments to most key markets were higher in March, with those to the United States up 21.5 per cent from a year earlier and those to China up 3.2 per cent, commerce ministry data showed.

But exports to Russia tumbled 73 per cent in March year-on-year, and shipments to Ukraine were down 66 per cent, Jurin said.

"The Russia-Ukraine war clearly had an impact on us," Jurin said. "If the situation does not escalate, exports will still play a key role in bringing income to the country," he added.

In January-March, exports rose 14.9 per cent from a year earlier, already exceeding the ministry's target of a 4-5 per cent rise this year, Jurin said.

In March, imports rose 18 per cent year-on-year, with a trade surplus of US$1.46 billion in the month. REUTERS