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Pattaya Daily News

21 October 2010 :: 12:10:46 pm 44507

Thailand’s Exports Rise to Record High in September

Thailand’s September exports rose by 21.2%, hitting a record high at US$18.06 billion year on year, according to Commerce Minister Porntiva Nakasai on Wednesday.
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Bangkok, the 20th of October 2010: Compared to a year earlier exports rose across all key sectors, particularly in the agricultural and agro-industrial produce sectors which increased by 12.7%.

Shipments of rubber grew by 92% while electronic devices were up by 11.1% and electrical appliances rose by 20.6%. The automotive industry, namely vehicle parts, also saw growth of more than 46%.

Rice exports along with sugar and construction material exports declined amid challenging price competition with other regional exporters. Currently the Thai government and private sector have an estimated stockpile of some 10 million tonnes of rice.

Despite the stockpile and issues surrounding its release, ministry analysts still predict that Thailand’s annual rice exports will reach 8.5 million tonnes as predicted earlier in the year.

In total, Thailand’s exports in the first nine months of 2010 have soared to a record high compared to 2009, increasing by a staggering 31.07% and some US$143.14 billion in value.

Commerce Minister Porntiva explained that Thailand’s exports to key markets have expanded by 22.9% for the ninth consecutive month, while new and emerging markets rose by 5.5%. Australian exports were the only region where performance failed, declining 18.7%.

Meanwhile, the appreciating baht is estimated to have caused a Bt70 billion loss in September, with Porntiva predicting that if the baht remains at its current rate against the dollar Thailand can expect further losses of approximately Bt40 billion per month until the end of the year.

Minister Porntiva admitted that the current currency fluctuation is a major factor related to exports and must be monitored closely. She expected the baht to strengthen further while stating that its effects will likely not be fully realised until the first quarter of 2011.

Reporter : John Weston   Photo : Internet   Category : Business News

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