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Thai exports seen up 4% this year on rising global demand - government

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Thai exports seen up 4% this year on rising global demand - government



FILE PHOTO: Shipping containers stand at a port in Bangkok, Thailand, March 25, 2016. REUTERS/Athit Perawongmetha/File Photo


BANGKOK (Reuters) - Thailand's exports are expected to rise 4% in 2021 after declining 6% last year, while an unexpected increase in shipments was recorded in December as demand from major markets improved, the commerce ministry said on Friday.


Exports, a key driver of Thai growth, will this year be supported by a recovery in global demand, vaccine distribution and stimulus measures in several countries, the ministry said in a statement.


Shipments rose for the first time in eight months in December, up 4.71% from a year earlier, the fastest growth rate in 22 months, the ministry said. A Reuters poll forecast a fall of 2.4% in exports.


"The December exports showed a good sign," ministry official Pimchanok Vonkorpon told a briefing, adding shipments of durable goods rose and global demand increased, which reflected a recovery in the real economic sector.


The export gains were helped by higher shipments of cars and car parts, computers and rubber products. Excluding gold, exports would rise 5.04% in December.


Demand from key markets was mostly higher, with exports to the United States up 15.7% year-on-year and to China up 7.2%.


However, exports may not rise much in the first quarter because of last year's comparative base but should show a good recovery for the full year, Pimchanok said.


Imports in December increased 3.62% from a year earlier, but slumped 12.39% in the whole of 2020.


Thailand had a trade surplus of $960 million in December and $24.5 billion in the full year.


(Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Martin Petty)



-- © Copyright Reuters 2021-01-22
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Another everyday guesstimate as to what may or may not occurr.  Wonder if the economic growth will fuel the space program which will lead to exports on space supplying the International Space Station.

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