Exports seen up 4pct this year on rising global demand

23-Jan-2021 Intellasia | BangkokPost | 6:02 AM Print This Post

Exports are expected to rise 4 percent in 2021 after declining 6 percent 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 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 percent from a year earlier, the fastest growth rate in 22 months, the ministry said. A Reuters poll forecast a fall of 2.4 percent in exports.

“The December exports showed a good sign,” Pimchanok Vonkorpon, director-general of the Trade Policy and Strategy Office, 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 percent in December.

Demand from key markets was mostly higher, with exports to the United States up 15.7 percent 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, Ms Pimchanok said.

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

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

https://www.bangkokpost.com/business/2055387/exports-seen-up-4-this-year-on-rising-global-demand

 

Category: Thailand

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