A SURGE in exports last month pushed up the value of first-quarter shipments by 4.9 per cent to $56.46 billion from the year before for the best performance in four years, fuelled by multi-year highs in trade volumes with China and India.

The figures from the Ministry of Commerce show a 9.2 per cent year-on-year jump to US$20.89 billion in exports for March. That prompted Pimchanok Vonkorpon, the director-general at the ministry’s Trade Policy and Strategy Office, to express confidence for this year’s target of 5 per cent export growth to be met.Pimchanok cited as encouraging a rise in crude oil prices that could boost prices of key agricultural products and crude-related products, as well as a recovery in the global economy and trade flows.

Global crude prices are projected to rise gradually within a range of US$50 to $60 per barrel. The baht is forecast to trade between 35.5 and 37.5 to the US dollar. The International Monetary Fund forecasts the global economy will grow 3.5 per cent this year. Last year, it expanded 3.1 per cent.For March, the bulk of the surge in value of exports came from capital goods and raw materials, reflecting a return to confidence and an expected increase in investment in the country. As a result, Thailand enjoyed a trade surplus of US$1.62 billion for that month. For the first quarter, imports increased 14.8 per cent to $52.4 billion, leaving a trade surplus of $4.05 billion for the period.

In March, exports of agricultural products and agri-industry shipments rose 12 per cent from the previous year. Exports of crude-related products expanded in line with the rise in global crude prices. Exports of rubber soared 95.4 per cent in the month.For the quarter, exports of agricultural products and agri-industry goods increased 10.6 per cent.In March, exports of manufacturing products expanded 8.7 per cent year on year. Exports of rubber products surged 64.7 per cent year on year that month, while petroleum products climbed 53.9 per cent. For the quarter, sales of manufactured products inched up 3.5 per cent.

In March, exports to China soared 47.6 per cent, a five-year high, led by rubber products, machinery and components. Sales to South Asia including India climbed 19.1 per cent, led by chemical products and vehicles. For the quarter, exports to China surged 36.9 per cent and that to South Asia, 22.8 per cent.Sales to Japan, the European Union (to 15 economies) and the US rose 14.9 per cent, 10.2 per cent and 7.1 per cent in March, respectively. Those to the so-called CLMV countries – Cambodia, Laos, Myanmar and Vietnam – jumped 18.1 per cent. Shipments to South Korea, Taiwan and Hong Kong expanded 24.7 per cent, 27.1 per cent and 10 per cent for the month, respectively.

Source:The Nation