Thai exports hit a record high in terms of value, rising 12.2 per cent to US$21.81 billion in September following continued growth in agricultural product shipments, the Commerce Ministry said.

Commerce Minister Apiradi Tantraporn said that exports in September expanded for a seventh straight month and their value marked a record, as agricultural shipments expanded for a 11th straight month, increasing 7.9 per cent during the month. Shipments of manufacturing products also expanded for a seventh straight month, climbing 12.5 per cent, she said.

She added that the purchasing power of Thailand’s trading partners and the economies of their main destinations also improved. For the first nine months of this year, Thai exports rose 9.3 per cent to $175 billion, the highest in six years.

Apiradi expressed confidence over Thai export growth, saying this year is expected to see export growth at no less than 8 per cent, higher than the targeted 7 per cent expansion.

Imports in September totalled $18 billion, rising 9.7 per cent and, as a result, the country’s trade account recorded a surplus of $3.36 billion in the month for total surplus of $12.2 billion for the first nine months.

Thai exports are expected to continue their growth trajectory in the rest of the year, Apiradi said, on the back of global trade recovery and increasing demand from Thailand’s major trading partners – particularly China and Japan.

Moreover, the global crude and commodity prices showed improvement and could be positive factors in boosting Thai export growth, she said.

If Thai exports average $19 billion per month for the rest of this year, export growth in 2017 will be higher than 8 per cent, she said, cautioning that currency movements could pose a risk to Thai export growth. She urged Thai exporters to hedge against foreign exchange risks.

Source: THE NATION