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Published on November 22, 2007

"We're hoping the country's export growth will rise 14 per cent to $147.8 billion," said Department of Export Promo-tion director-general Rachane Potjanasuntorn.

He said the high export growth was expected to continue, due to strong demand for the festive season and the first year-on-year increase in exports to the US market last month, following drops for five consecutive months.

The export value in the first 10 months of the year was $125.1 billion, up 17.2 per cent year on year, while the value of imports was up 7.8 per cent to $115 billion, giving a trade surplus of $9.95 billion.

October imports grew 20.24 per cent year on year to $13.01 billion, giving a trade surplus of $1.49 billion for the month.

Rachane said the strong export growth should ensure that Thailand achieved a huge trade surplus this year, compared with only $948 million last year.

He said the Commerce Ministry would announce next year's export target early next month after meeting representatives from all export sectors.

Asked about the impact of the strengthening baht, Rachane said exporters could now adapt to the situation. "Although the baht is stronger, it is moving in a more stable manner," he said.

Last month saw export growth in all markets, particularly the US, which was up 2.2 per cent year on year after registering drops for five consecutive months. However, total exports to the US in the first 10 months are still down 2.6 per cent year on year.

Exports to other traditional markets also increased: by 42.6 per cent to five Asean countries, 12.7 per cent to the European Union and 11.7 per cent to Japan.

Exports to new markets also surged, including 49.7 per cent to Africa, 49.3 per cent to Eastern Europe, 33.7 per cent to Latin America, 33.6 per cent to the Middle East and 28.6 per cent to South Korea. Exports grew strongly in all sectors last month: by 29 per cent in the industrial sector, 22.6 per cent in the agro-industrial sector and 21.4 per cent for all other sectors.

Industrial goods representing export growth of more than 20 per cent were automotive products, electric appliances, plastics, construction materials, jewellery, rubber goods, cosmetics and printing products. Products that saw slower growth last month were television sets, toys, shrimp, tapioca and rubber, due to stiff competition.

Rachane said last month's 7.8-per-cent increase in exports reflected increasing confidence in an imminent recovery of economic growth. He pointed out that imports of machinery and raw material grew significantly last month, because importers felt the economy was back on track due to strong exports, which is a major driver.

Imports of capital goods jumped 21.2 per cent year on year last month, compared with year-on-year growth of only 10 per cent in September, while imports of raw materials surged 20.53 per cent, up from 9.9-per-cent growth in September.

 Petchanet Pratruangkrai

 The Nation