Mon, June 27, 2022

business

Thai export growth continues in April as baht weakens


Thailand’s exports grew almost 10 per cent in April, showing signs of a slowdown from the 13.7 per cent expansion in the first four months of the year.

The country’s export value totalled US$23.5 billion (THB799 billion) last month, a 9.9 per cent increase from the same period last year.

However, imports climbed to US$25.4 billion (THB863.6 billion), a 21.5 per cent growth, resulting in a trade deficit of $1.9 billion (THB64.6 billion), Commerce Minister Jurin Laksanawisit said on Friday.

Thai exports from January to April totalled $97.1 billion (THB3.30 trillion), a 13.7 per cent increase, while imports were recorded at $99.9 billion (THB3.39 trillion), growing as much as 19.2 per cent, a trade deficit of $2.8 billion (THB95.2 billion), according to the commerce minister.

Jurin, who also serves as deputy prime minister, said most export growth was seen in agricultural and industrial goods, including fresh farm produce and processed products, aluminium products, gems and jewellery, and electrical circuits.

Exports of agricultural products saw a growth of 10.8 per cent, with total value of $4.3 billion, while industrial goods had an 8.3 per cent expansion in exports totalling $17.9 billion.

The commerce minister expected rice exports to reach 7-8 million tonnes this year, surpassing the target of 6.1 million achieved last year.

Jurin attributed the increase in Thai exports partially to the weakening baht, in addition to other positive factors, including the country’s free trade agreements with many states that serve as new markets for Thai products.

The Thai currency traded above 34 a dollar on Friday, depreciating from the 33 range seen earlier this year.

Published : May 27, 2022