Exports fare better than expected in September

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Exports fare better than expected in September

Exports fared better than expected in September boosted by trade partners' economic recovery, the baht's weakness and the government's proactive export promotion.

The Commerce Ministry reported on Tuesday customs-cleared exports rose 17.1% year-on-year in September to US$23 billion, with imports increasing by 30.3% to $22.42 billion, resulting in a trade surplus of $609.8 million.

It was the seventh consecutive monthly increase for exports, after gains of 8.39% in August, 20.3% in July, 43.8% in June, 41.6% in May, 13.1% in April and 8.47% in March, following a 2.59% contraction in February.

Exports of the real sector (excluding gold, oil-related products and weaponry) continued to rise by 14.8% in September after a 19.4% gain in August.

For the first nine months of this year, Thai exports expanded by 15.5% year-on-year to $199.99 billion, while imports rose by 30.9% to $197.98 billion, resulting in a trade surplus of $2.01 billion.

Products that expanded strongly in September remained agricultural and food products such as rice, cassava products, rubber, palm oil, sugar, pet food, and food seasoning; work-from-home products and home appliances such as computers and parts, radios, television receivers and parts, microwave ovens, air conditioners and parts, and telephones and parts.

Exports fare better than expected in September

Other gains included Covid-19 prevention and medical products such as medical devices, and pharmaceutical products; intermediate goods and raw materials such as iron, steel and products, chemicals, plastic resins, rubber products, electronic integrated circuits, and machinery and parts; and durable goods or luxury goods such as automobiles and parts, and gems and jewellery (excluding gold).

Commerce Minister Jurin Laksanawisit said the growth in September was supported largely by the global economic recovery, the weaker baht, the Commerce Ministry’s proactive export promotion and prompt response to address trade obstacles as well as effective cooperation between the ministry and private sector.

“The ministry sees the strong export growth in 2021 as a result of the continuous expansion of global trade in the fourth quarter; the baht depreciation which increases the competitiveness of exports; the easing of lockdown measures coupled with stimulus policies and reopening the country to vaccinated visitors; and the rise of oil price which supports oil-related product exports,” he said.

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