Exports back to growth in February
Exports in February began growing again for the first time in three months, which the Commerce Ministry attributes to the ongoing recovery of the industrial sector after the flood crisis in the fourth quarter of last year.
The ministry reported yesterday that exports last month grew by 0.91 per cent to US$19.03 billion (Bt597.14 billion). Imports rose 8.25 per cent to $18.50 billion, resulting in a trade surplus of $529.7 million. Deputy Commerce Minister Poom Sarapol said exports should continue to expand in the coming months as a clear sign of industrial recovery.
"Imports have [also] grown on higher demand for capital goods and machinery, showing that the manufacturing sector is recovering and should soon be back to full operation and exporting as normal," Poom said.
He added that because of the rapid rate of recovery, exports should expand by 15 per cent to this year’s targeted $263 billion. Thailand should also record a trade surplus of at least $1 billion for 2012.
However, negative factors remain, especially the rocketing price of fuel and the European Union economic crunch, which could slow down Thai exports this year, Poom pointed out.
Exports began to contract in November because of supply-chain disruptions that took a heavy toll on the manufacturing sector.
For the January-February period, shipments declined 2.36 per cent to $34.77 billion, while imports grew 1.94 percent to $35.37 billion. Thailand’s trade deficit for those two months was $597.4 million.
Last month, however, exports grew slightly, mainly from a 4.8-per-cent increase in shipments of agricultural goods. However, rice export dropped 17.4 per cent.
Industrial exports fell by 6.1 per cent, a slower decline than in January, when shipments dropped by 13.5 per cent.
Export of electronics saw a plunge of 10.7 per cent, electric appliances 6.5 per cent, automobiles and parts 4 per cent, and garments 10.2 per cent.
Shipments to most import markets also grew slightly in February. Exports to the United States were up by 4 per cent, to Asean by 21.8 per cent, to China by 3.4 per cent, to India by 6.2 per cent, and to South Korea by 3.3 per cent. However, exports to Japan shrank by 6.9 per cent, and those to the EU by 12.5 per cent.
The rise in imports last month was due to higher demand for capital goods, including machines, electronics and electronic parts, computers and parts, and other equipment, which was up by 19.9 per cent.
