OIE makes weekly checks on five groups of export products highly exposed to euro crisis
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Five product groups including automobiles and electrical appliances and electronics require close watching, as they depend heavily on the troubled European market.
The other highly exposed groups are textiles and garments, jewellery, and rubber products.
Sophon Pholprasit, director-general of the Office of Industrial Economics (OIE), said yesterday that the office was tracking the production and overseas shipment figures of these key groups every week. Their status is reported to Finance Minister Kittiratt Na-Ranong for analysis and to formulate a strategy to promote exports of those products.
The OIE is also studying the collateral impact, as the sales of some products such as machines, electrical appliances, vehicles, rubber products, and plastic products could be slowing down. Demand in their major markets – China, Japan and the United States – could be weakening as those countries’ exports to Europe feel the pinch.
Although the euro crunch did not upset Thai production and exports in May, the spread of the financial disease to many countries in the region could rebound on Thai exports in the future, Sophon said. The measure to monitor products week by week and focus on each market will help Thailand prepare for unexpected repercussions on many industries.
According to the OIE, in May, exports of industrial goods to the EU still grew by 9.3 per cent year on year, while increasing by 24 per cent to the US.
In that month, the manufacturing production index (MPI) also rose for the first time in
two months, driven largely by roaring production in the automobile, air-conditioner, petroleum, and beverage industries.
The MPI gained 5.53 per cent year on year to 187.99 points, compared with the slight increase of 0.5 per cent in April. Capacity utilisation expanded from 59.94 per cent in April to 75.87 per cent last month.
However, the MPI in the first five months dropped by 3.23 per cent year on year. Industries showing contraction in the first five months included hard disk drives, electronic parts, garments, woven textiles, and frozen and canned seafood.
