Year's export growth could hit 5 per cent

The Commerce Ministry yesterday reported that exports in the first 11 months rose slightly by 2.32 per cent to US$211.41 billion (Bt6.48 trillion), while imports leapt 8.55 per cent to $648.12 billion from the same period last year.
That locked in a high trade deficit of $15.7 billion in the period, but the Commerce Ministry was not worried, saying imports were strong because of the need for capital goods and machinery replacement during the recovery from last year’s flood.
In November alone, exports surged 26.86 per cent year on year to $19.55 billion, the best showing since August 2011 before severe inundation ravaged many industries.
Imports last month also grew strongly by 24.53 per cent to $21.01 billion, resulting in a trade deficit of $1.45 billion.
Srirat Rastapana, director-general of the International Trade Promotion Department, said exports should continue their robust rebound in the past two months into December to serve high demand in the world market during the end of the year.
“Exports in December should shoot up to almost $30 billion because of the low base last year. Shipments this year have a high possibility of growing by 5 per cent,” she said.

However, exports next year face many challenges, with the euro-zone crisis and the minimum-wage increase expected to batter many industries.
The ministry targets exports next year rising 8-9 per cent to $250.4 billion, but the target could be revisited in May because of the many factors influencing the export sector.
The ministry will call a meeting of exporters and Thai trade representatives overseas to evaluate the global trading situation and congeal the 2013 export plan.
Last month, industrial exports soared by 47.2 per cent year on year, but agricultural and agri-industrial exports declined by 5.9 per cent.
Automobiles and parts zoomed up by 172 per cent, construction materials by 111.3 per cent, electronics by 80.7 per cent and electrical appliances by 36.3 per cent, while jewellery dropped by 13.2 per cent and printing and packaging fell by 2.5 per cent.
Rice exports slipped by 3.8 per cent, rubber by 29.7 per cent, frozen and processed shrimp by 15.4 per cent and sugar by 32 per cent.
Many overseas markets were bigger buyers of Thai merchandise last month.
For instance, exports were ahead of November last year by 13.5 per cent to Japan, 22 per cent to the United States, 30.9 per cent to the European Union, 18.6 per cent to Asean, 32.1 per cent to China, 45.2 per cent to India and 57.6 per cent to the Middle East.