Exports fall in 10 months
Despite Thai shipments contracting during the first 10 months of the year, the country managed to capture a higher share in key export markets, reflecting increased competitiveness, Commerce Minister Apiradi Tantraporn said yesterday.
She added that Thai exports shrank 5.32 per cent year on year to US$180.13 billion (Bt6.45 trillion) in the 10-month period, and 13.16 per cent to $18.57 billion in October alone.
This came on the back of economic slowdowns in the world as a whole, and not least in the Kingdom’s major trading countries, sharp drops in worldwide prices of agricultural products, and continuous falls in global crude prices.
The International Monetary Fund has revised its estimate for 2015 global economic growth to 3.1 per cent, the lowest since the financial crisis in 2009, Apiradi said.
The IMF also expects global exports to contract 11.17 per cent this year.
In the first 10 months, rubber prices plunged 19.8 per cent, while rice prices decreased 10.3 per cent, and the price of sugar by 7.8 per cent.
Dubai crude plummeted 46.3 per cent year on year in October, and 47.4 per cent over the first 10 months.
However, the country was able to capture more market share in major export destinations.
From January to September, the Thai market share rose from to 2.68 per cent to 3.17 per cent in Japan, from 1.16 per cent to 1.26 per cent in the United States, from 1.95 per cent to 2.32 per cent in China, and from 4.31 per cent to 4.91 per cent in Australia.
Meanwhile, in the first 10 months of the year, Thai imports contracted 11.27 per cent to $170.27 billion, with an 18.21-per-cent shrinkage to $16.47 billion in October.
The country achieved trade surpluses of $9.86 billion and $2.1 billion for the first 10 months and October, respectively.
Last month, exports of agricultural products shrank 10.3 per cent year on year in value following consistent drops in global prices, while shipments of manufacturing products contracted 6.6 per cent, she said.
However, October’s auto exports rose 19.07 per cent year on year to 111,229 units, and soared 36.44 per cent in value to Bt59.6 billion, Federation of Thai Industry said yesterday.
The rises are attributed to an improvement in pickup exports to Asia, Australia and the Middle East, and in eco-car exports to Europe and North America, said Surapong Paisitpattanapong, spokesman of the Federation of the Thai Industries’ Automotive Industry Club.
During the month, exports of completely built-up units, auto parts and spare parts climbed 22.83 per cent from the same period last year, to Bt79.62 billion.
From January to October, auto exports increased 9.03 per cent year on year to 1.02 million units and, in value, went up 11.67 per cent to Bt491.52 billion.
October’s production edged up 3.52 per cent to 165,381 units, given higher exports of new pickup models, he said.
From January to October, auto production rose 1.84 per cent to 1.6 million units.
