Thailand’s July export turnover exceeds 20 billion USD
Thailand’s export turnover in July grew 8.27 percent to 20 billion USD in the 17th straight month of expansion, indicating that the country overall has not yet been affected by the US-China trade war.
Rice classification at a plant in Bangkok, Thailand (Illustrative image. Source: AFP/VNA)
Bangkok (NNT/VNA) - Thailand’s export turnover in July grew 8.27 percent to 20 billion USDin the 17th straight month of expansion, indicating that the country overallhas not yet been affected by the US-China trade war.
The Thai Ministry of Commerce’s Trade Policy and StrategyOffice (TPSO) released the figures, saying they demonstrated the country’sability to diversify its markets. Exports to major markets, which include Japanand the European Union, grew by 5.4 percent.
On the other hand, exports to the United States fell by 1.9percent, the first contraction in 21 months. This was mainly attributed tosmaller yields of seafood, as well as fewer TV and electrical appliances solddue to changes in consumer behaviours.
Overall, the country's export value in the first seven months of the year topped146 billion USD, growing by a seven-year high of 10.57 percent.
TPSO Deputy Director Sureepon Sahawat said exports willexpand according to the state of the global economy, despite short-termturbulence such as exchange rate volatility and trade wars. By pushing exportsto new markets, the country will be able to mitigate the impact of such riskfactors. In addition, the weakening baht is a good opportunity for exporters tomake baht-denominated revenue.
According to Sureepon, these factors should help propel thecountry towards its 2018 export target of 8 percent. The TPSO will revisit itsforecast at the Global Trade Ambassador Conference this October.
Meanwhile, the import turnover in July totalled 20.9 billion USD, growingby 10.53 percent from the previous year due to a 64.4 percent increase in thevalue of fuel imports as a result of higher oil prices.
Other major imports include capital goods and raw materials. July saw a tradedeficit of 516 million USD, bringing the overall deficit for the first sevenmonths of the year to 2.9 billion THB.-NNT/VNA
The Thai National Shippers’ Council (TNSC) believes the export sector could have expanded by no less than 10 percent in 2017 and forecast a 5.5 percent growth in 2018.
Thailand’s Department of International Trade Promotion (DITP) has set a target of 6.5 percent growth for exports to member countries of the Association of Southeast Asian Nations (ASEAN).
Thailand’s export sector during the first two months of 2018 has reportedly grown by 13.8 percent from the same period last year, the highest rate in seven years.
The Thai National Shippers’ Council has forecast export growth this year at between 8 and 9 percent, after June exports grew in almost every market and there was a smaller-than-expected impact from recent trade barriers.
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Rice classification at a plant in Bangkok, Thailand (Illustrative image. Source: AFP/VNA) 
