Thai exports continued to grow at an impressive rate above 30% in March, pushing first-quarter growth to 28.26% year-on-year, supported by a strong rise in farm exports, according to Commerce Minister Porntiva Nakasai.

Export value reached a monthly record of US$21.26 billion, up 30.9% year-on-year. The baht value was 646.28 billion, up 20.8%.

Farm and agro-industrial product exports were worth $4.18 billion, up 43.6% year-on-year and accounting for 20% of total exports. The value of rubber exports rose 117%, rice 38.9%, tapioca 22% and other foods 21.2%.

Non-farm exports in March rose by 26.7% to $13.81 billion with high growth seen in printing products at 99.8%, jewellery 89%, plastic pellets 56.8%, electrical appliances 33%, garments 28.6% and automobiles and parts 22.9%.

The country imported $19.47 billion worth of goods in March, up 28.4% year-on-year. Growth was seen in all sectors including a 17.5% rise of raw materials and semi-finished products, 34.6% in capital products and 46% in fuels, reflecting high global oil prices. This resulted in a trade surplus of $1.79 billion in the month.

Ms Porntiva said export gains reflected declining supplies of farm products in the world market as a result of natural disasters and the trend was likely to continue in the second quarter.

For the first quarter, exports reached $56.87 billion with growth of 28.26% from the same period last year. Imports rose 28% to $54.18 billion, resulting in a trade surplus of $2.69 billion.

Quarterly exports to the European Union rose 30%, Japan 23.6%, the United States 22.8% and China 30.6%.

Sompop Manarungsan, president of the Panyapiwat Institute of Technology, said exports in March also reflected expansion of shipments to China which recorded its first quarterly trade deficit in seven years at $1 billion, compared with a surplus of $14 billion a year earlier.

However, he warned that rising inflation, which averaged 5% in the quarter, was a growing risk factor in China and the Beijing government may need to take more steps to prevent a possible bubble.

The Commerce Ministry is maintaining its full-year target 12% export growth to $219 billion, with risks foreseen in rising oil prices and interest rates as well as labour shortages in some key industries.

Source: Bangkok Post