The value of Thailand's exports in August reached a record US$21.57 billion, increasing by 31.1% year-on-year, supported by the strong performance of farm product and food shipments, according to the Commerce Ministry.

Yanyong Phuangrach, the ministry's permanent secretary, said exports in baht terms were worth 640.55 billion baht, up 21.5% and reflecting the currency's strength.

Growth was seen in all sectors, particularly agriculture and agro-industrial products that rose by 64.3% to $4.06 billion. Rice exports in the month expanded by 67% compared with the same period last year, rubber by 69.6%, and tapioca products 81.3%.

Exports of industrial products were worth $13.12 billion, up 16.5%. Electronic goods rose 9.3%, electrical appliances 5.2% and gems and jewellery 65%.

The eight-month export total was $158.07 billion, up 26.4% year-on-year. The local-currency value of 4.75 trillion baht was up 17.5%.

Exports to traditional markets rose by 17.9% with shipments to the European Union up 26.7%, Japan 25.5% and the US 3.6%. Exports to other markets also increased at satisfactory rates, including South Korea (54.1%), China (50.1%), South Africa (48.1%) and Canada (23.6%).

Imports in August were worth $22.77 billion, up 44% year-on-year, due to a 77.5% rise in the value of oil and fuel products, raw materials and semi-finished products (41.2%), capital goods (37.6%) and consumer goods (28.7%). The trade deficit was $1.2 billion.

Over the eight-month period, imports were worth $153.02 billion, up 28.5%, for a trade surplus of $5.04 billion.

Sompop Manarungsan, president of the Panyapiwat Institute of Technology, said the pull factor from Asean and China helped to offset slower growth elsewhere.

Source: Bangkok post