Authority:Thai exports should grow at least 7% in 2017

BANGKOK, September 22 (TNA) - The Ministry of Commerce says that Thai exports should now grow by at least 7 per cent year-on-year on average in 2017 despite the appreciation of the Thai baht. Commerce Minister Apiradi Tantraporn told journalists of her ministry's updated assessment on September 21, reasoning that Thai exports in August alone reached about 21.22 billion US dollars, a jump of 13.2 per cent year-on-year and the highest increase in 55 months. Apiradi attributed the soaring Thai exports to rising shipments of local farm produce, namely rice and frozen vegetables, fruits and poultry, with their average growth of 24.7 per cent year-on-year. Besides, exports of Thai industrial goods, including computer sets and accessories, chemical and rubber products, as well as fuel were on the rise, especially those of rubber products that surged by 50.5 per cent year-on-year. The minister pointed out that the rebounding economies and rising purchasing power of major trading parters, including the United States, the European Union (EU), Japan and China have boosted the Thai exports during the first eight months of this year to reach over 153.62 billion US dollars, or a 8.9 per cent year-on-year increase. The minister stressed that her ministry, thus, projected that Thai exports should continue growing during the rest of this year and should now expand at least 7 per cent year-on-year on average in 2017 although the Thai baht has been stronger at 33-34 baht a US dollar since earlier this year. According to the minister, Thailand has also gained a trade surplus of over 8.87 billion US dollars during the first eight months of this year. The minister cautioned, however, that the stronger Thai baht could have some negative impacts on Thai exports next year and her ministry will be closely monitoring the movement and the impacts of the Thai currency. Meanwhile, Dr. Montri Sokatiyanurak, Head of the Master of Public Policy and Management (MPPM), the National Institute of Development Administration (NIDA), forecast that the Thai economy should now grow by 3.5-4.0 per cent year-on-year in 2017, driven mainly by the country's expanding domestic tourism, exports and a total investment budget of the Thai government and state enterprises at up to about 800 billion baht. Dr. Montri said Thai exports to such major markets as China, the United States, the EU and other member countries of the ASEAN Economic Community (AEC) have expanded by 12.2, 11.3, 10.3 and 25.4 per cent year-on-year respectively during the first seven months of this year. (TNA)