Thai exports now likely to grow 8% in 2017

BANGKOK, October 20 (TNA) - The Ministry of Commerce says it is now most likely that Thai exports should grow by about 8 per cent year-on-year on average in 2017, thanks to the rebounding world trade and demand in line with the recovering global economy. Commerce Minister Apiradi Tantraporn told journalists of the updated prospect on October 19, reasoning that Thai exports during the first nine months of this year exceeded 175 billion US dollars, a 9.3 per cent year-on-year growth and the highest growth in six years. Apiradi pointed out that Thai exports last month alone hit a historic high of about 21.81 billion US dollars, or an 12.2 per cent year-on-year growth, and represented the 7th monthly consecutive expansion, boosted mainly by rising exports of both Thai farm and industrial products by 7.9 per cent year-on-year and 12.5 per cent year-on-year respectively. The commerce minister, thus, projected that Thai exports now should expand at least 8 per cent year-on-year on average in 2017, higher than 7 per cent-year-on-year growth earlier forecast. The minister noted that the rebounding world trade and demand for goods of Thailand's major trading partners, especially China and Japan, coupled with the rising prices of oil and commodities on the world market, should continue to propel Thai exports during the rest of this year. The minister assessed if monthly Thai exports reached about 19 billion US dollars during the rest of this year, the country's export growth should even exceed 8 per cent, suggesting, however, that Thai exporters have their uncontrollable risk of changing foreign exchange rates insured as a precaution. According to the commerce minister, Thailand has also experienced a trade surplus of over 12.20 billion US dollars during the first nine months of this year, with the country's trade surplus in September alone standing at about 3.36 billion US dollars. (TNA)