Thai exports hit record high in first half 2018

BANGKOK, July 23 (TNA) - The Ministry of Commerce reports that Thai exports expanded by up to 10.95 per cent year-on-year during the first half of this year, hitting a record high in seven years of about 125.81 billion US dollars despite the ongoing trade war between the United States and major trading partners. Pimchanok Vonkorpon, Director-General of the ministry's Office of Trade Policy and Strategy Office (TPSO), told journalists of the update, noting that Thailand, thus, remained gaining a trade surplus of about 1.88 billion US dollars during the January-June 2018 period. Pimchanok said that Thai exports in June alone stood as high as at about 21.78 billion US dollars, a 8.79 per cent year-on-year growth and a steady expansion for their 16 consecutive month, thanks to the recovering world economy. Besides, Thai exporters appeared to practically deal with the ongoing trade war between the immense Chinese and the US economies by shipping more products unaffected by trade protectionist measures to the two immense markets, with Thai exports to the US market alone also hitting their record high of about 2.5 billion US dollars in June. According to the senior official, Thai exports of industrial and farm products grew by 8.2 and 4.5 per cent year-on-year respectively in June, but Thai exports of computer sets, parts and accessories to the US market alone in June surged by about 50 per cent year-on-year, followed by automobiles and parts at about 41 per cent year-on-year, steel at about 29.3 per cent year-on-year and machineries at about 21 per cent year-on-year. The senior official assessed that Thai exports should keep growing during the second half of this year although some items of Thai exports, affected by the ongoing reciprocal trade protectionist measures, began to drop in June, namely solar cells, refrigerators and freezers. The senior official conceded, however, that to meet a higher target of export growth of over 8 per cent year-on-year on average this year, Thai exports would have to expand by at least 22 billion US dollars monthly during the second half of this year, suggesting that Thai exporters explore more markets where their products will be shipped to boost their and the national export growth. (TNA)