Thai exports shrink two years in row

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BANGKOK, Jan 27 – Thailand’s Department of International Trade Promotion reported that Thai exports shrank by 0.41 per cent in 2014 contracing for the second consecutive year.

The department hopes the value will rise by 4 per cent this year.

Nuntawan Sakuntanaga, director-general, said the export value in December amounted to US$18.79 billion, rising 1.90 per cent year-on-year, but could not create an export increase throughout the year.

In 2014, exports shrank 0.41 per cent compared with a 0.32 per cent contraction in 2013.

Ms Nuntawan said that exports grew well in December thanks to farm products, which increased by 0.8 per cent.

The export of rice was historically high at 1.4 million tons and soared by 113 per cent, while sugar exports increased 124 per cent.

The export of industrial products expanded by 4.5 per cent including automobiles, auto parts, machinery, plastic pellets and plastic products.

Throughout last year the export of farm products declined by 2.5 per cent while industrial products increased by 1.1 per cent.

Ms Nuntawan said although the International Monetary Fund expected slower economic growth in many countries, the Ministry of Commerce predicted Thai export would grow 4 per cent this year.

It is believed that the quantitative easing measure in the Eurozone that will inject 60 billion euros per month into the economic system would weaken the value of the euro currency immediately, boosting European economies, creatingmore jobs there and benefiting Thai exports.

She expects Thai exports to the Eurozone will expand by 3 per cent this year.