Thailand’s customs-based exports rose by a more than expected 11.9% in June from a year earlier, helped by increased global demand as well as a weak baht.
Exports, a key driver of growth, beat a forecast rise of 8.5% in June in a Reuters poll, and after a 10.5% rise in the previous month.
According to Commerce Minister Jurin Laksanawisit, shipments rose 12.7% year-on-year in the first six months of 2022 – already above the ministry’s 4% export growth target for the year.
He told a news conference that “global food demand continues to rise and production is increasing,” adding that “a weak baht is a further boost to exports,”.
The Ministry of Commerce said exports in June were lifted by a yearly 6.7% rise in industrial goods shipments, in addition to a 24.5% jump in exports of agricultural and agro-industrial products.
Exports to key markets were largely higher in June, with those to the United States up 12.1% from a year earlier and those to Southeast Asia jumping 28.3%. Exports to China dropped 2.7% from a year earlier.
June imports climbed 24.5% from a year ago, with a trade deficit of US$1.53 billion in the month. (NNT)