BANGKOK- Thailand’s customs-based exports rose by a more than expected 11.9 percent in June from a year earlier, helped by increased global demand as well as a weak baht, the commerce minister said on Wednesday.
Exports, a key driver of Thai growth, beat a forecast rise of 8.5 percent in June in a Reuters poll, and after a 10.5 percent rise in the previous month.
In the first six months of 2022, shipments rose 12.7 percent year-on-year, already above the ministry’s 4 percent export growth target for the year, Commerce Minister JurinLaksanawisit said.
“Global food demand continues to rise and production is increasing. A weak baht is a further boost to exports,” he told a news conference.
The Thai currency traded at 36.87 per dollar, around its weakest level in more than 15 years.
In June, exports were lifted by a yearly 6.7 percent rise in industrial goods shipments, and a 24.5 percent jump in exports of agricultural and agro-industrial products, the ministry said in a statement.
Exports to key markets were largely higher in June, with those to the United States up 12.1 percent from a year earlier and those to Southeast Asia jumping 28.3 percent. Exports to China dropped 2.7 percent from a year earlier.
June imports climbed 24.5 percent from a year ago, with a trade deficit of $1.53 billion in the month.
Thailand’s economy has clearly recovered and the central bank will ensure the recovery is not interrupted by efforts to tackle higher inflation, the central bank chief said, amid expectations of an interest rate hike.
Economic recovery is expected to continue while the financial system remains strong and functioning normally, Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput told a business event.
The economic context has largely changed compared with during the COVID-19 crisis, so all sectors have to adapt in the face of higher inflation, policy adjustments going on in major economies and geopolitical problems, he said.
