Thai exports hit highest level in six years in 2017

NONTHABURI, THAILAND, January 22 (TNA) - The Trade Policy and Strategy Office (TPSO), under the Ministry of Commerce, reports that Thai exports expanded by 9.9 per cent year-on-year on average in 2017, the highest level in six years, thanks to the the growing economies and purchasing power of trading partners. TPSO Director-General Pimchanok Vonkorpon told journalists of the update on Monday, acknowledging if oil-based and gold-based products were excluded, Thai exports even grew by 10 per cent year-on-year on average last year despite the appreciation of the Thai baht, cushioning the country's trade surplus to about 13.93 billion US dollars. Pimchanok stated that the value of Thai exports totaled about 236.96 billion US dollars in 2017, 549 of which was the value of Thai rice exports alone, representing up to 11 per cent year-on-year increase, although Thai exports of sugar and frozen fresh shrimps dropped due to declining prices on the world market and domestic supply. For manufacturing products, Pimchanok pointed out that Thai exports of rubber products stood at 921 million US dollars last year, a 60.4 per cent year-on-year surge, while Thai exports of mobile phones, accessories and parts soared by 54 per cent year-on-year. The TPSO chief projected, meanwhile, that Thai exports should further grow by 5-7 per cent year-on-year in 2018, totally worth about 248.53-253.26 billion US dollars or about 20.71-21.11 billion US dollars monthly, based on the consumption that the national economy would grow by 4 per cent year-on-year, the Thai currency hovered 32-34 baht a US dollar and world oil prices rose to 55-65 US dollars a barrel. According to the TPSO chief, her ministry will hold a meeting of top Thai commercial envoys stationed in worldwide economies next month, scheduled for February 19-21, during which a clearer target of Thailand's export growth and stimulus measures in 2018 will be discussed and worked out. The TPSO chief said champions of Thai exports this year have been initially assessed to be sedans, as well as computer accessories and parts, cautioning that risk factors against Thai exports in 2018 include, among some others, the unstable world oil prices and impacts from uncontrollable external issues. (TNA)