Thailand records higher exports of US$20.22bil in February


BANGKOK, March 25 (Bernama): Thailand’s international trade has improved in line with the gradual recovery of the global economy, with its export value rising month-on-month to above US$20 billion in February.

However, year-on-year (y-o-y), exports fell 2.59 per cent to US$20.22 billion (US$1=RM4.14), the Ministry of Commerce said.

"The export of the real sector continued to soar, reflected by the 2.87 per cent expansion in export value excluding gold, oil, and weaponry,” it said in a statement.

Meanwhile, Thai imports increased by 21.99 per cent y-o-y to US$20.21 billion, resulting in a trade surplus of US$7.25 million.

"For the first two months of 2021, Thai exports contracted by 1.16 per cent to US$39.93 billion while imports rose by 6.77 per cent to US$40.12 billion, resulting in trade deficit of US$195.15 million,” it said.

The ministry said major industrial products, such as automobile, equipment, and parts, computers, equipment, and parts, electronic integrated circuits, steel and products, chemicals, and plastic resin showed signs of robust recovery in line with the revival of global manufacturing sector.

It noted that the pace of export recovery coincided with the latest upward revision of global economic outlook by the Organisation for Economic Cooperation and Development (OCED) to 5.6 per cent growth in 2021, up from the previous estimate of 4.2 per cent.

It said purchasing managers in many countries had a more optimistic view about the world economy, reflected by the Global Manufacturing Purchasing Managers’ Index being above 50 (53.9) for the eighth consecutive month and at a three-year high.

The Ministry of Commerce is targeting a four per cent export growth in 2021. - Bernama

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