The Nation (23 October 2007)
Krirk-krai expects $9-bn surplus
The Kingdom's exports jumped 16.1 per cent to US$110.59 billion (Bt3.83 trillion) in the first three quarters of the year, ensuring that the country achieves its export growth target of 12.5 per cent to $145 billion for the entire year.
Exports are expected to grow through to the end of the year despite a slowdown in global economic growth and negative factors, Commerce Minister Krirk-krai Jirapaet said yesterday. In addition, the baht has become more stable.
"Moreover, robust export growth should ensure that the country will attain an estimated $9-billion trade surplus this year," Krirk-krai said.
The average monthly export value in the last quarter should be higher than $12 billion, he said.
Imports grew by only 7.4 per cent to $102 billion in the first nine months, taking the trade surplus to $8.45 billion.
However, the value of exports in September grew only 10.4 per cent year on year to $13.27 billion - lower than the 17.8-per-cent growth to $13.9 billion in August - due to a worldwide slowdown, particularly in major trading partners.
Exports to Japan dropped by 1.3 per cent to $1.46 billion for the first time last month, due to slowing domestic consumption as well as confusion over the implementation of the Japan-Thailand Economic Partnership Agreement (Jtepa).
Krirk-krai said the definite implementation of the Jtepa on November 1 would increase exports to Japan for the remainder of the year. Exports to Japan grew by 10.7 per cent in the first nine months.
Products that saw slower growth in exports to Japan last month include electronic circuits, rubber, radios, television sets and steel.
The Commerce Ministry expects the bilateral trade agreement to boost exports to Japan by 30 per cent to $22.4 billion next year.
Export to the United States dropped for the fifth consecutive month in September, down 6.6 per cent year on year at $1.67 billion, due to troubles in the US economy.
However, exports to new markets surged, including by 79.36 per cent to Eastern Europe, 45.6 per cent to India, 43.5 per cent to Hong Kong, 27.7 per cent to the Middle East and 25.3 per cent to China.
Exports by the agro-industrial sector dropped by 2.3 per cent last month due to the impact of the baht's appreciation earlier in the year, the end of the season for some agricultural products, and non-tariff barriers.
Products that dropped in both value and volume in September include rubber, sugar, and frozen and processed shrimp.
Most industrial exports increased by more than 15 per cent last month, including automobiles, electronic appliances, plastic pellets and plastic products, construction materials, cosmetics, medical products and printed goods.
The value of imports in September was up 7.4 per cent year on year at $11.31 billion, giving the country a trade surplus of $1.96 billion for the month.
Imports were up from last year in all sectors last month - by 10.9 per cent in capital goods, 9.9 per cent in raw materials and semi-manufactured materials, 28.8 per cent in consumer products and 26 per cent in automobile and parts.
However, fuel imports fell by 10.2 per cent in spite of rising oil prices. The country imported 22.4 million barrels of crude oil valued at $1.64 billion in September.
Apiradi Tantraporn, director-general of the Foreign Trade Department, said imports of fuel were expected to increase in both value and volume in the remaining months of the year because of high demand in the world market and skyrocketing oil prices.
Thailand is expected to import about 767,000 barrels of crude per day from October to December, compared with 745,000 barrels per day in September, she said.
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