Logo of Phnom Penh Post newspaper Phnom Penh Post - Thai exports hit 11-year high in June, near $23.7B

Thai exports hit 11-year high in June, near $23.7B

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Thai exports last month were worth $23.699 billion, up 43.82 per cent year-on-year. AFP

Thai exports hit 11-year high in June, near $23.7B

Thailand's exports in June hit their highest levels in 11 years, jumping by 43.82 per cent year-on-year, valued at $23.699 billion, the Ministry of Commerce reported.

It was the second successive month of 40 per cent-plus growth. May had seen a 41.59 per cent growth, valued at $23.057 billion.

The main factor contributing to the continued growth of Thai exports is the ongoing implementation of the ministry’s export promotion plan as well as the expansion of the global manufacturing sector, the ministry said.

The global manufacturing purchasing managers index has hovered above 50 for 12 months straight. Productivity, orders and employment in many countries are all increasing, especially in key trading partners such as the US and Europe.

In addition, the baht has been depreciating, which has become a factor in boosting the Thai export sector, the ministry said.

Within ASEAN, Thailand’s exports ranked second after Indonesia, which grew 54.46 per cent, while Vietnam, Thailand’s main competitor, and Singapore grew 20.40 per cent and 27.77 per cent respectively.

Trade Policy and Strategy Office director-general Phusit Ratanakul Sereroengrit on July 24 said the main reason for the ASEAN market continuing to expand amid the severe Covid-19 pandemic was the expansion of industrial product exports, especially cars, equipment and components by 140 per cent, refined oil 154 per cent, computers 82 per cent, plastic beads 87 per cent, and chemicals 86 per cent.

The export outlook for the second half of the year is bright as a result of exports of industrial products for the sixth straight month, indicating a recovery in economic activity. Energy prices too rose as demand increased in several countries with the easing of lockdown measures, a positive factor for oil-related exports especially in the ASEAN market, Phusit said.

Meanwhile, the first half of 2021 saw 41,022 new businesses established nationwide, or 23 per cent more than the same period last year. In comparison, only 4,930 businesses shut down or 21 per cent fewer than in the year-ago period.

The top three sectors that attracted entrepreneurs this year were construction (3,539 companies), followed by 1,844 real-estate businesses and 1,132 ventures in the logistics sector.

Of the 41,022 new businesses, 31,380 ventures had an investment of no more than a million baht, followed by 8,976 companies investing from one-to-five million baht, 592 investing over five million and up to 100 million baht, while 74 firms went beyond the 100 million baht range.

This growth in new businesses can be attributed to several factors such as an increase in exports thanks to the recovery of the global economy and government stimulus measures.

The Bank of Thailand’s Business Confidence Index in June stood at 46.5, slightly higher than the previous month but still below 50 – an indication that most businesses expect the pandemic to last longer or worsen.

THE NATION (THAILAND)/ASIA NEWS NETWORK

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