Thailand's exports grew at their fastest rate in more than five years in January driven by a world trade recovery and higher purchase demand across the country's key markets.
The Commerce Ministry reported yesterday that customs-cleared exports rose 17.6% year-on-year in January to US$20.1 billion, the highest increase since November 2012. The export surge was led largely by cars and auto parts, computers and components, rubber products, plastic pellets, chemicals, finished oil, electrical circuitry, machinery and parts, steel and steel products. Imports in January surged 24.3% from a year ago to $20.22 billion, resulting in a trade deficit of $119.2 million.
Commerce Minister Sontirat Sontijirawong said demand from key markets remained strong. Despite the baht's appreciation and growing protectionist trade policies, the government has set a lofty target of 8% export growth this year, well above the 6.8% projection.
Meanwhile, the latest Thai Industries Sentiment index logged a three-year high after several months of continuous growth, thanks to ambitious infrastructure projects, increasing consumer confidence, and a rising global economy.
