Figures released on April 24, 2007 by the Commerce Ministry showed a record high for Thailand's exports for March, bringing in US$13 billion to the country.
ETNA news carried a statement by Commerce Minister Krirkkrai Jirapaet crediting the record-breaking 18 percent rise in export value in the single month of March to dual growth in the old and new markets amid political and economic concerns keeping back imports.
March 2007 witnessed an increase in Thai exports across the board, primarily in farm and agro-industrial products resulting in 20 percent growth. 16 percent growth was recorded by industrial goods. The better performing items included rice, tapioca, processed food, car parts and electric goods. At the same time product imports amounted to over 10 billion dollars in Thailand with business sectors adopting a cautious approach over the unfolding of the political situation.
The double-digit annual growth in Thailand's exports was helped by the sector's dynamism, together with the consistency of government policies encouraging free trade and fair competition. Appreciation of the Baht currency was 8 percent against the dollar in 2006, which has continued to strengthen thanks to the weakening of the US dollar in response to its economy.
Bulk of Thailand's trade and investment activities is limited to the US, Japan, the EU, and increasingly with ASEAN, the NIE's of Northeast Asia and the PRC (People's Republic of China). US is surging ahead in economic growth with the world's largest market continuing to generate opportunities for Thailand's exports. Likewise, EU's economic growth gives a green signal to exporters in Thailand for this market.
Apart from boosting and maintaining economic activity in the more traditional export markets of Thailand, Thai companies are on the quest for new market niches and nurturing new business relations. Bi-lateral investment flows have also grown between Thailand and ASEAN countries, in addition to trade.
A research analyst at RNCOS has concluded that a reversal in the export trend in Thailand is likely on advance orders declining and strengthening of the Thai Baht. In addition, to sustain export growth and demand for Thailand's export products there is a need for greater consumer awareness and knowledge of individual brand names. The Department of Export Promotion has joined hands with the public and private sectors to increase awareness among Thai manufacturers and exporters to realize the need for product promotion under their own brand names for international markets.
