Thailand’s Export Growth Accelerates as Global Outlook Improves
Thailand’s export growth quickened to a 15-month high in November as factories returned to full capacity after last year’s floods and global demand improved.
Overseas sales rose 26.9 percent last month from a year earlier after climbing a previously reported 15.6 percent in October, the Ministry of Commerce said in Bangkok today. The median estimate in a Bloomberg News survey of 12 economists was 26.4 percent.
Signs that the global economy is strengthening have brightened the outlook for Asian exporters. Thailand’s monetary authority last month held the benchmark interest rate and Governor Prasarn Trairatvorakul has said shipments of items from rice to electronics are expected to recover in the first half of next year and “really grow” in the second half.
“Signs of improvement in the global economy lately will ensure export growth next year,” Pimonwan Mahujchariyawong, an economist at Kasikorn Research Co. in Bangkok, said before the report. “We expect the central bank to stand pat from now unless the global economy takes an unexpected dive.”
Imports rose 24.5 percent from a year earlier for a trade deficit of $1.45 billion, compared with a shortfall of $2.47 billion reported earlier for October, today’s report showed.
The commerce ministry earlier said it expects export growth of as much as 9 percent next year from 4.17 percent in 2012.
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