Exports rose 3.9% in June year-on-year, with a total value of US$19.842 billion, and the Commerce Ministry is predicting even better results in the second half of 2014.
A port officer concentrates on his work at Laem Chabang port in Chon Buri province in June 2012. (Bangkok Post file photo)
Nantawan Sakuntanaga, director-general of the International Trade Promotion Department, said export figures in June reversed a contraction of 2.14% in May, amid improving signs for exports of both industrial and agricultural items.
Imports in June totalled $18.049 billion, contract in by 14.03%, and resulting in a trade surplus of $1.793 billion for the month.
With the rise of June exports, the second quarter showed resumed growth of 0.3%, compared to the same quarter in previous year. Thailand has experienced export contractions over four quarters prior to the last quarter of April to June 2014.
For the six-month period, Thailand shipped a total of $112.7 billion of goods, down 0.35% from the same period in 2013. The country imported $112.47 billion, dropped 14%. As the result, Thailand has a trade surplus of $230 million.
Ms Nantawan said export growth in June was supported by a 3.9% rise in industrial goods and items such as gems and jewellery rose 38.2%. The export of agro-industrial products also rose by 2.6% with rice up by 35.1% and tapioca products by 42.3%.
The ministry is still confident that Thailand would be able to a achieve 3.5% of export growth in 2014 if monthly exports sit around $20.6 billion on average.
She said the discussions with exporters shown promising signs The private sector anticipated good growth in the second half of the year.
Referring to a report last week of export growth in June at 7.2%, Mr Nantawan said the figure might have arisen from a misunderstanding with border trade, which shown 7% growth.
Thai National Shippers Council president Nopporn Thepsithar said Thailand might not achieve average monthly export value in the fourth quarter because it approached the year-end and the winter, when trading partners normally did not place orders.
He hoped that the European Union’s plan to cut generalised preferential tariffs (GSP) on 700 items next year would help stimulate orders from European buyers in the second half, as buyers would like to get goods at old prices.
Mr Nopporn said current fragile international politics involving Israel and Ukraine might impact overall Thai exports, as reflected in the reduction of estimated global economic growth to 2.8% from 3.6% in 2014 by the World Bank.