July exports rise - except to US
published : 22 Aug 2018 at 16:54
writer: Online Reporters
Exports were valued at US$20.42 billion in July, up 8.27% year-on-year, on rising orders from Japan, Europe, India and the Asean region, but the figure for the United States dropped for the first time in almost two years.
Sureeporn Sahawat, deputy director-general of the Trade Policy and Strategy Office, said on Wednesday that the value of exports rose for the 17th consecutive month in July, resulting a combined value of $146.24 billion in the first seven months of this year, up 10.57% - the highest in seven years.
Imports in July amounted to $20.94 billion, up 10.53% year-on-year, resulting in a trade deficit of $516 million baht.
Imports in the first seven months were valued at $143.29 billion, up 14.84%, and the country posted an accumulated trade surplus of $2.94 billion.
Mrs Sureeporn said exports to major markets rose by 5.4% in July, including a jump of 11.7% to Japan and 9% to the European Union. Exports to emerging markets expanded by 15.3% - including 15% to India, 22.6% to the Cambodia-Laos-Myanmar-Vietnam group, 26.6% to the remaining five Asean countries, and 3.5% in China.
Industrial exports increased for the 17th consecutive month - at a rate of 7.7% in July - driven by automobiles and parts, computers and parts, and internal combustion engines and parts.
Agricultural exports increased by 3.2%, led by sugar, frozen and processed chicken, canned tuna and beverages.
Exports to the US, however, dropped by 1.9% in July - the first decrease in 21 months.
Mrs Sureeporn said.that America-bound prawn exports fell 62% due to a shortage of raw materials; canned seafood 23%; televisions 44% due to changing consumer behaviour; solar cells 72%; washing machines 21.9%; and steel 4.6% due to higher US tariffs.
She added that overall Thai exports should rsie 8% this year as expected, with strong growth in shipments of technological and electronic products, automobiles and oil-related products like chemical products and plastics.