Exports up 8.7% y-o-y in October, beat forecast

Exports up 8.7% y-o-y in October, beat forecast

Exports last month jumped 8.7% after contracting in September.
Exports last month jumped 8.7% after contracting in September.

Customs-cleared exports rose more than expected in October after a surprise decline in the previous month, the Commerce Ministry said on Wednesday.

Exports increased 8.7% in October from a year earlier, compared with the median forecast for a 4.5% rise in a Reuters poll.

In September, exports contracted 5.2% from a year earlier.

The export gain in October was led by higher shipments of fuel, gold, petrochemicals and agricultural products, the ministry said.

But exports of cars and parts, computers and accessories and electronics were lower, it said.

Exports to the United States rose 7.2% in October from a year earlier, after September's 1.2% increase. Shipments to China were up 3% after a 14% decline in September.

In October, imports rose 11.23% on a yearly basis after rising 9.9% in September. The poll forecast was for a rise of 6.8%.

That resulted in a trade deficit of $280 million in October, compared with a forecast of a $190 mbillion deficit, and compared with September's $490 million surplus.

In January-October, exports rose 8.19% from a year earlier while imports jumped 14.78%.

The ministry said it was sticking to its export growth target of 8% this year, after last year's 9.9% rise.

Deputy Prime Minister Somkid Jatusripitak said gross domestic product will reach 4% growth if the country could push exports to a 7% rise or more in the last two months of this year.

The National Economic and Social Development Board expected GDP growth for this year at 4.2%, down from the previous forecast of 4.2-4.7% range. Exports this year were expected to rise 7.2%, down from its previous prediction of 10%.

Mr Somkid said he saw positive signs for a better export outlook due to more orders from Japan, China and other Southeast Asian markets last month.

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