Thailand's exports rose more than expected in November from a year earlier, helped by stronger global demand and a relatively weak baht, and full-2021 growth could be the highest in more than a decade, the Commerce Ministry said on Monday.
Exports, a key driver of the country’s growth, increased 24.7% in November from a year earlier, beating a forecast for a rise of 18.0% in a Reuters poll, and against October's 17.4% rise.
Shipments rose 16.4% in January-November from a year earlier, the ministry said.
"Export growth of at least 15%-16% is achievable this year," Commerce Minister Jurin Laksanawisit told a news conference.
Such a growth rate would be the highest in 12 years, ministry official Ronnarong Phoolpipat told a news conference.
However, risks to exports in the next few months include the spread of the Omicron coronavirus variant, high shipping costs and a shortage of semiconductors, Mr Ronnarong said.
For 2022, exports are expected to rise by 3.5% to 4.5%, the ministry said in a statement, citing a recovery in trading partners' economies and a soft baht among supporting factors.
The export gains in November were helped by stronger shipments of industrial and farm products, the ministry said.
Demand from most key exports markets was higher in November, with exports to the United States, the biggest market, up 20.5% from a year earlier. Exports to China increased by 24.3%, but exports to Japan dipped 0.1%.
In November, imports rose 20.5% in November from a year earlier, resulting in a trade surplus of $1.02 billion for the month, the ministry said.