BANGKOK, 24 January 2013 – Official data from the government shows that Thai exports have expanded less than expected in 2012.
Departmentof International Trade Promotion (DITP) Director-General Srirat Rastapana said on Wednesday that Thai exports totaled 229.18 billion US dollars last year. That is equivalent to a 3.12% on-year growth, the record that is considerably much lower than the 5% target.
Mrs. Srirat blamed the global economic conditions, shaken by crises in the US and EU, for sluggish exports of Thai farm products, which shrunk 10.8% in 2012.
However, she said that Thai exporters have been quick enough to switch to countries with high potential, such as China, India, Indonesia, the Middle East and Africa, to make up for the contraction in major markets.
The DITP chief stated that officials have been visiting entrepreneurs to provide updated knowledge and information to help them overcome all hindrances.
In 2013, Mrs. Srirat conceded that the strengthening of the baht may hit the export sector while calling on the government to stabilize the Thai currency and keep it from over-appreciation.
She added that the Commerce Ministry will also be monitoring the situation surrounding the export industry as such factors as labor costs, raw materials and interest rates may still affect the sector.
In addition, trade representatives from all over the world will join in a meeting in May to assess the world trade situation and set up a new export growth target. The DITP Director-General said that, until then, the Commerce Ministry will keep its original growth target at 8-9% for this year.
Furthermore, she revealed that Thailand registered a trade deficit of 18.07 billion US dollars in 2012, mainly due to higher global oil prices, the country’s imports of machineries and more raw materials for production and subsequent exports.
