BANGKOK: Thailand’s customs-based exports in March unexpectedly rose 4.17% from a year earlier, the strongest pace in eight months, boosted by shipments of gold and electronics, the commerce ministry said on Tuesday.
Analysts had forecast a drop of 6.85%, worsening from February’s 4.47% decline as the coronavirus pandemic weighed more heavily on global economic activity and demand.
“If export figures continue like this, they may not fall 8% or 10% this year … they may show close to zero growth, or a little more than that,” ministry official Pimchanok Vonkorpon told a briefing.
The central bank has predicted exports, a key growth driver, will contract 8.8% this year.
March’s exports were lifted by a 215% surge in gold shipments. Excluding gold, exports rose just 0.17%.
Exports to the United States jumped nearly 43% in March from a year earlier due to higher shipments of electronics and weapons after military drills. But shipments to China fell 4.8%.
While the pandemic has disrupted some trade logistics, demand for food products has increased, the ministry said.
China’s recovery from the outbreak and a weaker baht should also support Thai shipments, it added.
Imports in March rose 7.25% from a year earlier, led by fuel and raw and semi-finished products. That compared with the forecast 10.79% drop, and February’s 4.3% decline.
March’s trade surplus was US$1.59 bil (RM6.96 bil) versus a forecast for a US$2.9 bil surplus and February’s US$3.9 bil surplus. – April 21, 2020, Reuters
