Commerce Ministry: Export to contract by 13-15% in 2009

BANGKOK, 20 November 2009 (NNT) – The country’s exports are expected to contract by only 13-15% in 2009 as the shrinkage in October stands at only 2.98%, the satisfactory figure this year, according to Commerce Minister Porntiva Nakasai.

Ms Porntiva stated that total exports in October stayed at US$14.81 billion, down by 2.98% on the same month last year and imports stood at US$13.05 billion, a 17.5% decline from last October, with a total trade surplus of US$1.76 billion. During the first 10 months of this year Thai exports fell by 19.6 per cent over the same period of last year to US$124.11 billion, while imports were down 31.2 per cent to US$106.59 billion, resulting in a trade surplus of US$17.52 billion.

The minister attributed the improvement in exports to global economic recovery in the US, the European Union and the Asian region as well as the rising prices of agricultural products.

Ms Porntiva expressed confidence that the exports in the fourth quarter of this year would expand by 3-5%, leading to an estimated contraction of 13-15% in whole-year growth in 2009. She also expected that the exports would grow by 10-15% next year.