Thai exports to China in October 2010 generated a record-breaking monthly income of USD1.9004 billion over September, although growth decelerated slightly to 27 percent YoY, against the 29.3-percent growth seen in September. The situation for Thai exports to China has been better than our exports to other major markets, such as to USA, Japan and EU (27) and ASEAN that have all showed greater deceleration. China plays a greater role toward the overall Thai export value this year and should continue to do so in 2011 because Thailand is in China's supply chain, and we are also their source of high-quality raw materials and capital goods. In addition, Thailand is an import source of consumer products that are widely accepted by Chinese consumers whose spending power is on the rise.
Their overheating economy has attracted large capital flows, as seen in their financial and capital markets, so Chinese authorities may face some difficulties from accelerating inflation and real estate bubbles. The overheating may ease in the future via stricter policies to control liquidity that will help maintain the economic stability and reduce the possibility of a recession. As a result, our projection for Thai exports to China remains unchanged at 30-percent growth for 2010, but may drop to 10-20 percent in 2011.
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