Thai exports to China in February 2011 posted accelerating growth of 28.2 percent, YoY, with a relatively high value of USD2.085 billion (which is the second highest value after the record-breaking export value of USD2.094 billion recorded in December 2010). The surge was partially due to acceleration of imports by China, and high commodity prices reflecting that Chinese authorities may be stockpiling to brace for an upward trend in product prices to avoid inflation in the future.
As for imports from China, they grew only 6.9 percent YoY, thus Thailand achieved a trade surplus over China for the first time in 12 months at a value of USD254.5 million, which is also our highest trade surplus ever over China, against our deepest deficit of USD521.2 million in January. As a result, Thailand posted a trade deficit with China of only USD266.7 million during 2M11.
The key factors boosting Thai-China trade considerably in February 2011 were higher commodity prices, the ACFTA pact that came into effect on January 1, 2010, and Thai businesses using privileges on Thailand-China logistic linkages more effectively.