Thai exports in March 2011 showed an unexpected surge to 30.9 percent growth YoY, against the growth of 31.0 percent in the previous month. The export value also achieved a record-breaking surge of USD21.259 billion, while the import value also showed accelerating growth (though lower than the export value) at USD19.473 billion, growing 28.4 percent, against the growth of 22.5 percent in February. Thus, our trade balance in March was relatively high, with a surplus of USD1.786 billion.
Overall in 1Q11, exports totaled USD56.874 million, growing 28.3 percent, whereas imports totaled USD54.177 billion, growing 28.0 percent, thus achieving a trade surplus of USD2.697 billion.
With many export items experiencing better sales performance, this would be a signal that they can maintain growth momentum further. It should also be noted that the high export growth was partially boosted by rising export prices of farm produce that surged more than 20 percent YoY.
However, Thai exports in 2Q11 may decelerate to less than 13 percent YoY due to the disaster in Japan. Therefore, Thai export-oriented industries that use parts and raw materials from Japan may not be able to maintain output as high as planned. Meanwhile, the electrical power shortages in Japan that will likely extend into 2H11 may hinder production planning of Thai industrial sector relating to Japanese supply chain.
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