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UTCC: Consumer sentiment hits 40-month high in April
Consumer sentiment rose for a second straight month in April to the highest level in 40 months, boosted by growing exports and strong tourism.
According to the latest survey by the University of the Thai Chamber of Commerce (UTCC), the consumer confidence index stood at 80.9 in April, up from 79.9 in March and 79.3 in February.
February marked the first decline in seven months as people fretted about low commodity prices, the strengthening baht and political uncertainty.
“Sentiment rose for two straight months, reflecting consumers’ growing confidence in the country’s economic prospects on the back of a recovering world economy,” said Thanavath Phonvichai, vice-president for research at the UTCC. “More importantly, the baht’s value has eased while international political conflicts have abated.”
He said other supporting factors included a hike in the daily minimum wage in April, improving farm prices and higher revenue at small and medium-sized enterprises, which benefited from export growth.
The Commerce Ministry reported on April 23 that the country’s customs-cleared exports grew for the 13th straight month in March, up 7.1% year-on-year to US$22.4 billion (706 billion baht), led by stronger shipments of cars and auto parts, computers and parts, rubber products, plastic pellets, chemicals, gems and jewellery, electrical circuits, finished oil, machinery and parts, and air conditioners and parts.
Imports in March were up 9.5% from a year earlier at $21.1 billion after jumping 16% in February. This resulted in a trade surplus of copy.27 billion in March.
For the first three months, exports grew 11.3% year-on-year to $62.82 billion, with imports rising 16.2% to $60.9 billion. Thailand enjoyed a copy.95-billion trade surplus for the period.
The ministry targets export growth of 8% this year, after a 9.9% rise last year.
But Mr Thanavath said global trade tensions and low farm prices remain areas of concern.
“The overall economy has recovered,” he said. “If there are no added risk factors, consumer confidence is expected to continue increasing. We expect the confidence index to exceed 90 at the end of the third quarter.”
Source: https://www.bangkokpost.com/business/news/1456997/utcc-consumer-sentiment-hits-40-month-high-in-april