Thailand: Exports, imports rise sharply in March

• Apr 24, 2017

Exports in March rose sharply by 9.2% year-on-year, with total shipments in the first quarter up by 4.9%, the highest quarterly growth in four years.
Exports surged well above expectations in March, after declining the previous month, helped by strong demand for rubber and computers, in an encouraging sign for the export-dependent economy still trying to gain a firmer footing.  Shipments totalled US$20.888 billion in March, a rise of 9.2% after February’s 2.8% drop, Commerce Ministry data showed on Monday. A Reuters poll had expected an annual rise of 1.90% in March. 
A global economic recovery and higher oil prices boosted exports in March, said Pimchanok Vonkorpon, director-general of the Commerce Ministry’s Policies and Trade Strategies Bureau. 
“Demand from China and India was a record,” she said. The rise in the March figure contributed to the significant increase in the first quarter, as Thailand shipped more farm output, particularly rubber and its products, and oil-related products also expanded in line with the rising crude oil price.
The Commerce Ministry aims for export growth of 5% this year after a rise of 0.45% in 2016, the first annual growth increase in four years. Mr Pimchanok said the ministry would closely monitor possible impacts from global risks such as the tension between the US and North Korea and trade measures introduced by the new US president. Imports in March also beat expectations with a 19.3% surge from a year earlier, compared with the forecast of a 9.55% increase and February’s 20.4% jump. 
The March trade numbers produced a trade surplus of copy.62 billion, compared with a poll forecast of copy.72 billion and February’s copy.61 billion surplus. 
Many of the materials Thailand imports are assembled into completed goods and shipped out again.

Source: http://www.bangkokpost.com/business/news/1237655/exports-imports-rise-sharply-in-march