In addition, the CLMV (Cambodia, Laos, Myanmar and Vietnam) market continues to expand.
In October, Thai exports to this market grew 3.6 per cent, driven mainly by a large surge in demand for jewellery.
However, risks remain. The global economic recovery is currently not sufficient to drive global trade expansion to the previous satisfactory levels, while worries continue on uncertainty over protectionist US trade policy.
Thailand’s trading partners have seen relatively sharp depreciation in their currencies, including the euro and Chinese yuan, against the US dollar, which could affect Thai exports to these destinations.
In October, Thai exports shrank 4.2 per cent year-on-year, while the 10-month figure contracted by 1 per cent.
Agricultural and agro-industry product exports declined 8.1 per cent year-on-year in October, after its two-year high in the previous month, driven mainly by drops in export quantities of sugar, rice and rubber. The 10-month figure contracted 5.4 per cent.
Manufacturing product exports fell for the first time in three months, down 2.7 per cent year-on-year in October. This was mainly due to drops in exports of finished oil products, computers and peripherals, gold, cars and parts, steel, and TVs and components. The 10-month figure shrank 0.9 per cent.
In October, Thai exports mostly declined in key destinations such as the United States, Europe, Asean, the Middle East and Australia, while there was continued expansion to Japan, China, South Asia and CLMV.
In the first 10 months of this year, Thai exports to Australia grew 7.2 per cent, 0.9 per cent to the US and 0.5 per cent to Japan.
For the whole of 2016, Thailand’s export growth is forecast to stay in previously estimated range of between minus 1 per cent and zero per cent.