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Sep 20, 2010 10
Thailand’s exports rose for the 10th consecutive month in August as the baht’s appreciation to a 13-year high failed to curb demand for the country’s automobile parts and electronics.
Shipments increased 23.9 percent last month from a year earlier to $16.5 billion, Commerce Minister Porntiva Nakasai said in Nonthaburi province on the outskirts of Bangkok today. The median estimate of 12 economists in a Bloomberg News survey was for a 23.5 percent gain.
Surging exports helped Thailand’s economy overcome political turmoil to expand 9.1 percent last quarter, more than economists forecast. Prime Minister Abhisit Vejjajiva’s government is considering measures to temper the baht’s gains, which the Thai Chamber of Commerce said may affect exports in the fourth quarter.
“The baht’s gain may not reduce export orders yet, but it will definitely curb exporters’ income,” Pornthep Jubandhu, an economist at Siam Commercial Bank Pcl in Bangkok, said before the report. “We won’t see strong growth like in the first half” as global demand may weaken further, he said.
The baht has gained 8.4 percent against the dollar this year, making it the second-best performer in Asia. The Bank of Thailand has proposed measures including an increase in limits on investing and lending overseas by companies and individuals to boost fund outflows, which will help slow the baht’s appreciation, Finance Minister Korn Chatikavanij said Sept. 17.
Siam Cement Pcl, the nation’s third-biggest company by market value, said Sept. 13 its net income in the third quarter may be hurt by the baht’s strength.
Imports climbed 41.1 percent in August, the ninth consecutive month of gains, as the nation’s economic recovery raised demand for raw materials and consumer goods. Thailand had a trade surplus of $643 million last month, compared with a $940 million deficit reported in July.
To contact the reporter on this story: Suttinee Yuvejwattana in Bangkok at suttinee1@bloomberg.net
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