Most economies around the globe have seen disappointing economic indicators over the past year, but with vaccines being rolled out as the world recovers from the pandemic; we are seeing more positive numbers. Thailand is one of the countries seeing early growth. A recovery in global demand has driven Thailand’s April exports jump to 13.09% from the same time last year.
The figures released by the Ministry of Commerce showed the country outperforming a Reuters forecast of a 9.6% increase. Thailand’s exports also saw positive news in the previous month as March’s figures showed an increase of 8.47% for exports.
Commodities were the main driver of the increase. Rubber products topped the exports leaping to a 109% increase over the same period last year. Cars and automotive parts as well as plastic pellets, food, and agricultural products were also major contributors to the exports increase.
The combination of the increase in Thai commodity exports supported by a demand for work from home and pandemic related products boosted the April export value to $21.43 billion USD. This combined with imports valued at $21.25 billion USD creates a month end total trade surplus of $182.48 million USD.
The recently announced increase of just over 13% follows the first 4 months of 2021 averaging an increase of just 4.78%.
Thailand’s Commerce Minister, Jurin Lakswanwisit, is refraining from adjusting the full year exports growth projection, so it still stands at 4%. In a statement he said that the Commerce Ministry will continue to work with the private sector to seek opportunities and expand the export sector of the economy.