Thailand's exports rose more than expected in November from a year earlier, helped by stronger global demand and a relatively weak baht, and full-2021 growth could be the highest in more than a decade, the commerce ministry said on Monday. Exports, a key driver of Thailand's growth, increased 24.7per cent in November from a year earlier, beating a forecast for a rise of 18.0per cent in a Reuters poll, and against October's 17.4per cent rise. Shipments rose 16.4per cent in January-November from a year earlier, the ministry said. "Export growth of at least 15per cent-16per cent is achievable this year," Commerce Minister Jurin Laksanawisit told a news conference. Such growth rate would be the highest in 12 years, ministry official Ronnarong Phoolpipat told a news conference. However, risks to exports in the next few months include the spread of the Omicron coronavirus variant, high shipping costs and a shortage of semiconductors, Ronnarong said.
For 2022, exports are expected to rise by 3.5per cent to 4.5per cent, the ministry said in a statement, citing a recovery in trading partners' economies and a soft baht among supporting factors. The export gains in November were helped by stronger shipments of industrial and farm products, the ministry said. Demand from most key exports markets was higher in November, with exports to the United States, the biggest market, up 20.5per cent from a year earlier. Exports to China increased by 24.3per cent, but exports to Japan dipped 0.1per cent. In November, imports rose 20.5per cent in November from a year earlier, resulting in a trade surplus of US$1.02 billion for the month, the ministry said.