Home ›› 26 Sep 2021 ›› World Biz
Thailand’s exports rose less than expected in August as coronavirus restrictions affected manufacturing and logistics, the commerce minister said on Friday, even though a weaker baht provided a boost.
The curbs were imposed in July and August to contain the Southeast Asian nation’s worst coronavirus outbreak to date. But they have been relaxed from this month as the outbreak eases.
Exports, a key driver of Thailand’s growth, rose 8.93 per cent in August from a year earlier, missing a forecast for a rise of 13.5 per cent in a Reuters poll, and against July’s 20.27 per cent increase.
“The smaller growth was due to the lockdown measures which affected production and logistics as some factories were closed,” Commerce Minister Jurin Laksanawisit told a news conference.
“That may also affect exports in September,” he added.
However, exports are likely to pose double-digit growth in 2021, supported by improved global demand and the weakening of the baht currency, Jurin said. The baht has depreciated about 10 per cent against the dollar so far this year.
Industrial goods account for about 80 per cent of exports which in August were led by stronger shipments of electronics, vehicles and auto parts.
A shortage of microchips may have some impact on shipments in the fourth quarter of 2021 but the situation should improve later, Jurin said.
Thailand posted a trade deficit of $1.22 billion in August.
