Saturday, 18 September, 2021

Thailand’s July exports beat forecast

Thailand’s July exports beat forecast

BANGKOK: Thailand’s exports rose more than expected in July but the Southeast Asian country’s biggest COVID-19 outbreak to date and movement restrictions are likely to impact shipments in August and September, the commerce minister said on Monday.

Exports, a key driver of Thailand’s growth, increased 20.27per cent in July from year earlier as global demand improved, beating a forecast for a 19.7per cent in a Reuters poll, and against June’s 43.8per cent year-on-year rise, report agencies.

Exports are a rare bright spot in Thailand as it struggles with a surge in infections, prompting movement curbs in areas which account for about 80per cent of gross domestic product.

“The lockdown measures may have impacted the manufacturing sector as we’ve seen some closures of fruit factories for exports,” commerce minister Jurin Laksanawisit told a news conference.

The outbreak has increasingly affected factories factories and worsened a labour shortage, threatening exports at a time of stronger global demand and a weaker baht.