Thai exports rose 2.6% y/y in August, first increase in 11 months

Cargo ships are pictured near the port in Bangkok, Thailand. REUTERS/AthitPerawongmetha/File photo

BANGKOK  – Thai exports unexpectedly rose for the first time in 11 months in August, helped by higher shipments of agricultural and industrial goods, despite weak global demand, the commerce ministry said on Tuesday.

Customs-based exports, a key driver of Thailand’s economy, rose 2.6 percent in August from a year earlier, compared with analysts’ median forecast for a 4- percent decline in a Reuters poll.

In August, Thailand posted a trade surplus of $0.36 billion, compared with a forecast deficit of $1.75 billion, while imports dropped 12.8 percent year-on-year. That compared to a fall of 10 percent seen in the poll.

READ: Thai exports drop more than forecast in July, seen rising in Q4

In the January-August period, exports contracted 4.5 percent from year earlier.

Exports are expected to contract by up to 1 percent to 2 percent this year, Deputy Commerce Minister Napintorn Srisanpang said this month.