Thailand’s economy has recovered strongly in the first quarter of 2018 as indicated by healthy growths in the export and tourism sector.
Exports in the first three months have jumped up 11.3 percent year on year, representing a seven-year high and it remains a driving force of the economy this year, said Pornpen Sodsrichai, director of macro economy department of Bank of Thailand.
The merchandise exports reached 22.363 billion U.S. dollars for March 2018, said Pornpen, adding that despite a high 2017 base, the value of March exports was driven by steady economic growth seen in Thailand’s trade partners.
According to a Press Release on the Economic and Monetary Conditions for March and the first quarter of 2018
Overall economic activity in the first quarter of 2018 continued to expand from the previous quarter, driven mainly by the solid growth momentum of merchandise exports and tourism sector. Private consumption continued to improve from spending in all categories, consistent with the expansion of manufacturing production in both domestic and export-related.
Details of the economic conditions are as follows:
Exports expand 6.3%
The value of merchandise exports continued to expand with a growth of 6.3 percent compared
to the same period last year.
Excluding gold, the value of merchandise export grew by 6.7 percent, and expanded in most product groups. The expansion was on the back of:
(1) continued improvement in external demands for products such as chemical and petrochemical products, automotive and parts,electronic products especially air conditioners, mobile phones, and integrated circuit (IC);
(2) continued increase in crude oil…