Thai exports and imports climb in Nov

According to the data from Thailand Commerce Ministry, the country’s exports climbed by 10.2% on a yearly basis and beat the expectations of a 1.55% increase in a Reuters poll. The rise also followed a decrease of 4.2% in October. This was the biggest monthly increase since February 2016 and was attributed to the higher oil prices in the world increasing the demand for Thai oil-related products.

The data also showed a yearly increase of 3% in the country’s imports in November. The rise in the percentage of imports also beat the estimates of a drop of 1.05%.

The country’s exports and imports in January-November period, however, dropped by 0.05% and 5.1% respectively.

Among the markets Thailand posted the biggest growth was Japan (22.5%) followed by China (22%) and Europe (13.8%).

The Bank of Thailand estimated a decrease of 0.6% in exports in 2016 while it forecast a GDP growth of 3.2% for 2016 and 2017 after it expanded by 2.8% in 2015.