Thailand's economic growth is boosted by strong exports. (Photo: Reuters)Bangkok (VNA) – Thailand’s economy grew 4.8 percent in the secondquarter of this year, higher than that of the first quarter and the highestlevel in five years, according to a report from the Bank of Thailand (BoT).
Earlier, research units of large banks in the country like Karikorn and GSBforecast that the country’s GDP for the whole year will range between 4.5-4.9percent.
The report said that the economic growth was boosted by strong exports,tourism, and private investment. Meanwhile, risk factors for the economy werethe US-China trade war, adjustment in policies of large economies, andThailand’s imbalance in debt structure.
In June, Thailand exported 21.75 billion USD worth of products, a year-on-yearincrease of 10 percent. Quarter 2’s shipments rose 12.3 percent to 63 billionUSD, and the purchasing managers’ index (PMI) increased in 14 consecutivemonths and stood at 4.7 percent in June.
Meanwhile, the Ministry of Commerce has been upbeat on substantial gain in theshipments of Hom Mali rice, particularly to the US market.
In the first half of the year, the country exported 220,000 tonnes of Hom Malirice worth 250 million USD to the US, rising 2.8 percent in terms of volumefrom the same time last year.
A deputy-ministerial level delegation was sent to the American nation tobolster rice exports. Preparation has been made to increase the shipment ofthis staple in Singapore, Australia, China, and ASEAN countries.
As of July 20, Thailand sold 6.15 million tonnes of rice abroad, earning 3.1billion USD. The country targets exports of 10 million tonnes this year. HomMali or Thai Jasmine is leading rice in Thailand, and demands for this type ofrice are high, especially in high-end markets.-VNA
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