Thailand’s economic growth reaches five-year high

Bangkok (VNA) – Thailand’s economy grew 4.8 percent in the second quarter of this year, higher than that of the first quarter and the highest level 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 GSB forecast that the country’s GDP for the whole year will range between 4.5-4.9 percent.

The report said that the economic growth was boosted by strong exports, tourism, and private investment. Meanwhile, risk factors for the economy were the US-China trade war, adjustment in policies of large economies, and Thailand’s imbalance in debt structure.

In June, Thailand exported 21.75 billion USD worth of products, a year-on-year increase of 10 percent. Quarter 2’s shipments rose 12.3 percent to 63 billion USD, and the purchasing managers’ index (PMI) increased in 14 consecutive months and stood at 4.7 percent in June.

Meanwhile, the Ministry of Commerce has been upbeat on substantial gain in the shipments of Hom Mali rice, particularly to the US market.

In the first half of the year, the country exported 220,000 tonnes of Hom Mali rice worth 250 million USD to the US, rising 2.8 percent in terms of volume from the same time last year.

A deputy-ministerial level delegation was sent to the American nation to bolster rice exports. Preparation has been made to increase the shipment of this staple in Singapore, Australia, China, and ASEAN countries.

As of July 20, Thailand sold 6.15 million tonnes of rice abroad, earning 3.1 billion USD. The country targets exports of 10 million tonnes this year. Hom Mali or Thai Jasmine is leading rice in Thailand, and demands for this type of rice are high, especially in high-end markets.-VNA