Illustrative image (Photo: AFP/VNA)

Bangkok (NNT/VNA) – Thailand’s export sector during the first two months of 2018 has reportedly grown by 13.8 percent from the same period last year, the highest rate in seven years. 

The Trade Policy and Strategy Office (TPSO) of Thailand reported that February export value increased by 10.3 percent from the same period last year to over 20.36 billion USD, marking the 12th straight month of expansion. 

The country’s export value for the first two months of 2018 totalled over 40.46 billion USD, expanding by a seven-year-high of 13.8 percent year-on-year. All notable export segments reported gains, including autos, computers, palm oil, and cassava oil.

TPSO Director Pimchanok Vonkorpon said businesses should monitor the effects of a stronger Thai baht, especially in the food and agriculture sector which only expanded by 0.3 percent during the two-month period.

Rubber export value declined by 28.8 percent, while sugar contracted by 23.9 percent. Therefore, exporters are advised to lock in prices in advance to reduce currency risks and expand insurance timelines from three months to six.

Meanwhile, Thailand’s February imports totalled over 19.5 billion USD, expanding by 16 percent due to higher fuel imports and more consumers shifting to online retailers overseas. Overall, Thailand maintained a trade surplus of 808 billion USD.-VNA