Thai exports for the month of August rebounded by 2.6% year on year for the first time in 11 months, during which exports dropped continuously, Kirati Ratchano, permanent secretary of commerce, said today (Tuesday).

Exports for August were worth about 8.25 billion baht (US$24,279.6 million), which is seen as a good sign after exports fell ten consecutive months, he said.

Imports during the same period dropped 12.8% to 8.23 billion baht (US$23,919.7 million), resulting in a trade surplus of about 2.46 billion baht (US$359.9 million).

Exports for the first eight months of this year, worth about 6.3 trillion baht (US$187.6 billion), fell 4.5% year on year, while imports also dropped 5.7% to about 6.7 trillion baht (US$195.5 billion), resulting in a trade deficit of about 353 billion baht (US$7.9 billion).

Kirati said that Thai exports for August performed better than many countries in the region, among which India recorded a 6.9% export drop, Taiwan, minus 7.3%, South Korea, minus 8.3%, China, minus 8.8%, Singapore, minus 12.6%, Malaysia, minus 21.2% and Indonesia, minus 21.2%.

Thailand’s export rebound is attributable to a 4.2% increase in exports of farm products, the first time in four months, although exports of industrial products fell by 7.6%.

Farm products, which saw exports of frozen and dried fruits such as fresh mangosteen rise by 99.8% rise, rice by 10%; canned and processed vegetables 26.5%, dairy and dairy products 13.2%, frozen and dried vegetables 22.8%.

Exports of industrial products for August rose 2.5% for the first time in three months. These include cars, accessories and spare parts, up 5.2%, electric circuits, up 39.8%, machinery and parts, up 6.4%; phones and accessories, up 36.9%, semi-conductors and transistors, up 74.5% and transformers and accessories, up 59.1%.

Exports to key markets for August were up 2.3%. These include a 21.7% export rise to the US, a 15.7% increase to Japan and 1.9% increase to China. Exports to ASEAN, the European Union and CLMV, however, fell 1.5%, 11.6% and 21.3% respectively.

Kirati said exports for September and the last quarter of the year are expected to rebound.