It’s a good time to buy. Thailand’s exports surged to their highest level in three years as importers in key markets stocked up on goods produced in the Kingdom due to concerns over the uncertainty of global trade.

Thai exports soared by 17.8 percent in March year-on-year to $29.5 billion, setting a new record in terms of value, according to Minister of Commerce Pichai Naripthaphan. Buyers in the industrial sectors in Europe, China, and the United States accounted for the increase in demand, he said. Manufacturers of computers, auto products, rubber products, and machinery experienced robust growth.

Exports are the chief driver of Thailand’s economy, although consumption and investment have been steadily increasing their shares in gross domestic product (GDP) in recent years. That shift is in line with the goals of Thai policymakers, who are seeking to achieve greater balance between the pillars of the economy. Exports typically make up about 65 percent of Thai GDP.

The fact that industry is sourcing more Thai goods is an indicator that manufacturers are stocking up on components and parts for their finished products.

The value of Thai exports rose by 15.2 percent, or $81.5 billion, year-on-year, creating a trade surplus of $1.08 billion. The Kingdom is preparing measures to address potential challenges, such as preventing export circumvention and identifying negotiable products.

Photo: https://www.nationthailand.com/