BANGKOK  - Thailand's annual exports in March surprisingly jumped at the fastest pace in more than two years with a monthly record value, while the outlook for the remaining year should be bright, the commerce ministry said on Friday.

Exports, a key driver of Thai growth, are expected to see growth in April and beat the ministry's target of 4% expansion for the year, ministry official Phusit Ratanakul Sereroengrit told a briefing. Exports declined 6.01% last year.

A global economic recovery and stimulus measures in several countries have lifted global demand, he said, adding Thailand's third coronavirus wave has not had an impact on manufacturing or transportation supply chains. 

"Government measures to curb the outbreak have no limitations on production at all," he said, adding the ministry would likely upgrade its export projection for the year.

In March, exports climbed 8.47% from a year earlier, the fastest pace in 28 months, boosted by higher shipments of cars and car parts, rubber products and plastic pellets.

That compares with a fall of 0.48% forecast in a Reuters poll and a 2.59% decline in February.

March's export value of $24.22 billion was a monthly record, the ministry said.

Demand from key markets was mostly higher in March, with exports to the United States up 7.2% year-on-year, to China surging 35.4% and to Japan up 4.6%.

Imports in March jumped 14.12% from a year earlier, beating a forecast 5.95% increase, resulting in a trade surplus of $711 million in the month.

In the January-March period, exports increased 2.27% from a year earlier while imports rose 9.37%, giving a trade surplus of $516 million.

 

(Reporting by Orathai Sriring, Kitiphong Thaichareon, Satawasin Staporncharnchai; Editing by Martin Petty) ((orathai.sriring@tr.com; +662 0802309;))