Thai PM: Surging exports to lift GDP growth in 2010 to 7%

Thailand's Prime Minister Abhisit Vejjajiva on Friday said he is confident the export sector would help lift gross domestic product (GDP) growth in 2010 to at least seven percent year on year.

According to the Bangkok Post's website, local media reports said Abhisit Friday morning chaired the ceremony marking the 90th anniversary of Commerce Ministry fair, and presented a speech on " Commerce Joins Business Sector to Overturn Thai Economy".

The economic growth rate was as high as 10 percent in the first half of the year because of the substantial expansion in the country's exports, he said.

"The export sector could play a vital role in boosting the economy in the third and fourth quarters of the year. As a result, the GDP growth for 2010 will not be less than seven percent," said Abhisit.

The Commerce Ministry forecast the country's 2010 exports would grow 20 percent year on year to an expected value of 183 billion U. S. dollars, amid rising demand for Thai goods in many markets.

Thailand's soaring auto and agricultural exports have reflected the government's bullish view.

Recently, Manat Soiploy, Department of Foreign Trade director- general, predicted Thailand's rice exports should reach nine million tons this year.

The country's car exports for July, 2010, surged 26.45 percent from June to 87,605 units, spokesman for the automobile industries group in the Federation of Thai Industries Surapong Paisitpatanapong said on Thursday.

The car export values in July totaled 39.83 billion baht (1.263 billion U.S. dollars), Surapong said.

Source:Xinhua