Thai exports rise, further growth expected

BANGKOK—Thai exports rose in October despite the effect of a surging currency, official data revealed Friday, as the government upgraded its outlook.

Higher demand for rubber and jewelry helped Thai exports increase 15.7 percent in the month from a year earlier, to $17.13 billion.

The figure was weaker than the 21.2 percent annual growth seen in September, the commerce ministry said, blaming the fast-appreciating baht and slowing economic growth in some export destination countries.

Thailand revised up its 2010 export growth target to about 25 percent, up from a previous projection of 20 percent.

"I believe it will definitely meet the new target," said Commerce Minister Porntiva Nakasai.

The baht, along with other Asian , has been surging against the , which threatens to undermine the competitiveness of Thai exporters and reduce their overseas earnings.

Imports rose 13.5 percent to $14.81 billion.

As a result, the country posted a trade surplus of $2.32 billion in October.

The Thai economy has shown resilience following mass opposition protests in April and May, which sparked violence that left 91 people dead, scared off foreign tourists and paralyzed the retail heart of the capital.

GDP grew 10.6 percent in the first half of 2010.

The central bank last month cited strong exports when it raised its forecast for (GDP) to between 7.3 and 8.0 percent in 2010.

The Bank of Thailand held its benchmark interest rate steady at 1.75 percent in October, pausing after two consecutive rises as a faltering global recovery and a soaring baht dimmed the economic outlook.