(source Bank Of Thailand)
They did it. The group China+HK+SK+Taiwan managed to order more from Thailand in december, compared to the “Thai Peak Exports” that is to say july 2008 : +3 % at 109,88 billions THB.
China alone went from 55,1 billions to 61,8 billions THB.
Here is the chart.
In december, thai exports reached a total of 482,16 billions THB, versus 459 billions in november, and 404,31 in december 2008.
That’s a +19,2 % growth, year on year.
The percentage is impressive, but it’s the base effect. December 2008 was the “hell hole” of the crisis.
As we can see on the following chart, we are still 10 % off from the Thai Peak Exports (july 2008). But the gap is closing quickly.
Now the view per areas/groups.
The picture is very clear : Thailand is pulled by… Asia : Asean and China…
e could even say : China alone, because part of the demand for thai good originating from Asean is directly linked to trade with China (raw materials are processed, then reprocessed, etc.).
Sustainable ? We’ll see.