BANGKOK, April 30 (Xinhua) -- Thailand's economy has recovered strongly in the first quarter of 2018 as indicated by healthy growths in the export and tourism sector, Thai experts said on Monday.
Exports in the first three months leap 11.3 percent year on year, representing a seven-year high and it remains a driving force of the economy this year, said Pornpen Sodsrichai, director of macro economy department of Bank of Thailand.
She also said that tourism arrivals hitting 10 million is a contributor to the economy in the latter half of 2018.
The merchandise exports reached 22.363 billion U.S. dollars for March 2018, said Pornpen, adding that despite a high 2017 base, the value of March exports was driven by steady economic growth seen in Thailand's trade partners.
Thailand's think tank Kasikorn research center attributes the country's favorable performance in oil-related shipments to rising global crude oil prices and accelerated electronics imports by China and the U.S. before the U.S. enforces import tariffs on Chinese-made products.
Meanwhile, Kasikorn research center views that there should be positive outcome from trade negotiations between the U.S. and China, thus helping ease volatility in global trade and in turn benefiting Thai exports during the remainder of 2018.
In addition, a robust global economic recovery and the fact that the average Dubai crude oil price may climb over the current assessment of 55 U.S. dollars per barrel will likely support Thai shipments to grow higher than 4.5 percent, said Kasikorn.