Exports to Cambodia, Laos, Myanmar and Vietnam (CLMV) continue to rise due to strong demand in the neighbouring countries, where the economies continue to grow, according to the Office of Industrial Economics (OIE).
Ittichai Yotsi, director of the OIE's Bureau of Industrial Economics Research, said exports to the four countries rose 4.45% in the first nine months of this year to US$11.7 billion, which helped support exports in general.
"The CLMV group is still in the stage of developing the countries to meet rising investment and growing economies. This has helped increase demand at a time when the reputation of Thai goods continues to grow among their consumers, boosting exports to the group substantially," he said.
Thai exports to CLMV account for around 10% of total exports to Asean, which represents some 23% of total annual exports.
Mr Ittichai said the rise in exports to the group has help offset falls in exports to other major trade partners such as Europe, the US and Japan.
In the third quarter, exports to Asean rose 7.54% from the same period of last year to $3.5 billion.
Mr Ittichai said he expected the baht to remain weak against the US dollar, which should enhance the competitiveness of Thai goods on the world market next year.
"This year, the baht stood at around 34 per dollar and we expect the baht will continue to be weak. Moreover, the policy of US President-elect Donald Trump to abandon the Trans-Pacific Partnership should help lend support to exports next year," he said.
The OIE forecast Thailand's economy to grow further in 2017 due to the global economic revival and the government's policy to accelerate budget disbursement as well as kicking off massive investment in several megaprojects.
In addition, the policy to promote the Eastern Economic Corridor (EEC) that aims to spur investment in the region should be an additional support to help boost the economy next year, said Mr Ittichai.
The EEC spans Chon Buri, Rayong and Chachoengsao provinces, which will be designated for development as a high-tech industry cluster with an eye towards becoming Asean's leading economic zone for industrial, infrastructure and urban development.
The EEC is expected to accelerate investment in three targeted industries over the next three to five years, helping businesses in the region grow from 2018, predicts Krungsri Research, a unit of Bank of Ayudhya.
Its research shows the targeted industries that would benefit from the EEC are logistics, energy and biochemical, and tourism. Other related sectors including retail, real estate and construction are also expected to enjoy growth.