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| Thai Exports Post Slow Expansion of 14.9% in August |
| UPDATE : 19 September 2008 |
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According to the Commerce Ministry, Thailand's exports in August have improved by only 14.9 percent, while imports rose 26 percent, resulting in a trade deficit.
Permanent-Secretary for Commerce, Siripol Yodmuangcharoen has revealed that Thailand's export value for August 2008 went up 14.9 percent from last year to 15.89 billion U.S. dollars, which means the growth rate slowed from above 20 percent in the previous months. Meanwhile, imports rose 26 percent to 16.7 billion dollars. As a result, the country posted a trade deficit of 782 million dollars in August.
In the first-eight months of 2008, total exports amounted to 120.1 billion dollars, 24.5 percent higher than the same period in 2007, and imports totalled 122.9 billion dollars, a 35.4 percent growth from last year. Therefore, Thailand registered a trade deficit of 2.88 billion dollars as of August 31.
Siripol said the exports of farm products grew 41 percent. The leading products were rice, frozen chicken, rubber, and tapioca. Exports for industrial products were vehicles, jewelry and ornaments, finished oil, and rubber products.
August imports expanded at a slower rate. The import of fuel products expanded by 44.2 percent following the oil price hike at the time, and the public turned to consuming natural gas for vehicles and liquefied petroleum gas instead. The import of capital goods increased only by 6.1 percent because of a delay in investment.
The export value for the first-eight months of 2008 accounted for 70.2 percent of the target, so he believes exports will improve by 15 to 20 percent this year.
The permanent secretary for commerce added that the exports to both major trade destinations and new markets have expanded, particularly new markets like Africa, South Korea, the Middle East, and Eastern Europe, where exports grew 19.2 percent.
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