ID :
138408
Thu, 08/19/2010 - 20:04
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http://m.oananews.org//node/138408
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July exports growth outstripped by imports: Commerce Minister
BANGKOK, Aug 19 – Thai exports rose by 20.6 per cent in July to US$15.56 billion year on year, but imports soared 36.1 per cent to US$16.50 billion posting a trade deficit of $939.8 million for the month, Thai Commerce Minister Porntiva Nakasai said Thursday.
Growth was registered across all key sectors, particularly agricultural and agro-industry produce sectors which increased by 12.7 per cent.
Meanwhile, the volume of rice exports fell 19.9 per cent with 25.1 per cent in value due to price competition with Vietnam, Pakistan and India as well as the stronger baht.
However, the minister said that the price of Vietnam’s rice currently increased thanks to its lower output for exports. She added that the quality of Thai rice for export is better than that of Vietnam, therefore the ministry was confident that the problem regarding the price competition would likely ease.
Shipments of key industrial products, including electrical appliances, vehicles, plastic products and rubber-made products, were up 20 per cent compared to the same period last year.
The exports for the first seven months of 2010 (January through July) were valued at $108.63 billion or an increase of 34.1 per cent year on year.
Ms Pornthiva added that the exports to the key markets expanded 22.3 per cent for the ninth consecutive month, while those to the new markets grew for the 11th consecutive month, except African markets which declined by 0.2 per cent.
The minister also reported that July’s imports were valued at $16.50 billion with a 36.1 per cent growth, compared to the same period last year.
Increased imports included energy products by 6 per cent, capital goods by 29.2 per cent and raw materials by 53.9 per cent.
The imports in this year’s first seven months were up 48.9 per cent to about 103.19 billion in value compared to the same period last year, resulting in a trade deficit of $940 million.
From January to July 2010 alone, Thailand enjoyed a trade surplus of about $5.43 billion.
Although the figures of July’s imports are higher than the exports, it is not unusual, said Ms Pornthiva, explaining that most imported products are capital goods for manufacturing exports.
The ministry was confident that this year’s exports would grow at least 20 per cent to $184 billion which was in tandem with earlier projections.
If the currency exchange and the global economy do not fluctuate wildly, the whole year’s exports will grow higher than previously targeted figures.
The Thai Chamber of Commerce forecast that this year’s exports will grow by 20-25 per cent.
Regarding the continuing appreciation of the baht, the minister said the ministry and the private sector would closely monitor the situation.
Following talks with the private sector, including the Thai Chamber of Commerce, she said officials and the business community expressed confidence that the outlook for Thai exports is still bright despite negative impact of the currency factor. (MCOT online news)
Growth was registered across all key sectors, particularly agricultural and agro-industry produce sectors which increased by 12.7 per cent.
Meanwhile, the volume of rice exports fell 19.9 per cent with 25.1 per cent in value due to price competition with Vietnam, Pakistan and India as well as the stronger baht.
However, the minister said that the price of Vietnam’s rice currently increased thanks to its lower output for exports. She added that the quality of Thai rice for export is better than that of Vietnam, therefore the ministry was confident that the problem regarding the price competition would likely ease.
Shipments of key industrial products, including electrical appliances, vehicles, plastic products and rubber-made products, were up 20 per cent compared to the same period last year.
The exports for the first seven months of 2010 (January through July) were valued at $108.63 billion or an increase of 34.1 per cent year on year.
Ms Pornthiva added that the exports to the key markets expanded 22.3 per cent for the ninth consecutive month, while those to the new markets grew for the 11th consecutive month, except African markets which declined by 0.2 per cent.
The minister also reported that July’s imports were valued at $16.50 billion with a 36.1 per cent growth, compared to the same period last year.
Increased imports included energy products by 6 per cent, capital goods by 29.2 per cent and raw materials by 53.9 per cent.
The imports in this year’s first seven months were up 48.9 per cent to about 103.19 billion in value compared to the same period last year, resulting in a trade deficit of $940 million.
From January to July 2010 alone, Thailand enjoyed a trade surplus of about $5.43 billion.
Although the figures of July’s imports are higher than the exports, it is not unusual, said Ms Pornthiva, explaining that most imported products are capital goods for manufacturing exports.
The ministry was confident that this year’s exports would grow at least 20 per cent to $184 billion which was in tandem with earlier projections.
If the currency exchange and the global economy do not fluctuate wildly, the whole year’s exports will grow higher than previously targeted figures.
The Thai Chamber of Commerce forecast that this year’s exports will grow by 20-25 per cent.
Regarding the continuing appreciation of the baht, the minister said the ministry and the private sector would closely monitor the situation.
Following talks with the private sector, including the Thai Chamber of Commerce, she said officials and the business community expressed confidence that the outlook for Thai exports is still bright despite negative impact of the currency factor. (MCOT online news)
