November exports down: First drop in five years

November exports down: First drop in five years

BANGKOK, Dec 22 (TNA) - The global economic slowdown has forced Thailand's exports in November to decline sharply, their first fall in the past five years, a senior commerce ministry official said on Monday.

Siripol Yodmuangcharoen, Permanent Secretary for Commerce, said the world economic crisis had forced the United States and other principal importers of Thai goods to reduce their orders.

Coupled with political turbulence in Thailand, including the shutdown of Bangkok's Suvarnabhumi international airport and Don Mueang domestic airport from November 25 to December 3 by anti-government protesters, the twin factors had impacted Thailand's exports last month to decline 18.6 per cent to about US$11.9 billion.

Exports of agricultural products including rice, rubber, tapioca and food products dropped significantly, he said.

Imports in November totalled approximately US$13.1 billion, up 2 per cent year-on-year, Mr. Siripol said.

Thailand suffered a trade deficit amounting US$1.2 billion in November alone, he said, noting that there are signs that exports in December would continue to retreat.

The Ministry's Department of Export Promotion had discussed with several industrial groups and had projected that exports of automobile, electric circuitry, electronics,jewellery and ornamental goods in 2009 would be hit by double digit contraction, Mr. Siripol said.

He said his ministry is now adjusting marketing strategy for next year as it would focus more on service and entertainment industries which he believed could offset the projected impact during the first half of 2009.

South Koreans in the entertainment business are willing to cooperate with their Thai peers, he added. (TNA)