Exports in August hit 10-month high

BANGKOK, Sept 18 (TNA) – Thailand’s exports in August hit a 10-month high, but shrank by 18.4 per cent from the same month last year, according to the Commerce Ministry.

Permanent Secretary for Commerce Siripol Yodmuangcharoen said that exports in August totalled US$13.28 billion in value, the highest in 10 months.

Export value edged up 2.9 per cent month-on-month, but continued contracting by 18.4 per cent year on year.

It resulted in the exports in the first eight months of this year (January-August) reaching $94.39 billion, down 23.1 per cent from the same period last year.

Key farm and agro-industry products including rice, natural rubber, cassava, and frozen seafood had mostly decreased in tandem with the reduced demand in the worldwide market.

However, he said, exports of frozen and processed shrimps continued to expand.

Imports in August totalled $11.20 billion in value, a sharp drop of 32.58 per cent. It brought up the import value in the first eight months of this year to $80.62 billion, 34.6 per cent from the corresponding period last year.

Products showing reduced import are in the group of fuel and capital goods, raw materials, consumer goods, vehicles and transport equipment.

It resulted in a surplus in the trade balance by $2.08 billion in August and $13.78 billion in the first eight months of this year.

Mr. Siripol said he believed that exports for the whole year would still shrink 15-19 per cent overall.

He expressed confidence the exports would grow more than 10 per cent next year, boosted by the global economic recovery and increased purchase orders for Thai products. (TNA)