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Trade deficit looms despite export growth


June 11, 2008

Trade deficit looms despite export growth

Thailand will definitely experience a trade deficit this year despite the likelihood exports could grow at a satisfactory level, according to the head of the country's export promotions, reported Thailand News Agency.

Director-General Rachane Pojanasunthorn of the Department of Export Promotion (DEP) said he had assessed the overall picture of Thailand's exports this year and believed the country's trade balance would end up in deficit.

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But just how much the deficit will be remains unpredictable because worldwide oil prices continue to stay high and nobody could know when they would stop.

At the same time, he said, Thailand had imported more machinery for the production of goods for export. So, it is very likely the country would experience a trade deficit this year.

Rachane said he had recently discussed with entrepreneurs in textiles and garments, geme and jewelry, automotive, and the agro industrial sectors. They affirmed that exports of most all products, except electronics, continued to expand on a satisfactorily basis.

He said Commerce and Deputy Prime Minister Mingkwan Saengsuwan had a policy to focus on penetrating new markets, particularly the Middle East countries where people had high purchasing power.

Rachane conceded Thai entrepreneurs had paid little attention to these countries because they are concerned with political turmoil in each country.

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