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21 November 2009

Thailand: Export decline slower in October

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Thai exports in October shrank three per cent year-on-year, a slower decline than the 8.53 percent year-on-year fall in September due to an increased volume of several exported items including rice, cassava and shrimp products, TNA reported, quoting Thai Commerce Minister Pornthiva Nakasai.

Due to improving major export markets and new markets, Thai exports in the first ten months worth $124 billion contracted 19.6 percent. Gold exports in September worth $1 billion dropped by 50 percent to $500 million owing to fluctuations in gold speculation.

Imports in October accounted for $13 billion contracted 17.5 percent, but were used to produce exports. Increased imports of auto parts, fuel and capital goods in October were applied to the production of exports, said Pornthiva. Imports in the first ten months of this year worth $1.6 billion contracted 31.2 percent.

Thailand enjoyed a trade surplus of $1.7 billion in October and $17 billion in the first ten months.

The commerce minister also said although the appreciation of the Thai baht at 33 baht to a dollar on average was an obstacle to Thai exports, agencies concerned have tried to maintain baht stabilisation to prevent fluctuation that can cause problem on Thai exporters.


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