Thailand’s imports hit a record high in March after the
private sector actively brought in machinery and capital goods to revive
their flooded plants.
Deputy Commerce Minister Poom Sarapol said on Thursday
that Thai export value in March stood at 19.86 billion US dollars, down 6.54
percent from the same month of last year.
According to official data, agricultural exports recorded
the biggest average decrease of 21.3 percent, while industrial exports
shrunk 7.4 percent. However, auto and parts exports have shown signs of
recovery with an increase of 6.7 percent.
For Q1 of 2012, the country’s exports totaled 54.64
billion dollars, or 3.92 percent lower than the same period of last year,
with most markets reporting a decline except the US, ASEAN, China and South
Korea.
On the other hand, Poom said that Thai imports registered
the biggest record in history, with a year-on-year increase of 25.62
percent, as a result of heavy imports of machinery and other goods by plants
submerged in last year’s severe flooding.
In detail, passenger car imports recorded the highest
surge in value, by 111.97 percent while fuel imports expanded 68.27 percent,
and machinery and parts imports increased 42.24 percent.
Accordingly, Thailand’s import value in the first quarter
of 2012 was 59.82 billion dollars, or a 10.45-percent year-on-year increase.
In terms of trade balance, the month of March saw a trade
deficit of 4.59 billion dollars, which is a record high, while the first
quarter of the year’s figures were 5.19 billion dollars.
The Deputy Commerce Minister, however, affirmed that the
2012 export growth target remains at 15 percent. He also expressed
confidence that Thai exports in the second quarter will pick up considerably
after the industrial sector has returned to full capacity and due to the
government’s determination to boost trade within the ASEAN region to make up
for shrinking demand in EU. (NNT)
