BoT: Thai economy hit by global economic slowdown in July

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BANGKOK, 1 September 2012  – The Thai central bank has reported that the global economic slowdown has affected Thailand considerably in July. 

Bank of Thailand (BoT) Senior Director Mathee Supapongse said on Firday that Thai exports dropped 3.9 percent in July, when compared with the same month of last year, due to the global economic slowdown.

Mr. Mathee said that sectors, which have been hit, included electronic parts, hard-disk drives, electrical appliances, and textile and garments.

For the agricultural products, the BoT Senior Director said that a decline has dragged on because of higher prices of Thai rice and falling rubber prices.

He added that the sectors that continued to expand are automobiles and parts.

In addition, Mr. Mathee said that the industries, which produce for exports, have suffered an on-year decline of 5.8 percent, while private spending has still been expanding, thanks to the state economic stimulus measures and the country’s sound financial position.

All in all, the BoT stated that Thai economy remains stable, with relatively-low unemployment rate and inflation.