Commerce Ministry: Export in August shrinks 7%, worst in the year

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BANGKOK, 26 September 2012  – The Commerce Ministry has reported that the export value in August shrank by 6.95%, the worst in the year, while the nation faced a 13-billion dollar trade deficit. 

Deputy Commerce Minister Phum Saraphol said the export value in August was worth 19.7 billion US dollars, a 6.95% decrease year-on-year. He added the import also saw a decrease, valuing at 20.7 billion dollars; therefore, the nation faced a trade deficit of around 1 billion dollars in August.

For the year’s first eight month, Thailand exported 151 billion dollars’ worth of goods, a 1.31% decrease; while, import was valued at 164 billion dollars, or a 7.6% increase year-on-year. Therefore, the trade deficit has increased to around 13 billion baht. Mr Phum said the main factor contributing to the deficit is the escalating European economic crisis.

The Commerce Ministry expected the export in the last four months of the year would value above 19 billion dollars per month, making the export expansion for the whole year at 4-5%.

The deputy minister said the import figure has been increasing since the flooding last year but saw a decrease in August for the first time in seven months, citing oil import as the main factor. As for export, he commented that August was the first month that nearly all countries, except Switzerland and Hong Kong, experienced shrinkage.