BANGKOK, 28 August 2014 – Export growth turned negative in the month of July, due to reduction in shipments of fuel, gold and rubber.
Ms. Duangkamon Chiembut, the deputy director-general of the Department of International Trade Promotion, said exports totaled 18.896 billion baht in July – a decline of 0.85% from the same period of last year. The negative growth contrasted with the 3.9% expansion in the month of June.
Ms. Duangkamon attributed the lower global demand for gold as investment to the recovery of the United States’ economy, and the lessened demand for ore and fuel to the the slow-down of the Chinese economy. Exports of ore, fuel and gold, which account for 6% of all exports, dropped by 34.26%. Agricultural exports also declined in July.
Ms. Duangkamon said, however, that the Commerce Ministry remains confident of positive growth of exports this year. Trading partners are expected to import more goods from Thailand starting in August thanks to the year-end festivities.