Strong baht makes February exports drop 5.83%

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BANGKOK, 28 March 2013  Thai export growth in February has shrunk by 5.83% due to the baht appreciation and the country’s accumulated trade deficit worth more than seven billion USD.

Permanent Secretary for Commerce Watchari Wimuktayont said the Thai exports value in February stood at 17.9 billion USD, decreasing by 5.83%, while imports of the same month were worth 19.5 billion USD, increasing by 5.27%. The situation resulted in a trade deficit of 1.56 billion USD in February.

The country’s exports in February declined, particularly in the agricultural sector, after the baht had strengthened, Ms Watchari explained. The permanent secretary said she believed relevant units would make sure that the currency would not appreciate further and this year’s export growth target was maintained at 8-9% or 2.47-2.58 million USD.

Thailand’s export growth target will be reconsidered at the mid year.