Thai exports in August drop 6.9 per cent

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BANGKOK, Sept 25 –Thai exports in August were valued at US$19.7 billion, a 6.9 per cent drop due to escalating eurozone debt crisis, said Deputy Commerce Minister Poom Sarapol.

Thailand’s overall major markets such as Japan, the European Union and the US fell 13.3 per cent, the ASEAN market by 12.3 per cent and China by 12.9 per cent.

The Commerce Ministry will convene a meeting Monday to review the export plan, aiming to push 2012 export growth to seven per cent.

Meanwhile, Dr Somchai Sajjapongse, Director-General of the Fiscal Policy Office, said that the country’s gross domestic product (GDP) has been lowered from 5.7 to 5.5 per cent after the Thai exports growth forecast was reduced to 4.5 per cent from 12.8 per cent.

However, he said Thai fundamentals remain strong with low unemployment rate at 0.6 per cent and inflation rate of 2.7 per cent.

This year, private consumption is a key to stimulate the Thai economy.

Regarding the economic outlook for 2013, Thailand is likely to face global economic slowdown.

The economy is projected to grow at 3.6 per cent in 2012 and 4.1 per cent in 2013.