Thailand’s July exports continue to drop

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BANGKOK, Aug 29 – Thailand’s deputy commerce minister said the country’s exports in July continued dropping by 4.46  per cent year-on-year, about US$19.5 billion in value, due to the eurozone debt crisis.

Poom Sarapol said the main industrial exports fell about 4 per cent on average –electronics (15 per cent), electrical appliances (3 per cent), textiles (14 per cent), rubber products (0.9 per cent).

However, for auto parts and equipment export rose 22 per cent, and construction materials expanded by 15 per cent.

Overall exports in the agricultural sector fell to 6 per cent for rice, rubber, and frozen and processed prawns.

Other types of goods saw a decrease of almost 3 per cent for export.

Thai exports to major markets in Japan and the European Union declined in July at almost 5 per cent on average, and at 3 per cent and 13 per cent respectively.

The export figure in the past seven months reached US$131 billion in total, or a 0.40 per cent drop year-on-year.

Meanwhile, Thailand’s imports in July reached US$21 billion, or an increase of 35 per cent compared to the same period last year.

Electric machinery import rose 105 per cent, followed by capital goods at 40 per cent, and other machinery and equipments at 39 per cent.

The import figure from January to July reached US$143 billion in total, or a 10 per cent increase year-on-year.

In July, Thailand experienced a trade deficit of US$1.7 billion, while the country saw a trade deficit of US$12 billion in the first seven months.

Mr Poom said a further estimate on the export situation and a new forecast figure for 2012 exports will be made in September after a meeting between the Commerce Ministry and entrepreneurs from the industrial sector, as well as a meeting among heads of trade associations worldwide.

He said it is possible the monthly export figure after August could reach US$19 billion, lower than the previously projected amount of up to US$22 billion.

The deputy minister said he hoped Thailand’s export in the fourth quarter will improve, for it will be at the Christmas and New Year holiday and gift-giving season.

He asserted that all the figures he announced are true.