Pattaya Daily News

26 August 2011 :: 10:08:08 am 57666

Thai exports hit record high in July

BANGKOK, August 25, 2011- Thailand's trade surplus more than doubled in July from the previous month and export values hit a new record, official data showed Thursday, rebounding from a slowdown caused by Japan's earthquake.
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Exports grew 38.3 percent from a year earlier to $21.52 billion, helped by strong demand from Asia, according to the Ministry of Commerce, while imports expanded 13.5 percent to $18.72 billion.

The resulting trade surplus of $2.8 billion far exceeded June’s $1.27 billion.

“Export values this month were a historical high,” said Yanyong Phuangrach, permanent secretary at the Ministry of Commerce, as July’s figure exceeded the record set a month earlier.

Thailand, whose economy rebounded strongly from political violence in 2010, saw exports grow 27.4 percent in the first three months of the year.

But the rate slackened in the second quarter — to 19.2 percent growth — as Japan’s March 11 earthquake and tsunami led to supply disruptions, particularly at local Thai plants operated by Japanese carmakers.

Exports are a key component of Thailand’s economy and government data this week showed gross domestic product contracted 0.2 percent in the April-June quarter because of the slowdown in foreign trade.

Thailand’s central bank raised its key interest rate on Wednesday for the sixth time this year, saying inflation was a bigger threat than slowing global economic growth.

Reporter : AFP   Photo : Internet   Category : Business News

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