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TRADE
PHUSADEE ARUNMAS
Thailand's trade account recovered in May with a surplus of US$1.294 billion, as export performance improved and import growth eased after a deficit of $1.81 billion April.
The value of the country's exports in US dollar terms rose by 21.4% year-on-year to $15.46 billion last month, following a 27% increase to $13.77 billion in April. The May figure topped $15 billion for the first time this year, helped notably by high prices for rice and other agricultural products.
In baht terms, exports were worth 483.07 billion baht, an increase of 9.63% from a year earlier.
Rice export values rose 128% to $656.8 million, with rubber increasing 33.2% to $519.4 million, frozen and processed shrimp up 14.8% to $172.9 million, and fruit and vegetable shipments up 30.3% to $242.6 million.
Exports to Asean increased in value by 30.3%, Japan 19.1%, the European Union 9% and the United States 2.7%.
According to Siripol Yodmuangcharoen, the permanent secretary of the Commerce Ministry, import values rose 15.7% year-on-year to $14.17 billion in May after a 44.4% rise in April.
The decline in growth was mainly due to a decrease in fuel oil imports to 624,000 barrels from 881,000 in April.
However, the value of fuel oil imports rose 4.7% to $2.47 billion on rising oil prices. Crude oil imports totalled 19 million barrels worth $2.23 billion.
Imports of capital goods rose 10% to $3.4 billion, with raw and semi-finished materials worth $6.65 billion, up 23.2%. Imports of consumer products rose 26.5% to $1.20 billion.
Exports for the first five months totalled $70.94 billion, a rise of 22.1% year-on-year, with imports for the period totalling $72.639 billion, up 34.2%, producing a trade deficit of $1.695 billion.
''Despite the trade recovery into a surplus in May, it is uncertain whether Thailand can bounce back to post a trade surplus at year-end, as we still saw a trade deficit for the five-month period,'' said Mr Siripol. ''We have to keep a close watch on the movement of oil prices.''
However, he said the ministry was still confident Thailand would achieve its 12.5% export growth target this year.
Rachane Potjanasuntorn, the director-general of the Department of Export Promotion, said new markets would play a greater role to contribute export revenue this year. Shipments to Africa and India, for instance, grew by 55.9% and 52.1% respectively.
Mr Rachane said exports to the United States also fared better than expected, growing at 2.7% in April and 7.3% in the first five months. The department has set a growth target to the US of only 2% this year.
However, Nipon Paopongsakorn, dean of economics at Thammasat University, said export activity was expected to ease in the second half given the world economic slowdown
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