Private investment declined in July as a result of the prolonged pandemic, but the export sector has continued to expand for five consecutive months, said Fiscal Policy Office deputy spokesperson Wuttipong Jittungsakul.
On Monday the office published economic data for July, which revealed that sales of passenger cars and newly registered motorcycles declined by 9.8% and 17.7% year-on-year, respectively, as people continued to be worried about Covid-19.
However, value-added tax (VAT) revenue and farmers' income still expanded by 22.9% and 6.2% year-on-year, respectively, Mr Wuttipong said.
Private investment in machinery also dropped, reflecting the 12.4% year-on-year fall in sales of commercial cars. Sale of cement, which reflects the investment situation in the construction sector, fell 12% year-on-year as the impact of the Covid-19 pandemic slowed down the construction sector.
However, imports of capital goods continued to expand at 32.6% year-on-year.
Exports of goods in July expanded 20.3% year-on-year, the latest in an expansion of five straight months, to US$22.65 billion. If oil and gold exports were excluded, the expansion would have been 25.4% year-on-year.
Growing export products included farm produce and foods, which grew 46.4% and 22% year-on-year, respectively. Exports of industrial products such as autos and parts, computers and components, plastic pallets, finished oil, and electric circuits, also expanded.
Exports to Thailand's main trading partners improved in almost all markets.