Thailand recorded a current account surplus of $2 billion in June, an increase from $700 million in May, the Bank of Thailand (BoT) said on Wednesday.
Exports rose 0.3% in June from a year earlier, after a gain of 7.8% in May. Imports edged down 0.1%, producing a trade surplus of $2.4 billion for June, the central bank said in a statement on its website.
The limited export growth reflected decreases from May in shipments of some agricultural products, notably durian to china, and electronic goods. “Nevertheless, some export products increased, including commercial cars to Australia, passenger cars to Asean, and petroleum products to China, Japan and Asean,” it said.
While the economy expanded in the second quarter from the first, growth was uneven, driven by tourism and private consumption, the BoT said.
The private consumption index dropped 0.2% in June from May. Spending on non-durable goods increased, due to higher sales in consumer goods and fuel. However, spending on durables, semi-durables and services decreased.
“Meanwhile, consumer confidence continued to decline due to concerns over higher living costs stemming from rising energy prices as well as concerns on the sluggish rebound of the Thai economy,” the central bank said.
The National Economic and Social Development Council (NESDC) will report official second-quarter and first-half economic figures on Aug 19. In the first quarter, gross domestic product expanded 1.5% year-on-year, below most forecasts.
The Ministry of Finance recently recently revised its growth projection upwards for the full year, to 2.7% from 2.4%, on expectations of improving tourist arrivals and exports in the second half.
In a related development, the BoT said on Wednesday that it would increase the limit to freely transfer funds up to $200,000 per year from $50,000 to make foreign-exchange management easier for individuals and businesses.
Businesses in Thailand will also be allowed to lend baht to their parent companies overseas without seeking central bank permission, it said.
