July exports down 0.85% year on year

Exports in July dropped by 0.85% year-on-year, with a total value of US$18.89 billion, due to reduction in shipments of gold, fuel and farm products.

Duangkamol Jiambut, deputy director-general of International Trade Promotion Department, said imports for the month totalled $19.9 billion, down 2.86% on the same month in 2013. This resulted in a trade deficit of $1.1 billion.

During the first seven months of this year, Thailand shipped goods worth a total of $131.6 billion, down 0.42% from the same period last year. Imports during the period totalled $132.466 billion, down 12.49%. As a result, the trade deficit over the period was $865.5 million.

She said exports of gold jewellery had fallen greatly as the US consumers were worried about rising interest rates, resulting in a reduced demand for gold.

Exports of fuel products to China and Singapore also fell, by 17.3% and 36.4%, in July.

Rubber exports fell by 23.4% in July due to lower prices caused by rising supply and China importing more rubber from Vietnam, instead of Thailand.

The Commerce Ministry has set a target of 3.5% growth in exports in 2014. This requires an average of $20.6 billion baht in exports for each of the remaining five months.

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