Export decline: Minus 2% for first seven months

Major factors for July decline: refined oil (-40.7%), autos (-27.5%) & farm exports (-18.6%).

EXPORTS

Export decline: Minus 2% for first seven months

26/08/2016
Online Reporters

Thai exports contracted for the fourth consecutive month in July, by 4.4% year-on-year.

This brings down shipment growth in the first seven months of the year to minus 2%, according to the Commerce Ministry.

Exports totalled US$17.41 billion during the month while imports also fell 7.2% to $16.2 billion year-on-year, representing a trade surplus of $1.2 billion.

Excluding commodities including oil and gold, exports dropped 6% year-on-year in July, while the figure over seven months fell by 2.7% from the same period of 2015.

DECLINE IN AUTO, OIL & FARM EXPORTS

The major factors for the July decline were slumping shipments of refined oil (-40.7%) and automobiles (-27.5%), which brought down industrial exports by 0.4%.

Farm exports also tumbled by 18.6% in July, led by rubber (-34.8%), tapioca (-28.4%) and sugar (-33.8%).

POST-CHARTER REFERENDUM IMPROVEMENT EXPECTED

The Commerce Ministry does believe that exports will improve over the next three to six months as confidence picked up after the smooth charter referendum on Aug 7.

Thai exports might also be bolstered by improving commodity prices and global economic recovery.

The Commerce Ministry foresees an additional $95-billion in shipments over the remaining five months of the year, bringing 2016 growth to 1.3% from 2015.

The ministry will revise its economic projections in September.

http://www.bangkokpost.com/business/news/1071509/auto-decline-brings-down-july-exports

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