Bangkok - Thailand exports last month contracted 23.1 per
cent year-on-year while imports fell 35.1 per cent, the commerce
ministry announced Tuesday.
Thailand's exports in March reached 11.6 billion dollars, a 23.1-
per-cent decline compared with the 15 billion dollars of goods
exported by the kingdom in March 2008.
Imports in March reached 9.5 billion, down a whopping 35.1 per
cent, a strong indication that the country's manufacturing, much of
in based on imported parts and raw materials, is in decline.
According to the latest trade data released by the Commerce
Ministry, Thailand's first quarter exports were valued at 33.8
billion dollars, down 20.6 per cent year-on-year, while imports
during the same period amounted to 26.7 billion, down 37.6 per cent,
resulting in a 7.1 trade surplus.
Like many South-East Asian countries, Thailand has been hard hit
by the sharp decline in import demand in the US and Europe.
Unlike her neighbours, Thailand has also experienced relentless
political turmoil over the past two years, adding to its economic
problems.
Last week, anti-government protestors forced Prime Minister
Abhisit Vejjajiva to cancel regional summits Thailand was hosting at
Pattaya beach resort and then went on a violent rampage in Bangkok,
forcing the government to call in troops to quell the demonstration.
Tourism industry sources estimate that arrivals the country will
drop 30 per cent this year as a result of the unrest. Exports and
tourism are Thailand's two main foreign exchange earners.
Abhisit, talking to the press after a cabinet meeting Tuesday,
acknowledged that Thailand's gross domestic product was expected to
contract 4-5 per cent this year, worse than the 2 per cent
contraction originally forecast.
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