Published on June 24, 2005

Thailand’s trade account in May showed a preliminary deficit of US$930 million (Bt37.2 billion), according to Customs Department data. It was the fifth consecutive month of deficit.

The combined trade deficit for the first five months is expected to be about $5.65 billion.

The Customs-based deficit figure in May comes on the back of surging imports. Imports rose 22 per cent as a result of rising oil costs as well as other raw materials such as steel. On the export side, growth was 9 per cent.

The actual trade account figure for May will be announced later by the Bank of Thailand. Over the first four months of this year, the current account recorded a deficit of $3.1 billion, compared to the BOT’s earlier forecast of a surplus of $1 billion to $2 billion.

In the meantime, 10 Thai oil retailers will increase their retail prices of refined oil products by Bt0.40 a litre from today, an official at the Energy Ministry said yesterday.

The prices will set fresh highs, surpassing record highs reached on Tuesday.

Following the hike, premium (octane 95) and regular petrol (octane 91) will retail at Bt24.14 a litre and Bt23.34 a litre, respectively.

The retail price of government-controlled PTT Plc’s high-speed diesel will rise to Bt20.19 a litre, while that of nine other oil retailers will increase to Bt20.59 per litre.

Earlier this week, PTT said retail oil prices were rising in response to surging global oil prices.

Crude oil futures in New York and Brent crude futures in London settled at record highs yesterday, as supply concerns drove a scorching products rally.

In early trading, light sweet crude futures for August delivery on the New York Mercantile Exchange traded at $58.37 a barrel, up 28 cents from Wednesday’s close.

The Nation

Dow Jones Newswires

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