Published on October 18, 2005

The value of Thai exports in September is likely to have exceeded US$10 billion [Bt408 billion], an increase of 20 per cent on-year, due to the government’s aggressive promotion of Thai goods and services, Commerce Minister Somkid Jatusripitak said yesterday.

In August, exports increased by 25 per cent to $10.18 billion compared to the same period last year, while imports grew 21 per cent to $10.17 billion.

Somkid said Thailand would still record a trade deficit this year because of the high value of imports, particularly fuel.

Speaking at the opening of the 20th Bangkok International Gift Fair and the Bangkok International Houseware Fair (BIG & BIH) yesterday, Somkid said the country needed to import capital materials this year for future investments and trading expansion.

“People should not worry too much about the balance of trade account as the government can control the situation,” he said.

He added that the inflation rate for the rest of the year should remain below 6 per cent if public transportation and electricity costs remain at their existing same levels.

Meanwhile, the Department of Export Promotion has projected that the BIG & BIH fair will generate sales of about $5 billion from local and international buyers. Last year, the fair recorded $3.87 billion in sales.

Buyers from large department stores – Harrod’s in the UK, Nieman Marcus and Marshall Fields in the US, Lotte in South Korea and the FT wholesale centre in the Netherlands – are visiting the fair this year.

Since it is near to the holiday season of Christmas and New Year, buyers are expected to order a large amount of gift and decorative items.

In the first eight months of this year, the United States ranked as the largest importer of Thai goods, followed by Japan.

Petchanet Pratruangkrai

The Nation

Post your comment to this story here