Due mainly to the dramatically rising oil price, which is the major import item, and the slowing down of shrimp and chicken exports, the trade balance has swung back into deficit, the source said.

The Kingdom recorded a trade surplus in March for the first time this year of $324 million, while the overall deficit in the first quarter was $404.2 million.

The ministry is closely monitoring imports and exports. If the deficit derives from a decrease in the value of export products, the government will urgently need to revise its marketing plan.

The baht's appreciation is another concern for the export sector because it has dented

foreign-exchange income.

Commerce Ministry permanent secretary Karun Kittisataporn will hold a press conference on Monday to announce the official trade balance figures for April.

Bangkok Bank wins US award

Bangkok Bank has received the 2005 Quality Recognition Award from JP Morgan Chase Bank in recognition of its outstanding performance in efficient international fund transfers in US dollars. This is the second consecutive year that the bank has won the award.

Bangkok Bank is one of nearly 5,000 worldwide correspondent banks which use the US dollar clearing services of JP Morgan Chase Bank. Only one per cent of these banks qualified for the 2005 Quality Recognition Award, Bangkok Bank said in a press statement.

The criteria for selecting the winners include the level of automated processing as a percentage of the volume of payment instructions. In 2005, Bangkok Bank achieved a successful processing rate of 94.1 per cent.