Trade deficit with China tops $1 bn
The free-trade agreement between Thailand and China has resulted in a US$1.16-billion (Bt42.6 billion) bilateral trade deficit for the Kingdom in the first nine months of the year due to an influx of Chinese fruit and vegetables, a source in the Commerce Ministry said yesterday.
However, Thailand's overall deficit with all FTA partners was just $328.8 million, due to surpluses with Australia, New Zealand and India. Since the 2003 signing of the Chinese FTA, which allows 5,140 types of fruit and vegetables to enter the Kingdom, Thai-Sino trade has risen remarkably. Overall exports to China were worth $7.52 billion in the first nine months, while imports were valued at $8.68 billion. Thailand's main exports to China are rubber, electrical goods, tapioca and petroleum. Meanwhile, Thailand has enjoyed a trade surplus with Australia since the two countries implemented an FTA last year. Exports to Australia grew by 32.9 per cent in the first nine months, while imports increased just 0.6 per cent to $2.6 billion. The Kingdom has also benefited from the Thailand-New Zealand FTA, with the trade surplus in the first nine months reaching $153.3 million. However, exports to New Zealand decreased by 0.8 per cent to $361.9 million during the period, while imports rose 16.6 per cent to $208.6 million. Under the 2004 Thailand-India early-harvest agreement, which covers 82 products, Thailand enjoyed a trade surplus of $178.5 million in the first nine months of the year. Total exports to India - consisting mostly of televisions, jewellery, refrigerators and polycarbonate - were valued at $257.8 million. Thailand imported $79.3 million worth of products from India during the period, mainly steel, aluminium oxide and polyesters.
Petchanet Pratruangkrai
The Nation
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