Fuel consumption soars as govt scraps energy measures

Oil consumption reached 845,596 barrels per day in July from 773,745 barrel in June.

In its main monthly trade report, the Commerce Ministry announced yesterday that Thailand's exports jumped significantly last month, by 43.9 per cent to US$16.95 billion (Bt576 billion), breaking the historic high in value for the third consecutive month. Imports also increased sharply, by 55.1 per cent to $17.98 billion, mainly from energy imports, giving a trade deficit of $1.03 billion last month.

Exports are expected to grow through to the end of the year despite a slowdown in global economic growth, permanent secretary Siripol Yodmuangcharoen said, adding that the weakening baht had also contributed to increased export value.

"Robust export growth should ensure that the country will achieve export growth of 15 to 20 per cent to $174.9 billion to $182.5 billion this year from an earlier target of only 12.5 per cent to $171.1 billion.

Exports grew 26.1 per cent to $104.1 billion in the fist seven months of the year, while imports soared 36.8 per cent to $106.26 billion. The trade deficit reached $2.09 billion in the same period.

Siripol attributed the high import value to higher imports of energy and capital goods.

The ministry reported imports of energy surged 98.24 per cent to $4.2 billion in July. Of these, crude oil imports grew 94.52 per cent and imports of other fuels, in particular natural gas, soared 339.4 per cent to $497.7 million. Imports of natural gas were valued at $202 million and PTT imported a crudeoil rig for $233 million.

Imports of capital goods rose 36.25 per cent, raw materials and semiraw materials increased by 52.89 per cent and con¬sumergoods imports were up by 48.28 per cent last month.

Rachane Potjanasuntorn, directorgeneral of the Department of Export Promotion, said that all export sectors experienced expansion, with agroindustries, industrial goods and others growing 71.8 per cent, 39.4 per cent and 33 per cent, respectively.

Exports to all markets also improved, particularly to new markets. The export proportion to new markets exceeded 50 per cent for the first time in July, resulting from strong promotion plans to focus more on new potential markets instead of traditional markets in view of the slowing economic growth of developed nations, said Rachane.

Exports to new markets surged signif¬icantly, by 56.1 per cent, accounting for 50.7 per cent of the total export value, while exports to traditional markets grew 33.2 per cent, accounting for 49.3 per cent of total exports.

Exports grew by 109 per cent to Australia, 88 per cent to Africa, 67.2 per cent to the Middle East, 45.6 per cent to Eastern Europe, and 39 per cent to Latin America.

Exports to the United States also grew by 20 per cent last month, 27.6 per cent to Japan, and 15.1 per cent to the European Union.