April 1, 2008
BANGKOK - Thailand recorded its first trade deficit in 10 months in February as high oil prices drove up the value of its imports, according to the Central Bank.
The deficit was 620 million dollars as imports jumped to 13.51 billion dollars in February, up 32.5 percent from one year earlier, the Bank of Thailand said.
Exports slowed in most categories, especially in fisheries as shrimp shipments slipped, according to AFP.
Thailand shipped 12.89 billion dollars worth of goods in February, up 16.2 percent year on year.
The slower growth of jewelry and other labor-intensive sectors are tied to the weakening global economy.
Strong growth in tourism helped keep the current account in surplus at 752 million dollars which is far lower than the January surplus of 1.39 billion dollars.
The current account is the broadest measure of trade in goods and services.
Exports alone account for more than 60 percent of the Thai economy.
Thailand is the world's biggest exporter of rice and also a major producer of cars, textiles, electrical appliances, fruit and shrimp.
