June 2, 2008
BANGKOK - The current account deficit in April jumped 12-fold from one year earlier, due mainly to the soaring value of oil imports, according to the Central Bank.
The current account deficit increased to 1.66 billion dollars, up from 125 million dollars one year ago, as imports jumped 41.5 percent year-on-year, the Bank of Thailand said in its monthly economic report.
"The increase in the current account deficit in April resulted from the acceleration of imports, in both price and quantity, especially in the fuel category," said a central bank official.
Imports in April jumped to 15.39 billion dollars, due mainly to increasing oil and gold imports.
Thais turned to gold as a safe-haven investment as global prices dipped.
Thai exports, which account for more than 60 percent of the Thai economy, also expanded to 13.63 billion dollars, up 27.7 percent year-on-year.
Farm exports jumped on rising commodity prices, while the kingdom's shipments of textile, footwear, computers, autos and iron products increased, according to AFP.
Exports to the United States rose 13.9 percent year-on-year to 1.55 billion dollars, while shipments to Japan grew 29.1 percent to 1.62 billion dollars in April.
EU-bound exports also expanded 17.1 percent to 1.83 billion dollars.
