Strong Thai Baht Reduces February Exports Nearly 6%

[webfact]

Strong Thai baht reduces February exports nearly 6%
By English News



BANGKOK, April 2 – Thai baht's appreciation by nearly five per cent -- 4.51 per cent -- since June last year reduced the value of Thailand’s exports in US dollar terms by nearly six per cent -- 5.83 per cent in February, according to a Bangkok business leader.

Paiboon Polsuwanna, chairman of the Thai National Shippers’ Council (TNSC), said February exports of US$17.928 billion was worth only Bt529.529 billion after conversion to Thai currency.

The export value in January-February was 4.09 per cent higher but after being converted to Thai baht, the value was reduced by 0.13 per cent.

Mr Paiboon said Q1 exports may slide downward due to the stronger baht though the shippers' council earlier predicted this year’s export growth at 6.9 per cent.

The Commerce Ministry, however, has targetted expanded exports at 9 per cent.

To achieve the ministry’s goal, Thailand’s export value should reach US$20.5 billion each month but the latest official announcement was only US$18 billion, he said.

The TNSC chief said a power outage due to the maintenance of a natural gas platform in Myanmar this month will affect Thailand’s industrial sector by US$4.404 billion with the electronics industry affected most heavily by US$796.41 million, the auto industry at US$566.03 million, machinery and equipment at US$402.04 million and petroleum products at US$300.06 million.

Ratidanai Hoonsawat of the Faculty of Economics, Chulalongkorn University, warned that the impact on exports will be more severe if the Thai baht appreciates by another 15 per cent to Bt27 against the US dollar. (MCOT online news)


-- TNA 2013-04-02

[soi41]

What a relief, it was caused by the strong baht, and had nothing to do with, that Thai rice is priced at 40% over worldmarketprice!

[laurentbkk]

Those who didnt predict that ,are stupid ... I remember reading some weeks ago here some politician telling "There wont be effect on business" , yeah yeah .....sure .

[jbrain]

If the decline was 6% in US$ than the decline in Thai Baht was even bigger by almost 5%, since the Dollar declined in value by the same percentage.

Maybe next month they will publish their figures in a currency that is rising against the Baht and that way can claim an export growth anyway.

[exeter]

How surprising! Got job they have "top men" who understand what a strong Bhat means. Now does anyone remember how we made it so strong? All we need to do is to go into reverse, easy we will do it now, see what happens tomorrow.

[Jerrytheyoung]

If the target is 20.5 billions and only 18 billions is done, it means we miss the target by 12%, ... to be scared!!!!

[belg]

economy to the way on the toilet, but at least WE GOT A STRONG BAHT ...

tourists getting less value for money, and exports dropping

but hey

EVERYBODY is getting RICH

[reflectionx]

I don't belive this; BOT has stated on numerous occasions that the economy is going strong and there is no need for intervention. Trust them!!!

[yoshiwara]

If the decline was 6% in US$ than the decline in Thai Baht was even bigger by almost 5%, since the Dollar declined in value by the same percentage.

Maybe next month they will publish their figures in a currency that is rising against the Baht and that way can claim an export growth anyway.

'The export value in January-February was 4.09 per cent higher but after being converted to Thai baht, the value was reduced by 0.13 per cent.'

[julemanden]

If the decline was 6% in US$ than the decline in Thai Baht was even bigger by almost 5%, since the Dollar declined in value by the same percentage.

Maybe next month they will publish their figures in a currency that is rising against the Baht and that way can claim an export growth anyway.

'The export value in January-February was 4.09 per cent higher but after being converted to Thai baht, the value was reduced by 0.13 per cent.'

Think someone needs a new calculator

[starkey_rich]

Those who didnt predict that ,are stupid ... I remember reading some weeks ago here some politician telling "There wont be effect on business" , yeah yeah .....sure .

I know, the same people telling us there are going to be no power cuts.

[IsaanUSA]

In other news, Importers report record profits