Thailand's Commerce Ministry Admits Mistake In April's Export Figure

[webfact]

Commerce Ministry admits mistake in April's export figure
By Digital Media



BANGKOK, May 31 – The Commerce Ministry has announced an unexpected u-turn on Thailand’s export growth in April from an earlier report at 10.52 per cent to a 2.89 per cent year-on-year.

Vatchari Vimooktayon, permanent secretary for commerce, said the correct volume of Thailand’s exports in April was US$17.409 billion, or a 2.89 per cent increase from April 2012.

In baht terms, April’s exports were Bt506.210 billion, or 1.89 per cent lower than the same period last year, she said.

In a press conference on May 23, Ms Vatcharee reported Thailand’s export volume in April at US$18.698 billion, or a percentage growth of 10.52 year-on-year.

She also reported on that day the country’s exports to Hong Kong reached US$2.177 billion, or a surge by 176.6 per cent compared to April 2012.

Ms Vatchai said a review with the Customs Department found an error in the export figure to Hong Kong, which when corrected was only US$887 million, and not US$2.177 billion as earlier announced.

“After all the figures were consolidates, we found that the country’s exports in April increased by only 2.89 per cent,” she admitted. (MCOT online news)


-- TNA 2013-05-31

[soi41]

Now we are just waiting for a correction of the TAT-numbers!!

[BrianCR]

Why are we waiting for them, it's true what they say, a drop in swedes and cabbages and an increase of 12 million Chinese..... sorry! 12 Chinese!

[hgma]

transfer in the pipeline?

[chainarong]

By Jesus the spell checker, the number checker and the white out correction liquid, are working over time at the PTP this week, must be pay out time , keep the Ba!!tards honest Abhisit.

[thaicbr]

PTP are fully aware that Thais have the attention span of a flea. Thats one of the reasons for so many people making announcements.. an attempt to bore the general population.. You ask thais if they are interested in politics..... boring .. will be the answer 9 out of 10 times.

[givenall]

Now I trust him

[Thai at Heart]

Just as well they cut interest rates on the back of some screwy numbers.

What a mess.

[bigbamboo]

Ho hum....... ANOTHER honest mistake!

No wonder the Japs won't touch Dawei with a bargepole.

[kotsak]

Someone must have dropped the abacus..

[ratcatcher]

"Commerce Ministry admits mistake in April's export figure"

[chiang mai]

Let me see here, on 23 April they report a near 11% YOY increase in exports, substantial public pressure is then applied to the BOT to reduce the bank rate because of the potential negative impact on exports and then today, after the bank rate has been cut by a quarter percent it's revealed that exports were in fact down by nearly 2% YOY anyway. Perhaps I've been here too long but I smell fishiness in spades.

[Baerboxer]

Aww c'mon guys, anyone can make a honest little mistake in the numbers.

Wonder who found out and made them admit it?

[LeeThayer]

Thailand, the hub of "finacial mistakes."

[schondie]

Now we are just waiting for a correction of the TAT-numbers!!

One day that day will come. Also the sun will rise in the west and set in the east.

[Phatcharanan]

Oooops! Busted!

[Thai at Heart]

They need to drop interest rates to get people to finance supercars.

There is obviously a conspiracy to wreck the trade balance by destroying super cars this increasing their supply.

[Pib]

Whoops...sorry...just a little mistake...a small revision....good enough for government work....it's just a typo...white lies don't hurt do they?

[Thai at Heart]

I bet this only came to light because they would have used the invoice to claim back the vat.

Someone must have done the figures on 7% of 2bn USD and realised they were short of cash.

[trainman34014]

We know they don't teach sums very well in Thai Schools, but hey.....a Thai person has admitted they made a mistake....and they didn't say it was someone else's fault despite massive loss of face. Things must be improving..LOL.

[NeverSure]

Well, I didn't see anyone here believe them in the original thread.

Why don't they also publish how much this lowers government income since they collect taxes on these numbers? Why don't they publish how much this increased the government deficit for the same period?

Are rice exports up (sales to China) to make up the difference?

[GentlemanJim]

so with this rather massive miscalculation and one of a similar magnitude made by the Education Department today it would appear a revamp of the education curriculum is in urgent need, with Maths as a bit of a priority.

[chiang mai]

Well, I didn't see anyone here believe them in the original thread.

Why don't they also publish how much this lowers government income since they collect taxes on these numbers? Why don't they publish how much this increased the government deficit for the same period?

Are rice exports up (sales to China) to make up the difference?

I've got to give you this one NS.

[chiang mai]

If I was a conspiracy theorist (which I'm not) I could imagine that the government deliberatly published disinformation about the state of exports until after the BOT had dropped the rate AND enforced capital controls on bonds, that way overseas money would keep flooding in on the basis of excellent export growth and buyers wouldn't be able to
reverse/withdraw those funds stariaght away because of the newly implemented capital controls, hmmmm! But you mislead us the investors will cry, so sorry we made an accounting mistake they'll answer.

[Skywalker69]

Thai Government the HUB of wite lies.

[winstonc]

can they not get anything right,,it beggars belief here sometimes,,,,,,,

[Thai at Heart]

If I was a conspiracy theorist (which I'm not) I could imagine that the government deliberatly published disinformation about the state of exports until after the BOT had dropped the rate AND enforced capital controls on bonds, that way overseas money would keep flooding in on the basis of excellent export growth and buyers wouldn't be able to

reverse/withdraw those funds stariaght away because of the newly implemented capital controls, hmmmm! But you mislead us the investors will cry, so sorry we made an accounting mistake they'll answer.

Surely not. It's not as though a banker would try to use a white lie to manipulate a market.

[OzMick]

Rubbery Figures have found a new home.

[Steve9]

Thailand, the hub of "finacial mistakes."

Commerce ministry financial errors today.

Education ministry financial errors yesterday.

Pheu Thai Party, the hub of reoccurring errors.

[sonar6ca]

Well, bake to school for you lady and no skipping classes this time.