BoT shrugs off 8% export growth drop in April

BANGKOK, 26 May 2016 (NNT) – The Bank of Thailand (BoT) has shrugged off an 8 percent drop in export figures in April, maintaining that full year export growth will only be -2 percent.

BoT Governor Weerathai Santipraphop stated that he was not surprised by reports Thai exports were down 8 percent in April as there were many negative factors in the month, such as the long holiday and the shifting oil price. He said slowdowns in the auto sector were due to a shift to new production and a dip in the gold price was only temporary. He said from May onward, average export growth would likely stay around -2 percent.

On the baht’s movements, the governor said it was fluctuating in line with other regional currencies. He said the US Federal Reserve’s likelihood of adjusting its policy interest rate in June will keep currency values shifting, stating that the Thai economy remains solid as it does not depend too much on foreign currencies.


-- NNT 2016-05-26

Average export growth will remain around a "minus" 2 percent?

I thought growth had to be a "positive" number. Just so hard for the govt to use the "declined" word when it comes to the economy.

Of course its never ever the military governments fault that the economy is in a mess and still deteriorating.

But, but, but...... the economy is booming, tourism numbers are up and everybody is happy?

I am so confused.

The real bad news is that imports is down 15% y-o-y.

http://www.tradingeconomics.com/thailand/imports

8% drop in what? April year-on-year? Then his excuse about the holidays is not valid. Or is it down 8% from March? Or is it annualized?

8% drop in what? April year-on-year? Then his excuse about the holidays is not valid. Or is it down 8% from March? Or is it annualized?

Exports in Thailand decreased by 8 percent year-on-year to 15544.9 USD million in April of 2016, following two months of growth, as country continues to experience weak global demand. The fall was mainly driven by drop in industrial goods (-7.8 percent) electronics (-5.3 percent) and agricultural products (-2.8 percent). Exports to the ASEAN countries went down by 4.8 percent, to Japan by 10.3 percent, to China by 5.9 percent, to the US (-6.7 percent) and to Europe (-1.1 percent). Exports in Thailand averaged 9594.13 USD Million from 1991 until 2016, reaching an all time high of 21227.12 USD Million in August of 2011 and a record low of 1997 USD Million in February of 1991. Exports in Thailand is reported by the Ministry of Commerce, Thailand.

http://www.tradingeconomics.com/thailand/exports

Export value from Thailand has been on a general slow downward trend since around the beginning of 2012.

I bet if you asked the Japanese investors there, they could tell you why.

Just wait until the the statistics reflect the failure of the great rice sale.

International buyers not stumping up the money because the rice was rotten or did not exist.

8% drop in what? April year-on-year? Then his excuse about the holidays is not valid. Or is it down 8% from March? Or is it annualized?

Exports in Thailand decreased by 8 percent year-on-year to 15544.9 USD million in April of 2016, following two months of growth, as country continues to experience weak global demand. The fall was mainly driven by drop in industrial goods (-7.8 percent) electronics (-5.3 percent) and agricultural products (-2.8 percent). Exports to the ASEAN countries went down by 4.8 percent, to Japan by 10.3 percent, to China by 5.9 percent, to the US (-6.7 percent) and to Europe (-1.1 percent). Exports in Thailand averaged 9594.13 USD Million from 1991 until 2016, reaching an all time high of 21227.12 USD Million in August of 2011 and a record low of 1997 USD Million in February of 1991. Exports in Thailand is reported by the Ministry of Commerce, Thailand.

http://www.tradingeconomics.com/thailand/exports

Exactly right which is why i commented. So his comment on the long holiday is worthless. Songran occurred in April last year too. And by not pointing out that detail of the statistic, plus saying something that sounds logical, "well that's true, for almost two weeks everything shut down", they try to pass on the preferred sentiment as they know most readers will just read it and move on while accepting the "happy happy joy joy" sentiment. But actually, the article is manipulative.

The exports are going to drop when the EU ban all Thai fishing products in 6 months time.they already got a yellow card for it.

if they say 8%, its more likely to be a lot higher...

BoT shrugs off 8% export growth drop in April

Deputy prime minister for Economic Affairs Somkid attributed main drivers of growth to state spendings, particularly from the Pracharat project, along with state and private investments in the country, as well as the continual expansion of the tourism sector. Essentially, the government has given up on exports aiding Thailand’s economic recovery.

So it’s understandable that BoT too disregards export growth. To say otherwise might be damaging to the government’s fiscal reputation – a crime.

Meanwhile, ASEAN combined GDP expanded 4.6% annually in Q1 and expect to see growth remaining steady in the second quarter of 2016 at 4.6% expansion for the combined ASEAN region.¹

¹http://www.focus-economics.com/regions/asean