Exports up for first time in 4 years but trade deficit also at record high

 

BANGKOK, 24 January 2017 (NNT) – The Ministry of Commerce has taken optimism from export figures in 2016, when growth returned for the first time in 4 years, believing 2017 will see 2.5-3.5 percent expansion in the sector. 

The Ministry of Commerce export report for December 2016 has shown value rose 6.2 percent year-on-year to 18 billion USD. Whole year value was 215 billion USD, 0.45 percent up from the year prior and the first growth seen in 4 years. It attributed the uptick to improving global trade combined with the oil price situation and rising farm goods prices. It also noted Thai exporters were quick to adapt to changing circumstances and maintained the attractiveness of their products. 

Thailand was the world’s 8th country for export growth in 2016 and ASEAN’s second with trade above the global average of -3.1. 

For imports, 2016 saw a downturn of 3.94 percent to 1.9 trillion USD with machinery, investment and raw materials the only imports to expand. Combined, Thailand had a trade deficit in 2016 of 20 billion USD, a record high. 

Nonetheless, the ministry believes exports will grow 2.5-3.5 percent this year to over 200 billion USD, noting that if its trade partners have a good year the figure could reach as high as 5 percent.

 

-- nnt 2017-01-24

Oh man another crap article. The exports were $215 billion and the imports $1,9 trillion (lol) and the deficit was $20 billion??? Getting your figures this wrong reflect badly on ones intellect. 

Perhaps I misunderstood the article.    I believe it said exports for 2016 amounted to 215 billion USD but that with an expected increase of between 2.5 and 3.5%, exports in 2017 would amount to "OVER 200 billion USD"?