Thailand’s mild economic growth includes a mixed import and export picture senior government officials acknowledged in a 17 April national broadcast.
A key problem is slow exports which did not expand because of the global slowdown, with declining volumes to China a particular concern.
“In the first two months, China’s purchases of our goods dropped by 11%. Europe, Japan, and even ASEAN countries had been buying less goods from us,” Deputy Prime Minister Pridiyathorn Devakula said.
However, he expressed optimism for the future and foresaw reduced declines in exports.
“I believe that the Chinese and European economies will purchase more from us when the next quarter arrives, as China had stimulated its economy through reducing interests twice. Europe has also been stimulating its economy through quantitative easing measures,” he said.
One other detail was the continuing rise in vehicle exports, which grew in excess of 10% in January and February, noted Industry Minister Chakramon Phasukavanich in the same broadcast.
Japanese car makers shifted much of their production to Thailand when the yen appreciated in the late 2000s.
The other figure Chakramon flagged was the import of raw materials.
“In February, this figure increased by 20%, pointing to a rise in production at a later time,” he said.