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  1. #1
    Mid
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    Current A/c Surplus on the Back of a Strong Tourist Sector

    08/31/07 10:21 am (GMT)

    BANGKOK (Thomson Financial) - Thailand posted a current account surplus in July, reversing a year earlier deficit, as strong revenue from tourism offset a slowdown in exports, the Bank of Thailand said Friday.

    The surplus in the current account, the broadest measure of trade in goods and services, totaled 367 million dollars in July, against a deficit of 40 million dollars in the same month last year, the central bank said.

    Exports, the key driver of the Thai economy, rose a modest 6.2 percent to 11.8 billion US dollars, marking the lowest level in 29 months, due to weak demand in the United States and Japan.

    The slowdown in exports "occurred in all categories," the bank said in a statement, adding that rice and tapioca shipments were the hardest hit. Thailand is the world's biggest exporter of rice.

    Imports in July increased 3.7 percent to 11.7 billion dollars, resulting in a trade surplus of 41 million dollars in the month.

    Despite the softness in exports, Thailand posted a surplus in the current account on the back of a robust rise in the surplus for the services, income and transfer account. Tourism income also surged.

    "Revenue from tourism supported our current account surplus. It showed that foreign demand for Thai tourism remains strong," a central bank official said.

    The surplus in the services, income and transfer account in July rose 78 percent from a year earlier to 325 million dollars, while tourism revenue grew 18 percent to 1.2 billion dollars.

    Thailand's exports to the United States fell 13.6 percent to 1.5 billion dollars in July, and shipments to Japan rose just 1.7 percent to 1.4 billion dollars, the central bank said.
    forextv.com


    need some help here , can't quite swallow this one ............................

  2. #2
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    Blake7's Avatar
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    what cant you swallow? That tourist numbers are up so much?

    Actually its true, there has been huge growth from middle east and CIS markets.

  3. #3
    Mid
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    what cant you swallow? That tourist numbers are up so much?
    picked it in one ,

    with out a doubt that growth has appeared , however to have it offset the collapse of the traditional markets and show an overall increase .............

    one wonders

  4. #4
    I am in Jail

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    Well, Mid's argument becomes poignant if you consider the percentage of GDP that tourism occupies.

  5. #5
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    looks like time to kneecap the farang

  6. #6
    Mid
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    ^ no shite

  7. #7
    Have you got any cheese Thetyim's Avatar
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    What does 'tourism income' include

    Does it include all the farangs that live here and sending money into the country ?

  8. #8
    RIP
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    ^most likely not, unless you live in Pattaya and spend every night down on walking street.
    I doubt that they figure yours or mine in the total.

  9. #9
    watterinja
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    I wonder if it's not a play around a zero bottom line. If the surplus is 367 million, but the 11.8 billion represents the export value, it would seem that the mean must be hovering around zero.

    In other words, the previous major surpluses are gone. Quite amazing how a good spin-artist can paint a rosy picture of a potential doom scenario.

  10. #10
    Mid
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    Duty cuts planned to aid exporters

    Export procedures will also be deregulated - ministry


    Published on September 1, 2007




    The Finance Ministry has promised to cut import duties and deregulate export procedures to lower costs for exporters.

    Deputy Finance Minister Sommai Phasee yesterday said the ministry would conclude the duty-cut package in October.

    Tin plate is among the raw-material goods that are under consideration for a tax reduction, Sommai said after meeting with a member of the National Legislative Assembly's committee on trade.

    He also said exporters had been hard hit by the appreciation of the baht this year. However, as the pressure on the baht is now easing, exporters are quite satisfied with the rate of Bt34.35 per US dollar.

    In other news, Chavalit Sethametikul, director-general of the Customs Department, said his agency would offer a single-window service to reduce time and costs for exporters.

    Exporters will not need to ask permission from relevant government agencies as in the past, he said.

    Meanwhile, according to data from the Bank of Thailand (BOT), economic performance was somewhat gloomy in July as a result of sluggish exports and fragile domestic demand, although higher production for both domestic and export markets boosted the hope for an acceleration of economic engines for the rest of the year.

    The Private Consumption Index in July decreased one per cent from the previous month, compared with a one-per-cent increase in June. Motorcycles plunged by 11.1 per cent, much higher than the contraction of 2.3 per cent in June.

    BOT senior director Amara Sriphayak said the index slowed down slightly from June, but remained on an upward trend since the beginning of the year.

    The Private Investment Index posted one-per-cent growth from July, as it did last month. Commercial car sales rose 2 per cent, compared with a 0.8-per-cent contraction in June.

    "We cannot analyse a long-term outlook from a single month's data, but there are many positive factors in the second half of the year to boost the economy, such as clearer politics and low interest rates," said Amara.

    In July, exports grew at a slower pace of 6.2 per cent, compared with 18.1 per cent in the previous month. This was the result of decreasing growth of 3.6 per cent in prices and 2.5 per cent in quantity. Exports in baht terms contracted by 5.8 per cent from July last year.

    The export of goods slowed down in every sector, particularly in the agricultural sector - at 7.5 per cent.

    Amara said the economic slowdown of trading partners was the main reason for the decreased exports, and the appreciating baht played a

    partial role in the results.

    Thanks to the declining growth of imports of 3.7 per cent, the trade account still marked a slight surplus of US$40 million (Bt1.38 billion) in July. The service and transfer accounts of $300 million helped the current account to be in surplus by $400 million.

    Amara is optimistic about the future improvement of exports and domestic demand as the manufacturing production index in July expanded by 7.2 per cent, higher than 4.4 per cent in June.
    Production for export rose 14.8 per cent, compared with 12.5 per cent in June. That for the domestic market grew 2.5 per cent, compared with flat growth in the previous month.



    Wichit Chaitrong,

    Anoma Srisukkasem
    The Nation

  11. #11
    Mid
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    Data send mixed signals for recovery

    Car sales up but other indicators fall

    PARISTA YUTHAMANOP
    Domestic consumption slowed but investment posted slight gains as the latest economic data released by the Bank of Thailand yesterday showed mixed signals about a sustained recovery. Amara Sriphayak, a senior director for the central bank's domestic economy department, said the July economic figures showed that consumption, measured in terms of passenger car sales, rebounded strongly by 6.5% from the previous month.
    Year-on-year sales for passenger cars rose 4.8% in July, the first month of gains after steady declines throughout the first half.
    But other consumption indicators continued to drop in July, with consumer goods imports and motorcycle sales both falling from the previous month.
    Private investment showed similar mixed signs, with year-on-year declines in cement sales narrowing in July from previous months. Commercial vehicle sales and capital goods sales also continued to decline year-on-year, albeit at a slower pace from previous months.

    ''For the short term, the economic data show mixed signals. But we believe that confidence will improve as political uncertainties ease,'' Mrs Amara said yesterday. ''Higher fiscal spending and eased monetary policy will also help boost economic activity going forward.''
    Exports, the key growth engine for the economy this year, rose just 6.2% in July from the year before in US dollar terms _ a sharp drop from the 18% growth posted in the first half.
    Mrs Amara said that exports declined both in terms of price and volume shipments, with the agricultural sector contracting 7.6% in July from the year before. The decline, however, was partly due to a high base last year as rice exports in July 2006 were a high 800,000 tonnes.
    Mrs Amara said high-tech exports posted growth of 8.5% in July from the year before, sharply down from 19.2% growth in June, as purchasing power in the US market slowed.
    ''But it's too early to say whether exports over the next several months will follow a similar decline. Production by export producers continues to remain at a high level,'' she said.
    July exports were also affected by maintenance shutdowns by local oil refineries. If their impact was excluded, export growth for the month would have risen 8% from the year before.
    Mrs Amara said the baht's appreciation against the weakening US dollar was only one factor affecting exports and the declining pace of growth in July.
    A high base last year and slowing economic growth for the country's major trading partners also contributed to the drop in exports.
    Mrs Amara added that second-half export growth was forecast to slow to 5.6% to 11.6%, compared with 18.4% for the first half. Total export growth for the year remains on track at 12% to 15% from 2006.
    The tourism sector fell 1.2% in July from last year, compared with a 1.9% year-on-year decline in June. Hotel occupancy stood at 55.2% in July, sharply down from 62.1% the previous year.
    Mrs Amara said the declines could be attributed to domestic political uncertainty and unrest in the southern border provinces, but that short-term trends remained positive. She cited surveys by Visa International and the Pacific Asia Travel Association showing that Thailand continued to rank among the top 10 travel destinations worldwide.Meanwhile, Thai stocks rose 2.73% yesterday as most regional markets closed higher on anticipation of firmer measures by the US government to address the sub-prime mortgage crisis.
    The Stock Exchange of Thailand index closed at 813.21 points, up 21.63 points, in trade worth 21.56 billion baht. Analysts said reports that President Bush would speak on the sub-prime problem and anticipation of possible further cuts in interest rates by the US Federal Reserve helped boost sentiment.

    The Post Publishing Public Co


    ^

    just building up some historical reference points .......................

    think system restore

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