Thanks to an ongoing (and going and going) global economic crisis, as well as a perpetually strengthening baht, Thailand’s exports displayed a year-on-year decline in February, while its imports displayed year-on-year growth.
In total, the Kingdom imported USD19.18 billion worth of goods in the past month, a 5.27% increase over last year. Compare this with the USD17.92 billion worth of goods that it exported and you wind up with a noisome trade deficit of USD1.55 billion.
Watcharee Wimuktayon, permanent secretary for commerce, said that small and medium enterprises (SMEs) were hurt worst by this trading disparity.
The Bangkok Post reports that lackluster consumer activity in the US and Japan, helped along by the recession and the US’s recent sequestration debacle, has served as the cause of many of Thailand’s present woes.
