BoT: Thai economy improved in June after lockdown easing


BANGKOK, July 31 (Bernama) - Thailand’s economy improved from the previous month due to the gradual relaxation measures implemented in Thailand and abroad, supporting the resumption of economic activity.

The Bank of Thailand (BoT) said the value of merchandise exports excluding gold, private consumption and private investment indicators, and manufacturing production contracted at a lower rate.

"Public spending expanded both in current and capital expenditures. Nevertheless, the tourism sector continued to contract substantially due to international travel restrictions,” it said in a statement.

The BoT said the value of merchandise exports dropped 24.6 per cent from the same period last year, slightly higher than the previous month.

Excluding gold, it said, the contraction rate substantially reduced to 18.4 per cent from 29.0 per cent last month.

"This was due to the improvement in exports in almost all categories, consistent with improving economic activity in trading partner countries after the relaxation measures.

"Nevertheless, the contraction rate of merchandise export value remained high, especially automotive and parts, machinery and equipment, and petroleum-related products, reflecting weakening income of trading partners,” it said.

The central bank said the value of merchandise imports contracted by 18.2 per cent from the same period last year, improving from the previous month in all major categories including consumer goods, raw materials and intermediate goods, and capital goods.

"This was partly as a result of the low base effect last year and the overall recovery in economic activity,” it said.

The BOT had earlier forecast Thailand’s economy to contract by a record 8.1 per cent this year. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Aseanplus News

Vietnam to impose temporary anti-dumping duty on some Chinese furniture
Thai central bank says economic recovery likely intact
Marcos’ Singapore trip for F1 race ‘productive’, claims palace
Crackdown on massage parlours in Orchard Towers and other locations
Asian traders track Wall St up as US data tempers rate fears
Marathon downpour brings more flood misery to Bangkok
Ringgit opens flat on expectation of more US rate hikes
Extended voting hours among EC measures for GE15, says Wan Junaidi
32 children died in Indonesia football tragedy, police chief sacked
Budget 2023: Balance economic gap between urban and rural areas

Others Also Read