Committed to PEOPLE'S RIGHT TO KNOW
Vol. 5 Num 511 Tue. November 01, 2005  
   
Business


Thailand's current account surges


Thailand's current account surplus surged in September on robust exports of computers and auto mobile parts to Asean nations and the United States, the Bank of Thailand said on Monday.

The current account surplus, which measures the flow of goods, services and capital, jumped 60 percent year-on-year to 877 million dollars in September, the central bank said in a statement.

"The current account surplus rose sharply due to strong exports. Our exports of computer, auto mobile parts and plastic parts were very strong in September," said a central bank official.

Thailand posted its second straight monthly current account surplus in August at 107 million dollars. This followed a 169 million dollar current account surplus in July.

Thailand's exports grew 23.8 percent year-on-year to 10.3 billion dollars in September with imports also up 19.9 percent at 9.5 billion dollars, mainly driven by soaring oil prices.

Analysts said a strong rise in the current account surplus reflected Prime Minister Thaksin Shinawatra's efforts to boost exports, which account for more than 40 percent of Thailand's economy.

"The government is trying to promote exports and expand the Thai export markets globally. One of such measures is a FTA (free trade agreement)," said Kanang Duangmanee, an economist at Kasikon Research Center.

Thailand and the United States, the world's biggest economy, are negotiating a free-trade agreement. During his visit to Washington in September, Thaksin discussed the progress of the trade pact with President George W. Bush.