Trade deficit vs 28 million US dollars
(KPL) Last year the country had trade deficit standing at 28.13 million US dollars with which the export was 973 million US dollars and the import was one billion US dollars.
The export was increased by 5.43 per cent year on year but lower than the annual plan while the import gained stronger increased, 9.78 per cent from last year and 3.92 per cent over the annual plan.
And the most significantly was the import of vehicles and spare-parts increased by 130 per cent.
However, Minister of Industry and Commerce Dr. Nam Viyaket admitted this week that it was difficult to forecast how significant the export growth in this year would be as the world financial crisis began affecting the country.
Minister of Industry and Commerce Nam Viyaket pointed out that the country continuously faced trade deficit because of the increasing import of oil, which accounted for almost 24 per cent of the entire import of the country but saying the country could gain trade surplus in the first time after decades of trade deficit if the export was more increased in years to come.
The export of key goods remained constantly increasing, as minerals was exported increasingly by 4.49 per cent, electricity by 6.5 per cent but the export of industrial products were increased significantly by 62.94 per cent and garment by 36.27 per cent.
Dr. Nam said that the significant increases belonged to agriculture sector as the export of maize was increased by 37 per cent. That of cassava was increased by 42 per cent.
Timber and wood processed products were exported decreasingly by 35 per cent.
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