Douglas, I know it's probably totally irrelevant to the price of oil, but ....
Asia is now not just recovering, it is starting to boom. I wonder if there is any correlation between these stats and tight oil supplies in Asia? Can you say REVISED UP?
MALAYSIA:
thestar.com.my
SINGAPORE:
business-times.asia1.com.sg
PHILLIPINES:
manilatimes.net
INDIA:
economictimes.com
THAILAND:
Deputy PM Buoyed by Export Growth Trend
business desk
THE country's exports in May increased 8.43 percent from a year earlier and 2 percent from last month to US$4.7 billion (Bt174 billion) because of a significant growth in automotive and electronic exports, according to Deputy Prime Minister Supachai Panichpakdi.
"We are more assured exports will grow 4 percent as targeted," he said. "We saw growth in all export segment, except food and textiles."
Somchai Sahachairungrueng, the government's deputy spokesman, said Thailand could achieve a growth for two consecutive months in May, after a prolonged decrease since March 1998.
Exports were $22.3 billion in the first five months, almost unchanged from the same period last year, he said. While imports in the January to May period were $18.7 billion, a 5 percent rise over the same period last year.
Because of increased imports, the trade surplus during the period narrowed 19 percent to $3.7 billion on increased imports as local industries bought more raw material goods from overseas.
Meanwhile, Thai manufacturing output rose for a fifth month and the private investment slide is improving, signs that the economy is emerging from recession, Supachai said.
Manufacturing output in May rose 6 percent from the same month a year ago, while the fall in private investment index slowed to 16 percent in May from 18 percent a month earlier.
"The improvement of both private investment and the manufacturing production index signals the country is on the real path of recovery," Supachai said.
The central bank earlier said it lowered its 1999 year-on-year export growth forecast to 2.1 percent from 4 percent and its import growth forecast to 10.9 percent from 12.5 percent.
The authority also slashed its target of current account surplus from $11.8 billion projected in the seventh letter of intent to the International Monetary Fund (IMF) to $11.5 billion. The trade surplus was also revised to $8.9 billion from $9.3 billion
According to the Commerce Ministry's findings, cement production rose 9 percent, beer consumption a fifth, department store sales 3.3 percent and car sales 14 percent.
|
