The Bank of Thailand (BOT) has insisted the Thai economy has yet toenter a deflationary period despite negative inflation for five monthsin a row.
Mathee Supapongse, the Bank of Thailand's assistantgovernor for the Monetary Policy Group, asserted on June 2 that the fiveconsecutive months of negative inflation did not constitute adeflationary period, as most of the fall in prices could be attributedto the decline in oil price. He expressed the belief that inflation willpick up in the latter half of this year when the prices of oil pricestart to increase and consumer demand picks up.
The inflation rate in May was negative 1.27 percent.
Accordingto Mathee, the central bank's Monetary Policy Committee still placesemphasis on utilizing the benchmark rate as its primary tool inmaintaining financial stability although it has taken into considerationthe use of exchange rate measures that would drive down the value ofthe baht and facilitate exports. However, improvements to exporters'competitiveness, not the exchange rate, would be the main factorattempting to revive exports, he said.-VNA
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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