Prayuth on July 18, 2014:

On exports, the export value for June 2014 has continually expanded at 7.2% as compared to the value for the same period of last year. This is a result of the continual expansion of exports of goods to key trading partner countries, especially countries in the EU and ASEAN. As for imports, the value for June 2014 has increased 5.5% from the same period of last year. Basic factors in the previous year have significantly contributed to the trade balance value for the said month, which saw a surplus of 31.6 billion US dollar

BP: When BP read this at the time, BP was very surprised that exports had grown 7.2% YoY in value and it sounded “factually challenged”. Today, the Commerce Ministry announced:

Exports rose 3.9% in June year-on-year, with a total value of US$19.842 billion, and the Commerce Ministry is predicting even better results in the second half of 2014.

Imports in June totalled $18.049 billion, contract in by 14.03%, and resulting in a trade surplus of $1.793 billion for the month.

Referring to a report last week of export growth in June at 7.2%, Mr Nantawan said the figure might have arisen from a misunderstanding with border trade, which shown 7% growth.

BP: From Prayuth’s weekly address he was clearly not referring to border trade growth, but export value….

This post like most is constrained in style by post-coup laws.

btw, surplus of 31.6 billion US dollar?