Product export slowdown seen as temporary

The deceleration of Thailands export growth lasting July to 5.9% was the result of a temporary closure of oil refineries, which significantly affected exports of refined oil, Bank of Thailand (BOT) Governor Tarisa Watanagase said. The refineries were closed for repairs and maintenance. Deputy Prime Minister and Industry Minister Kosit Panpiemras urged the BOT’s Monetary Policy Committee to cut the interest rate further to help boost the economy. Tarisa said the closure of the refineries had reduced exports of refined oil to Singapore by 60% during this period. She believes the situation is a temporary setback and that exports will be back on track soon. (August 29, 2007)