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Reduction in oil imports eases losses in current account.
Byline: Darana Chudasri
Sep. 1--The current account swung into positive territory for the first time in five months in July, thanks to a sharp decline in oil imports, according to the Bank of Thailand.
The central bank announced that the July current account posted a surplus of $169 million, a sharp turnaround from the deficit of $1.53 billion which caused widespread concern in June. The surplus is the first since February.
Oil imports in July were 86 billion baht, compared with 103.3 billion the previous month. The trade account showed a deficit of $338 million for July, compared with $1.85 billion the previous month.
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Source: HighBeam Research, Reduction in oil imports eases losses in current account.