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Gold players Citigroup, Deutsche Bank, UBS charged with market rigging in Italy
By Phusadee Arunmas
Bangkok Post
Friday, March 18, 2005
http://www.bangkokpost.com/Business/18Mar2005_biz66.php
Thailand recorded a trade deficit with Australia worth 3.4 billion
baht in January after a comprehensive free trade agreement for both
countries took effect at the beginning of the year, according to
Rachane Potjanasuntorn, director-general of the Foreign Trade
Department.
Thailand had a trade surplus of 621 million baht with Australia in
January 2004. But Mr Rachane said it was too early to say that the
deficit was the result of the FTA.
Trade expansion in Australia "depends on the potential of Thai
exporters to explore this market," he said.
Thailand imported 11 billion baht in goods and services from
Australia in January, a dramatic increase of 89 percent month-on-
month, mainly attributed to a surge in gold imports accounting for
about half of all imports, according to the Thai Customs Department.
Crude petroleum ranked second, accounting for 6 percent, with copper
and various ores 3 percent.
In January of last year, the country imported nearly two billion
baht worth of gold from Australia. The current import tariff on gold
is zero. Previously it was between zero and 5 percent.
"I would say that the trade deficit resulting from the surge in gold
imports is something unusual. At any rate, we have to monitor it,"
Mr Rachane said.
Thailand's exports to Australia were worth 7.6 billion baht, an 18
percent increase month-on-month, led by vehicles accounting with
nearly one-fourth of total export value, followed by
airconditioners, at 7 percent, as well as canned tuna and skipjack 3
percent.
In 2004, Thailand had a trade deficit of 9.4 billion baht with
Australia.
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