After a small orgy of oil imports from august to october (due to the subsidies and the drop of oil price)… we can see a dramatic downturn in november with a drop of 30 % year on year (from 809 000 barrels per day in november 2007 to 565 000).
And compared to the previous month (october 2008), the drop is 32 %.
Something is clearly happening…
But because Thailand exports oil too, we need to have a look at the net imports (imports minus exports) in order to really gauge the demand.
It’s even worse with a drop of 39 % (from 542 000 bpd in november 2007 to 328 000).
There is a good point though : the amount of the oil bill is falling. So it’s good for the trade balance.