“Stay calm” : thai exports in february might have crashed by 42 % !

According to Mr Thanavath, preliminary Thai Chamber of Commerce data suggest that exports in February may have fallen by as much as 42% to 81.75 billion baht.

But chamber vice-chairman Dusit Nontanakorn urged consumers to stay calm. He said purchasing power of consumers had been shrinking around the world, and not only in Thailand, because of the global economic crisis. (Bangkok Post)

I used a few times the word “thunderstorm” in the title for important news.

But here, I’m speechless. Which word could I use ?

First, a calendar precision : the first official total amount of exports for february will be published around march 20.

Then, thanks to the Bank Of Thailand, we will have the details on march 31.

Now, is a plunge of 42 % possible ?

The answer is yes. Yes because we all know that exports figures were already horrible in january (-26,50 %, read my article). Yes if we look at economic data for february published in other countries. The crisis is worsening. It’s obvious, even though Obama, Sarkozy, Brown, Trichet, Bernanke and Abhisit tell us the contrary. With a smile.

Other point, the Thai Chamber of Commerce have of course preliminary data about february, along with feedback from their members. So I can’t imagine the officials making up this “leak”. Usually it’s the contrary in Thailand : they would lie as far as they can, to hide some disturbing piece of news…

However, I don’t believe it. Furthermore the expression “to 81,75 billions THB ” doesn’t make any sense.

Because in february 2008, total exports reached 435,5 billions THB.

Creative writing and/or accounting from Bangkok Post reporters ? Or the conversion of the loss from THB to USD (81,75 billions = 2,27 billions USD… the drop could have been 2,27 billions USD compared to february 2008) ?

Anyway. Rendez vous in one week. We will know…

As for the “stay calm” motto, well… It might be… insufficient.

2 Responses to ““Stay calm” : thai exports in february might have crashed by 42 % !”

  1. 1 DuckVader 13 March 2009 at 3:16 pm

    Well, at least the Philippines (-41%) finds somebody in the same boat (or in the water). But my sense is that as the slowdown gets worse, Thais will blame more the “external” influences on the economy as well as things like globalization,and will never point their finger towards the government or the Thai political system.

  2. 2 Bedwyr 14 March 2009 at 1:42 am

    Abhisit now says “recovery will be delayed until Q4 of this year”. Still in denial.

    Some other yoyo says that “Thailand is back on the map”.

    Nobody actually gives a shit if it is back on the map or out back in the dunny. Thailand could be at the top of Everest or the Mariana trench for all anyone out there cares. The crazy deluded Thais still think they ought to be important.

    They still haven’t learned that nobody even thinks about Thailand unless if they want a teenage strumpet or a green curry. Or of course, if Thais are becoming a haemorrhoidal again and being a pain in the ass.

    Or, indeed, if they are saying the whole world should be subject to dumbass Thai laws again, but I guess that falls under the heading of being a pain in the ass.

    I saw a big banner on one of the major malls in Bangkok when I was there last year. It said “Thailand’s King Bhumipol – leading the world”.


    I wonder what Gordon Brown said when he heard he was meeting Mr Cardboard cut-out. I bet he said “Who?”

    Thais are so entertaining when they try to be taken seriously.


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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.

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