Information about Asia and the Pacific Asia y el Pacífico
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Thailand

Author(s):
International Monetary Fund
Published Date:
September 1995
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Table 1.Thailand: Real GDP by Expenditure and Industrial Origin, 1990–94 1/(Percent change)
1990199119921993Est.

1994
DP by expenditure:
Consumption11.66.67.57.67.9
Private12.36.67.67.98.5
Public7.86.56.45.74.1
Gross fixed investment29.612.66.98.710.8
Private29.010.12.98.58.1
Public33.426.826.59.621.2
Government29.530.133.519.521.4
State enterprises37.423.619.4−1.621.0
Change in stocks 2/0.50.1−0.60.50.4
Domestic demand18.28.86.68.59.3
Foreign balance 2/−4.70.02.0−0.1−1.6
Exports of goods and services11.715.014.314.115.5
Imports of goods and services23.713.07.913.318.1
Gross Domestic Product11.68.47.98.28.5
DP by industrial origin:
Agriculture 3/−3.16.04.40.03.7
Manufacturing16.112.211.311.511.4
Trade14.96.73.17.37.6
Transport and communication14.07.29.69.39.7
Banking, insurance, and real estate34.55.330.820.014.4
Electricity and water supply10.910.410.210.711.6
Other services6.34.73.34.85.0
Construction22.013.65.18.38.1
Public administration and defense7.26.42.53.42.5
Mining and quarrying10.316.15.06.99.1
Ownership of dwellings4.53.93.23.23.1
Source: Data provided by the Thai authorities.

At constant 1988 prices.

Percentage point contribution to GDP growth.

Includes production of agricultural goods and services and simple agricultural processing.

Source: Data provided by the Thai authorities.

At constant 1988 prices.

Percentage point contribution to GDP growth.

Includes production of agricultural goods and services and simple agricultural processing.

Table 2.Thailand: Investment and Saving at Current Prices, 1990–94(In percent of GDP)
1990199119921993Est.

1994
Gross domestic investment41.142.239.639.940.1
Private 1/35.035.031.531.731.1
Public6.17.28.18.29.0
Government3.03.64.44.85.3
State enterprises3.13.63.73.43.7
Gross national saving33.734.634.234.234.5
Private21.721.922.822.221.6
Households10.510.49.89.48.7
Businesses11.211.513.012.812.9
Public sector12.012.711.412.012.9
Government9.210.18.89.410.4
State enterprises2.82.62.62.62.5
Statistical discrepancy−1.1−0.8−0.20.1−0.3
Foreign saving8.58.35.75.65.9
Memorandum item:
Gross national saving/gross domestic investment ratio82.182.086.485.686.0
Source: Data provided by the Thai authorities.

Includes change in stocks.

Source: Data provided by the Thai authorities.

Includes change in stocks.

Table 3.Thailand: Labor Market and Prices, 1990–94(Percent change)
Est.-----------1994 1/------------
19901991199219931994MarchJuneSept.Dec.
Labor market
Labor force2.52.02.01.51.7
Employment2.22.72.11.71.7
Unemployment (level, in percent)3.93.13.02.62.6
Average wages, manufacturing 2/9.09.212.611.45.4
Unit labor costs, manufacturing3.26.27.57.41.1
Prices
GDP deflator5.76.14.23.34.7
Consumer prices6.05.74.13.35.05.05.45.34.6
Food8.38.06.94.56.96.87.87.86.6
Nonfood4.64.83.84.23.13.15.42.72.5
Wholesale prices3.46.90.2−0.43.94.83.14.64.8
Agricultural products and foodstuffs1.18.81.8−4.07.410.36.86.65.8
Manufactured products5.87.2−0.61.62.41.91.23.44.2
Finished goods4.76.01.42.24.07.62.93.51.9
Intermediate goods5.67.70.0−0.21.8−0.80.71.06.4
Raw materials−3.28.9−0.3−8.212.57.810.315.416.5
Export prices (wholesale, in terms of baht)−0.61.22.1−2.112.48.710.814.515.4
Sources: Data provided by Thai authorities; and staff estimates.

Percent change over corresponding month of 1993.

Central region, which includes Bangkok.

Sources: Data provided by Thai authorities; and staff estimates.

Percent change over corresponding month of 1993.

Central region, which includes Bangkok.

Table 4.Thailand: Central Government Fiscal Accounts, 1989/90–1994/95 1/
1989/901990/911991/921992/93

Revised

1993/94
Budget

Estimate

1994/95
(In billions of baht)
Total revenue and grants403.3469.4501.4563.8656.5736.5
Revenue396.7464.4497.9560.2653.5734.0
Tax365.1428.5440.8504.9594.2676.2
Nontax31.635.957.155.359.357.8
Grants6.65.03.53.63.02.5
Total expenditure and net lending306.7355.7427.0500.4595.7686.4
Current expenditure246.2274.1312.0358.5398.6454.4
Capital expenditure56.178.9109.1140.0194.4228.8
Net lending4.42.75.91.92.73.2
Overall balance96.6113.774.463.460.850.1
Financing−96.6−113.7−74.4−63.4−60.8−50.1
External−32.33.6−10.83.6−9.68.8
Domestic−64.3−117.3−63.6−67.0−51.2−58.9
Bank 2/−66.9−109.9−68.7−64.6−57.2−48.1
Nonbank−11.1−14.3−13.5−14.3−26.8−10.4
Float13.76.918.611.932.8−0.4
(In percent of GDP)
Total revenue and grants19.119.318.218.318.818.6
Revenue18.819.118.118.218.718.5
Tax17.317.616.016.417.017.1
Nontax1.51.52.11.81.71.5
Grants0.30.20.10.10.10.1
Total expenditure and net lending14.614.615.516.217.017.3
Current expenditure11.711.211.311.611.411.5
Capital expenditure2.73.24.04.55.65.8
Net lending0.20.10.20.10.10.1
Overall balance4.64.72.72.11.71.3
Financing−4.6−4.7−2.7−2.1−1.7−1.3
External−1.50.1−0.40.1−0.30.2
Domestic−3.1−4.8−2.3−2.2−1.5−1.5
Bank 2/−3.2−4.5−2.5−2.1−1.6−1.2
Nonbank−0.5−0.6−0.5−0.5−0.8−0.3
Float0.70.30.70.40.90.0
Source: Data provided by the Thai authorities.

Includes the operations of non-budgetary funds such as the Farmer’s Aid Fund and the Rubber Replanting Fund; expenditure carried over from previous years; and expenditure financed by external loans.

As recorded in the monetary survey.

Source: Data provided by the Thai authorities.

Includes the operations of non-budgetary funds such as the Farmer’s Aid Fund and the Rubber Replanting Fund; expenditure carried over from previous years; and expenditure financed by external loans.

As recorded in the monetary survey.

Table 5.Thailand: Consolidated Nonfinancial Public Sector Operations, 1989/90–1994/95
1989/901990/911991/921992/93

Revised

1993/94
Budget

Estimate

1994/95
(In billions of baht)
Total revenue and grants490.7566.6607.9670.8789.0887.7
Total revenue484.1561.6604.4667.2786.0885.2
Central government 1/396.7464.4497.9560.2653.5734.0
Local government 2/20.225.028.334.439.144.3
Public enterprises 3/67.272.278.272.693.4106.9
Grants 4/6.65.03.53.63.02.5
Total expenditure and net lending395.1470.0564.2646.5756.1907.1
Current expenditure253.7282.7322.6371.0412.4472.0
Central government 5/238.8265.6302.6347.1384.7439.3
Local government14.917.120.023.927.732.7
Capital expenditure137.7187.3240.9276.1343.1434.8
Central government 6/51.172.8101.1124.3179.8212.2
Local government9.515.319.420.824.626.4
Public enterprises77.199.2120.4131.0138.7196.2
Net lending 7/3.70.00.7−0.60.60.3
Public sector overall balance95.696.643.724.332.9−19.4
Financing (net)−95.6−96.6−43.7−24.3−32.919.4
External−20.29.15.42.8−5.632.3
Domestic−75.4−105.7−49.1−27.1−27.3−12.9
Banking system 8/−81.1−110.8−66.2−44.0−54.0−12.4
Other5.75.117.116.926.7−0.5
(In percent of GDP)
Total revenue and grants23.323.222.121.722.622.4
Total expenditure and net lending18.719.320.520.921.622.9
Of which: Current expenditure12.011.611.712.011.811.9
Capital expenditure6.57.78.78.99.811.0
Public sector overall balance4.54.01.60.80.9−0.5
Of which: Bank financing 8/−3.8−4.5−2.4−1.4−1.5−0.3
Source: Derived from data provided by the Thai authorities.

Total revenue of the central government, excluding grants.

Total revenues and grants of local government less current and capital transfers from central government.

Retained income of nonfinancial state enterprises less central government current transfers less central government capital transfers.

Grants to central government.

Central government current expenditure less current transfers to local government less current transfers to nonfinancial public enterprises.

Central government capital expenditure less capital transfers to local government less current transfers to nonfinancial public enterprises.

Net lending of central government less domestic financing of public enterprises by central government.

As recorded in the monetary survey.

Source: Derived from data provided by the Thai authorities.

Total revenue of the central government, excluding grants.

Total revenues and grants of local government less current and capital transfers from central government.

Retained income of nonfinancial state enterprises less central government current transfers less central government capital transfers.

Grants to central government.

Central government current expenditure less current transfers to local government less current transfers to nonfinancial public enterprises.

Central government capital expenditure less capital transfers to local government less current transfers to nonfinancial public enterprises.

Net lending of central government less domestic financing of public enterprises by central government.

As recorded in the monetary survey.

Table 6.Thailand: Accounts of the Bank of Thailand, 1990–94(Change as percent of the stock of reserve money)
Dec.

1990
Dec.

1991
Dec.

1992
Dec.

1993
------------------1994-------------------
Mar.JuneSept.Dec.
Net foreign assets62.656.335.144.344.741.343.538.1
Net domestic assets−43.9−43.0−17.2−28.2−23.3−24.9−24.9−23.6
Net domestic credit−21.1−35.1−9.0−14.2−9.3−7.5−6.6−13.3
Claims on Government−22.7−33.2−10.4−8.9−5.4−7.3−5.7−14.0
Claims on commercial banks0.6−2.7−1.3−6.4−6.5−6.8−5.0−2.3
Claims on other financial institutions1.00.82.71.12.66.64.02.9
Other assets (net)−22.8−8.0−8.2−14.0−14.0−17.4−18.3−10.3
Reserve money18.513.317.916.121.516.418.914.5
Currency in circulation13.010.015.413.215.015.715.714.0
Deposits held by private sector5.53.32.52.96.40.73.20.5
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 7.Thailand: Monetary Survey, 1990–94
1990199119921993-----------------------1994----------------------
Mar.JuneSept.Est.

Dec.
(Percentage change)
Net foreign assets24.134.78.51.1−27.5−36.1−46.1−67.9
Net domestic assets27.416.017.623.025.523.626.430.7
Net domestic credit26.915.418.222.724.324.627.328.9
Claims on the private sector32.922.520.623.724.825.327.129.8
Broad money26.719.815.618.414.212.512.712.9
Narrow money11.813.812.318.623.219.325.017.0
Reserve money18.513.317.916.121.516.418.914.5
(Contribution to change over previous year

in the stock of broad money, in percentage points)
Net foreign assets4.97.01.90.4−5.8−6.7−8.8−12.3
Net domestic assets21.812.813.618.220.119.221.425.1
Net domestic credit26.915.417.522.424.425.027.529.6
Government−4.2−6.8−3.3−2.7−2.3−2.9−2.4−3.4
Private sector31.122.320.925.126.727.929.932.9
Other items (net)−5.1−2.6−3.9−4.2−4.3−5.8−6.1−4.4
Broad money26.719.815.618.414.212.512.712.9
Narrow money1.71.81.52.22.72.12.72.0
Quasi-money25.018.114.116.211.510.510.010.8
(Contribution to change over previous year

in the stock of net domestic credit, in percentage points)
Net domestic credit26.915.418.222.724.324.627.328.9
Net claims on Government−4.2−6.8−3.5−2.8−2.3−2.8−2.4−3.3
Claims on the private sector31.122.321.625.426.727.529.732.2
Monetary ratios
Income velocity 1/1.601.501.431.371.37
Money multiplier 2/8.238.718.548.708.378.848.638.58
Sources: Data provided by the Thai authorities; and staff estimates.

Ratio of GDP to broad money, average for year ended December.

Ratio of broad money to reserve money.

Sources: Data provided by the Thai authorities; and staff estimates.

Ratio of GDP to broad money, average for year ended December.

Ratio of broad money to reserve money.

Table 8.Thailand: Balance of Payments, 1990–94(In millions of U.S. dollars)
1990199119921993Est.

1994
Trade balance−9,833−9,507−7,879−8,518−9,280
Exports, f.o.b.22,88128,33132,23636,55144,025
Imports, c.i.f.32,71437,83840,11545,06953,305
Of which: Oil3,0663,4293,2923,4083,619
Services (net)2,4841,8531,09497012
Receipts8,4869,52810,92512,75615,136
Payments6,0027,6759,83111,78615,124
Of which: Interest1,7642,1102,2522,1812,612
Transfers (net)2122756427361,046
Of which: Official18798423360
Current account balance−7,137−7,379−6,143−6,812−8,222
Nonmonetary capital movements (net)9,73911,33710,07811,25114,416
Medium- and long-term
capital (net)3,4204,6974,2657,5695,221
Private sector4,7494,1293,9746,7855,249
Direct investment (equity)1,5681,2191,5501,081487
Loans and credits2,6622,7561,7451,7353,726
Portfolio investment and other5191546793,9691,036
Public sector−1,329568291784−28
Public enterprises417414.501622194
Central government−1,746154−210162−222
Short-term capital (net)6,3196,6405,8133,6829,195
Errors and omissions1,183194−891−525−2,019
Overall balance3,7854,1523,0443,9144,175
Monetary movements−3,785−4,152−3,044−3,914−4,175
Commercial banks (net)0.00.00.00.00.0
Liabilities (increase+)
Assets (increase -)
Monetary authorities−4,031−4,143−2,766−4,258−4,840
Net IMF accounts (increase+)−274−176−113−38−43
Monetary gold (increase-)256976−14319
Holdings of SDRs (increase-)44−4−11−10
Foreign exchange (increase-)−3,786−4,040−2,725−4,066−4,806
Valuation changes246−9−278344665
Gold−25−69−76143−19
Other27160−202201684
Memorandum items:
Current account as percent of GDP−8.3−7.5−5.5−5.4−5.7
Gross reserves
(in billions of U.S. dollars)14.318.421.225.430.3
(in months of imports)5.25.86.36.86.8
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 9.Thailand: Quarterly Balance of Payments Estimates, 1994
-------------1994--------------
MarchJuneSept.Dec.
(In billions of U.S. dollars)
Current account−1.4−2.6−1.6−2.6
Trade balance−2.2−2.4−1.7−2.9
Exports10.010.711.711.7
Imports−12.2−13.1−13.4−14.7
Services and transfers0.8−0.20.10.3
Capital movements 1/2.24.03.13.1
Overall balance0.91.41.50.4
(Percent change from year ago)
Memorandum items:
Exports22.624.418.417.0
Imports12.617.119.922.9
Source: Data provided by the Thai authorities.

Including errors and omissions.

Source: Data provided by the Thai authorities.

Including errors and omissions.

Table 10.Thailand: Index of Agricultural Production, 1990–94 1/(1988 = 100)
Weights19901991199219931994
Crops68.52105.9115.0120.5118.5122.7
Paddy30.5188.795.8100.896.097.1
Rubber7.78128.2137.4153.9159.3171.3
Maize4.3584.480.075.673.393.3
Tapioca roots4.7488.586.788.386.280.0
Coconuts1.37103.5100.1102.5106.2107.1
Sugar cane3.38123.1148.0162.3125.8137.4
Tobacco leaves0.54153.2152.6195.1213.9116.1
Sorghum0.19110.2116.3116.396.7107.4
Soy beans1.7298.085.585.3103.9111.8
Other13.94
Forest products3.0232.121.514.414.110.8
Animal products16.72109.4114.0119.5124.9130.0
Fish catch11.74120.0140.5144.5150.8159.3
Total100.00105.9115.0119.9120.2124.8
Source: Data provided by the Thai authorities.

Index covers about 90 percent of total agricultural production.

Source: Data provided by the Thai authorities.

Index covers about 90 percent of total agricultural production.

Table 11.Thailand: Manufacturing Production, 1990–94(Annual growth rate)
Weights1990199119921993Est.

1994
Food6.9−5.814.39.7−10.06.4
Rice mill1.9−18.08.05.2−4.71.1
Sugar2.2−11.819.220.5−24.87.7
Milk and dairy products0.316.910.612.36.68.8
Canned pineapple0.715.44.917.62.25.0
Canned seafood1.85.517.2−3.81.39.1
Beverage7.113.60.77.420.313.1
Liquor4.21.4−4.51.315.94.7
Beer1.246.37.814.527.720.8
Soft drinks0.811.77.07.05.412.0
Electrolyte beverage0.13.6−9.6−27.238.815.3
Energy drink0.721.92.419.535.118.0
Juice0.137.04.66.26.190.0
Tobacco3.52.24.02.53.37.5
Textiles20.111.615.85.82.34.5
Jute products0.2−20.5−10.4−3.5−9.82.5
Synthetic fiber0.518.427.717.615.62.0
Spinning3.05.812.018.5−12.05.5
Weaving4.74.08.67.43.04.0
Knitting1.215.018.72.42.63.0
Textile products10.516.118.72.14.84.9
Petroleum products6.19.36.720.614.012.5
Construction materials3.019.45.512.219.617.4
Cement2.020.26.113.321.113.7
Steel0.723.45.212.016.428.5
Galvanized iron sheet0.33.91.23.014.920.5
Transportation equipment8.137.7−6.116.728.06.6
Cars6.242.9−7.214.429.63.8
Motorcycles1.321.8−6.529.129.519.9
Tires0.612.610.120.25.311.0
Total54.813.87.010.110.48.2
Other products45.216.314.313.712.714.9
Total 1/100.014.910.211.811.511.4
Source: Data provided by the Thai authorities.

Covers total manufacturing sector.

Source: Data provided by the Thai authorities.

Covers total manufacturing sector.

Table 12.Thailand: Selected Manufacturing Industries--Production and Capacity Utilization, 1990–94
---------------Production-----------------Ratio of Actual Output to

---------------Capacity Output in Percent 1/----------------
1990199119921993Est.

1994
1990199119921993Est.

1994
Jute products (’000 metric tons)152.3136.5131.8118.9121.963.456.954.951.052.3
Synthetic fiber (’000 metric tons)239.6306.1359.9416.1424.497.295.294.692.089.8
Woven fabric (mn. sq. yards)3,490.33,791.84,072.44,162.64,329.183.888.184.687.688.1
Knitted fabric (mn. sq. yards)1,106.91,313.51,345.31,379.91,421.385.479.874.978.881.1
Sugar (’000 metric tons)3,382.94,031.04,857.33,650.53,930.4
Cement (’000 metric tons)18,053.919,163.721,711.126,299.929,900.0100.091.978.587.296.9
Galvanized iron sheets (’000 metric tons)208.5211.0217.3249.8301.084.781.874.773.963.6
Paper (’000 metric tons)139.4165.3206.7211.6254.0100.091.289.787.774.4
Major petroleum products (mn. liters)14,20615,15818,27520,83923,43994.997.7100.099.4100.0
Beer (mn. liters)263.5284.0325.2415.3501.890.197.166.958.353.4
Integrated circuits (mn. pieces)1,3021,4201,5001,7632,16075.080.569.267.883.1
Tin metal (’000 metric tons)15.511.310.78.17.240.729.626.818.816.8
Manufacturing
Production index 2/135.2144.9160.0176.8192.584.078.675.776.278.4
Source: Data provided by the Thai authorities.

Revised series on capacity utilization based on new definition for capacity output in certain industries.

Covers about 60 percent of total manufacturing sector.

Source: Data provided by the Thai authorities.

Revised series on capacity utilization based on new definition for capacity output in certain industries.

Covers about 60 percent of total manufacturing sector.

Table 13.Thailand: Areas Permitted for Construction in Bangkok, 1990–94(In thousand square meters)
Type of19901991199219931994 1/
Housing12,608.614,313.412,984.216,296.616,886.6
Commercial11,203.716,209.612,186.611,701.95,055.5
Industrial191.6169.6521.284.233.0
Services and transportation807.91,169.1610.7739.81,170.2
Other1,045.4845.3934.0897.7921.8
Total25,857.232,707.027,236.729,720.124,067.1
Growth rate (in percent)33.526.5−16.79.1−14.0
Source: Data provided by the Thai authorities.

January through November.

Source: Data provided by the Thai authorities.

January through November.

Table 14.Thailand: Production, Consumption, and Import of Primary Commercial Energy, 1990–94(Barrels per day of crude oil equivalence)
19901991199219931994 1/
Production250,456290,800310,345332,012367,227
Crude23,96824,50326,31724,94026,472
Condensate17,53819,79924,14626,41627,642
Hydroelectricity21,75219,99918,41116,03618,826
Lignite73,83785,89491,08595,873108,891
Natural gas113,361140,605150,386168,747185,396
Import352,782371,346427,976500,501532,587
Crude and petroleum347,363364,416420,808487,648511,309
Coal4,2645,8716,24711,70419,699
Electricity1,1551,0598511,1491,579
Consumption600,471664,611719,508804,947896,445
Crude and petroleum386,018410,794451,899509,873562,817
Coal4,2645,8716,24711,70419,699
Hydroelectricity22,90721,05819,26217,18520,405
Lignite73,92186,28391,71497,438108,113
Natural gas113,361140,605150,386168,747185,411
Import/consumption (percent)58.855.959.562.259.4
Source: Data provided by the Thai authorities.

January through November.

Source: Data provided by the Thai authorities.

January through November.

Table 15.Thailand: Promotional Activities of the Board of Investment, 1990–94(In millions of baht; except where otherwise indicated)
19901991199219931994
Number of applications received1,0196314441,2551,538
Value of investment537,546250,498212,989278,796591,600
Number of applications approved9326043948491,179
Value of investment476,176278,382 1/284,335176,351251,200
Number of promotion certificates issued728528359478935
Value of investment192,484178,647446,566176,810208,200
Number of firms starting operations415433440374311
Value of investment80,89981,16696,772128,739101,500
Number of Thai employees86,43684,26886,22892,146
Value of approved investments by sector
Agriculture and agricultural products24,9238,3263,23910,97023,322
Minerals, metals, and ceramics8,4042,70824,43210,02347,648
Light industry32,840118,3046,47319,53110,584
Metal products, machinery, and transport equipment43,11919,71234,07912,74323,579
Electronics and electrical products26,09624,7849,80218,92035,366
Chemical products, paper, and plastics48,58832,383156,66314,45451,387
Services and public utilities295,20671,16549,65689,71059,332
Ownership of registered capital of approved investments
Total476,176278,382284,385176,352251,200
Domestic113,469149,82720,83767,617103,300
Foreign179,28418,9667,78214,09618,900
Joint venture183,423109,589255,76694,639129,000
Source: Data provided by the Thai authorities.

Includes B 156,000 for expressway project of Hopewell Thailand Ltd.

Source: Data provided by the Thai authorities.

Includes B 156,000 for expressway project of Hopewell Thailand Ltd.

Table 16.Thailand: Population, Labor Force, and Employment by Major Economic Sectors, 1991–94 1/(In millions of persons)
199119921993Est.

1994
199119921993Est.

1994
Growth Rate

(In Percent)
Population 1/56.9657.7958.3459.101.21.51.01.3
Labor force 2/31.7932.4232.9033.452.02.01.51.7
(Participation rate)(76.5)(76.6)(75.0)(…)
Open unemployed 3/0.160.180.200.18−37.213.29.4−6.6
Passive unemployed 4/0.830.790.670.68−12.4−4.8−16.11.7
Employment 2/30.7931.4532.0332.592.72.11.71.7
Agriculture18.6718.8618.8418.801.91.0−0.1−0.2
Nonagriculture12.1212.5913.2013.794.03.84.84.5
Mining, electricity, and water supply0.160.170.170.170.21.22.42.4
Manufacturing3.373.583.854.116.46.37.56.8
Construction1.161.251.371.4915.47.79.49.0
Transportation and communication0.780.810.840.874.73.33.43.8
Commerce and banking, insurance, and real estate3.353.403.493.561.11.72.42.0
Services and public administration3.303.383.493.591.12.43.12.9
Rate of unemployment (in percent)3.13.02.62.6
Source: Data provided by the Thai authorities.

The levels of population, labor force, and employment have been rounded; growth rates are calculated with raw data.

Thirteen years of age and above.

Includes persons, 13 years of age and above, who were available for work but did not work at all and were looking for work.

Includes persons, 13 years of age and above, who were available for work but did not work at all and were not looking for work.

Source: Data provided by the Thai authorities.

The levels of population, labor force, and employment have been rounded; growth rates are calculated with raw data.

Thirteen years of age and above.

Includes persons, 13 years of age and above, who were available for work but did not work at all and were looking for work.

Includes persons, 13 years of age and above, who were available for work but did not work at all and were not looking for work.

Table 17.Thailand: Output (GDP at 1988 Prices) Per Employment, Classified by Sector, 1990–94(In baht per person)
1990199119921993Est.

1994
Agriculture14,53015,10015,58015,59216,178
Nonagriculture144,712151,410158,194165,144172,648
Mining and electricity and water supply475,610535,976572,289610,000659,195
Manufacturing171,199180,546189,007196,029204,521
Construction115,905114,126111,440110,307109,390
Transportation and communication196,519201,279233,292225,478238,249
Commerce and banking, insurance and real estate154,125161,764173,310186,198198,903
Services and public administration71,03973,54574,20175,43876,987
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 18.Thailand: Average Wage Classified by Manufacturing Categories, 1990–94 1/(In baht per month)
Industry1990199119921993Est.

1994
Manufacturing for central region6,080.20

(9.0)
6,641.21

(9.2)
7,475.51

(12.6)
8,330.21

(11.4)
8,783.87

(5.4)
Food, beverage, and tobacco4,122.71

(9.4)
4,425.55

(7.3)
4,980.24

(12.5)
5,398.15

(8.4)
5,506.63

(2.0)
Textiles and wearing apparel4,112.52

(12.0)
4,501.15

(9.4)
4,957.91

(10.1)
5,281.99

(6.5)
5,865.39

(11.0)
Construction materials10,900.50

(5.5)
11,533.10

(5.8)
12,935.90

(12.2)
13,840.15

(7.0)
14,101.80

(1.9)
Wood and cork furniture3,840.90

(13.9)
4,073.25

(6.0)
4,505.52

(10.6)
5,330.22

(18.3)
5,459.30

(2.4)
Nonmetallic, pottery, and glass15,010.00

(1.0)
15,535.00

(3.5)
17,550.21

(13.0)
18,310.22

(4.3)
18,585.89

(1.5)
Iron and steel10,162.50

(8.1)
11,454.50

(12.7)
12,284.81

(7.2)
13,248.20

(7.8)
13,824.32

(4.3)
Paper and chemical products8,545.12

(10.3)
9,445.91

(10.5)
10,674.50

(13.0)
11,475.82

(7.5)
12,327.13

(7.4)
Paper and paper products10,305.40

(11.8)
10,842.00

(5.2)
12,700.55

(17.1)
14,060.22

(10.7)
15,106.88

(7.4)
Chemical, rubber and plastic8,095.00

(9.6)
9,050.91

(11.8)
10,150.00

(12.1)
10,810.31

(6.5)
11,592.27

(7.2)
Machinery and equipment5,810.52

(8.4)
6,504.12

(11.9)
7,280.05

(11.9)
9,038.50

(24.2)
9,373.84

(3.7)
Other manufacturing industry3,587.90

(13.4)
4,122.05

(14.9)
4,625.14

(12.2)
5,116.92

(10.6)
5,707.04

(11.5)
Manufacturing for Bangkok metropolitan region6,601.87

(7.8)
7,185.75

(8.8)
8,029.98

(11.7)
8,965.23

(11.6)
9,454.01

(5.5)
Source: Data provided by the Thai authorities.

Figures in parentheses represent the percentage change from the preceding year.

Source: Data provided by the Thai authorities.

Figures in parentheses represent the percentage change from the preceding year.

Table 19.Thailand: Minimum Wage Rates by Region, 1989–94(In baht per day)
Effective DateBangkok 1/

Ranong

and

Pang-nga
Chonburi

Saraburi

Nakhon Ratchasima

Chiang Mai




Other

Provinces
1989
April78 2/757065
1990
April90847974
1991
April100938882
1992
April11510710194
1993
April125110110102
1994
April132116116108
October135118118110
Source: Data provided by the Thai authorities.

Including five metropolitan provinces (Nonthaburi, Pathumthani, Samutprakarn, Nakhonpathom, and Samutsakorn) and the province of Phuket.

Excluding Phuket where there was a minimum wage adjustment from B 73 per day to B 75 per day in April 1989.

Source: Data provided by the Thai authorities.

Including five metropolitan provinces (Nonthaburi, Pathumthani, Samutprakarn, Nakhonpathom, and Samutsakorn) and the province of Phuket.

Excluding Phuket where there was a minimum wage adjustment from B 73 per day to B 75 per day in April 1989.

Table 20.Thailand: Selected Energy Prices, 1990–94 1/
19901991199219931994
Average import price of oil (baht/barrel)556.46494.46478.56430.86403.83
Index (1978=100)200.10185.47181.35163.27153.03
Electricity (baht/kwh) 2/1.691.711.671.68
Index (1978=100)208.64211.11214.81216.10
Premium gasoline (baht/liter) 3/9.1510.079.299.058.63
Index (1978=100)189.05208.06191.84186.88178.21
Tax (baht/liter)3.384.293.363.363.36
High-speed diesel (baht/liter) 3/6.728.057.837.877.40
Index (1978=100)254.55304.92296.59298.11280.31
Tax (baht/liter)1.512.882.312.312.31
Fuel oil (baht/liter) 3/3.183.443.553.303.56
Index (1978=100)197.52210.00220.50204.97221.12
Tax (baht/liter)0.280.770.66
Kerosene (baht per liter)6.818.828.938.208.62
Sources: Data provided by the Thai authorities; and staff estimates.

Annual average of monthly prices.

Price for bulk electricity charged by the Electricity Generating Authority of Thailand.

Retail price for Bangkok.

Sources: Data provided by the Thai authorities; and staff estimates.

Annual average of monthly prices.

Price for bulk electricity charged by the Electricity Generating Authority of Thailand.

Retail price for Bangkok.

Table 21.Thailand: Central Government Revenue and Grants, 1989/90–1994/95(In billions of baht)
1989/901990/911991/921992/93

Revised

1993/94
Budget

Estimate

1994/95
Tax revenue365.1428.5440.8504.9594.2676.2
Taxes on income and profits97.7123.7137.2159.1199.4233.2
Personal38.947.650.354.264.775.1
Corporate58.876.186.9104.9134.7158.1
Taxes on property13.411.211.413.216.116.2
Taxes on consumption151.1186.9191.3212.5248.7286.9
Business tax/VAT84.0102.195.992.9114.4138.3
Excise taxes67.184.895.4119.6134.3148.6
Beer and spirits16.719.618.821.728.533.3
Tobacco13.315.615.415.319.320.6
Petroleum products30.341.740.343.043.349.9
Motor cars0.00.015.233.936.537.6
Other6.87.95.75.76.77.2
Profits on tobacco monopoly1.82.23.12.93.02.5
Taxes on international trade88.891.283.5103.8115.2124.2
Import duties88.290.482.3102.5113.8122.7
Export duties0.60.81.21.31.41.5
License fees and other12.313.314.313.411.813.2
Stamp duties3.73.74.73.74.64.8
Mineral royalties0.60.60.60.60.60.9
Petroleum royalties2.22.83.03.33.23.4
Other5.86.26.05.83.44.1
Nontax revenue31.635.957.155.359.357.8
Profits15.720.328.133.838.139.3
State Lottery3.13.64.24.24.34.2
Bank of Thailand3.14.66.19.610.310.0
State enterprises9.512.117.820.023.525.1
Other15.915.629.021.521.218.5
Total revenue396.7464.4497.9560.2653.5734.0
Grants6.65.03.53.63.02.5
Total revenue and grants403.3469.4501.4563.8656.5736.5
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 22.Thailand: Central Government Expenditure, 1989/90–1994/95
1989/901990/911991/921992/93

Revised

1993/94
Budget

Estimate

1994/95
(In billions of baht)
Current expenditure246.2274.1312.0358.5398.6454.4
Wages and salaries 1/106.3121.1144.0170.9183.6222.8
Interest40.235.329.624.921.915.1
Other goods and services79.894.1111.5129.0150.3169.3
Subsidies and current transfers19.923.626.933.742.847.2
Of which:
Local government5.45.86.37.58.69.6
Public enterprises2.02.73.13.95.35.5
Households 2/12.515.117.522.328.932.1
Capital expenditure56.178.9109.1140.0194.4228.8
Acquisition of fixed assets50.371.799.8122.5177.7209.8
Capital transfers5.87.29.317.516.719.0
Local government3.13.94.55.47.07.9
State enterprises1.92.23.510.37.68.7
Households0.81.11.31.82.12.4
Total expenditure302.3353.0421.1498.5593.0683.2
Net lending4.42.75.91.92.73.2
Total expenditure and net lending306.7355.7427.0500.4595.7686.4
(In percent of GDP)
Current expenditure11.711.211.311.611.411.5
Wages and salaries 1/5.05.05.25.55.35.6
Interest1.91.41.10.80.60.4
Other goods and services3.83.94.04.24.34.3
Subsidies and current transfers0.91.01.01.11.21.2
Of which:
Local government0.30.20.20.20.20.2
Public enterprises0.10.10.10.10.20.1
Households 2/0.60.60.60.70.80.8
Capital expenditure2.73.24.04.55.65.8
Acquisition of fixed assets2.42.93.64.05.15.3
Capital transfers0.30.30.30.60.50.5
Local government0.10.20.20.20.20.2
State enterprises0.10.10.10.30.20.2
Households0.00.00.00.10.10.1
Total expenditure14.314.515.316.217.017.2
Net lending0.20.10.20.10.10.1
Total expenditure and net lending14.614.615.516.217.017.3
Source: Data provided by the Thai authorities.

Includes remuneration, annual salary adjustments, cost of living increases, overtime, and travel expenses.

Includes pensions.

Source: Data provided by the Thai authorities.

Includes remuneration, annual salary adjustments, cost of living increases, overtime, and travel expenses.

Includes pensions.

Table 23.Thailand: Government Debt, 1989/90–1994/95 1/ (In billions of baht)
1989/901990/911991/921992/93Revised

1993/94
Proj.

1994/95
Central government domestic debt307.5235.2210.6164.0110.486.1
Government bonds and promissory notes281.8235.2210.6164.0110.486.1
Bank of Thailand27.333.833.221.78.26.1
Commercial banks126.187.376.756.044.532.7
Government Savings Bank85.481.572.662.740.739.2
Other financial institutions23.922.621.218.213.37.2
Other19.110.06.95.43.70.9
Treasury bills 2/25.70.00.00.00.00.0
Central government external debt92.794.099.2106.0114.2116.6
Total central government debt400.2329.2309.8270.0224.6202.7
(In percent of fiscal year GDP)(19.0)(13.5)(11.2)(8.7)(6.4)(5.1)
Memorandum items:
Government-guaranteed external debt180.1187.7203.8228.2242.7266.0
Central government and government- guaranteed external debt (US$ bn.)10.811.012.013.214.615.3
Source: Data provided by the Thai authorities.

As of the end of the fiscal year.

Includes Exchange Equalization Fund holdings.

Source: Data provided by the Thai authorities.

As of the end of the fiscal year.

Includes Exchange Equalization Fund holdings.

Table 24.Thailand: Central Government Expenditure Classified by Purpose, 1989/90–1994/95(In billions of baht)
1989/901990/911991/921992/93

Revised

1993/94
Budget

Estimate

1994/95
Current expenditure246.2274.1312.0358.5398.6454.4
General public services14.716.619.823.025.127.6
Defense53.362.273.279.887.797.1
Public order and safety14.116.119.524.728.033.5
Education55.363.976.189.199.4119.8
Health19.223.028.434.841.450.1
Social security and welfare10.812.616.320.724.128.9
Housing and community amenities3.14.14.86.27.69.3
Recreational, cultural, and religious1.01.41.32.43.34.2
Economic services23.526.332.637.943.049.4
Fuel and energy0.30.40.60.80.91.0
Agriculture, forestry, and fisheries14.316.419.723.626.530.1
Mining and mineral1.60.70.81.41.92.3
Transport and communication4.24.54.86.37.28.4
Road transport2.52.32.73.64.25.0
Water transport0.10.10.10.10.20.2
Railway and other transport1.51.81.82.32.52.8
Communication0.10.30.20.30.30.4
Other3.14.36.75.86.57.6
Other51.247.940.039.939.034.5
Interest payments40.235.329.624.921.915.1
Domestic32.529.824.120.316.810.1
External7.75.55.54.65.15.0
Unclassified11.012.610.415.017.119.4
Capital expenditure56.178.9109.1140.0194.4228.8
General public services2.35.84.65.57.49.1
Public order and safety1.82.63.74.26.37.0
Education6.49.613.516.222.926.4
Health1.52.94.25.810.813.6
Housing and community amenities3.64.66.711.220.729.6
Recreational, cultural, and religious0.40.51.21.72.53.5
Economic services39.552.374.493.9120.9136.4
Fuel and energy2.01.91.61.51.71.8
Agriculture, forestry, and fisheries17.820.632.335.244.650.1
Mining and mineral0.60.30.91.00.80.9
Transport and communication15.825.034.448.562.971.8
Road transport14.422.430.343.957.265.6
Water transport0.40.91.31.62.12.4
Railway and other transport1.01.72.72.93.43.6
Communication0.00.00.10.10.20.2
Other3.34.55.27.710.911.8
Other0.60.60.81.52.93.2
Total expenditure302.3353.0421.1498.5593.0683.2
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 25.Thailand: Operating Profits/Losses of Nonfinancial State Enterprises, 1989/90–1994/95 1/(In billions of baht)
1989/901990/911991/921992/93Revised

1993/94
Proj.

1994/95
Power24.028.830.232.535.233.6
Electricity Generating Authority12.411.712.311.412.012.3
Metropolitan Electricity Authority1.62.52.32.73.32.4
Provincial Electricity Authority3.85.87.79.811.49.7
Petroleum Authority3.16.17.17.77.17.6
Bangjak Petroleum Co., Ltd.0.60.80.50.50.80.9
PTT Exploration & Production Co., Ltd.0.30.20.30.40.60.7
Oil Fund2.21.70.00.00.00.0
Transport and Communications21.426.126.424.625.823.0
Thai Airways International4.23.53.11.03.14.3
Expressway and Rapid Transit Authority0.50.81.01.00.60.2
State Railways of Thailand−0.8−0.8−1.2−1.4−0.7−1.2
Bangkok Mass Transit Authority−1.0−0.20.1−0.6−0.9−1.6
Airports Authority of Thailand2.52.82.72.62.92.7
Port Authority2.63.02.42.83.11.7
Telephone Organization8.010.411.512.810.510.1
Communication Authority of Thailand4.66.06.05.55.95.4
Other0.80.60.80.91.31.4
Manufacturing3.85.04.54.55.44.5
Of which:
Tobacco monopoly2.84.03.53.74.53.5
Agriculture0.10.10.00.00.20.6
Other5.56.46.87.97.17.8
National Housing Authority0.40.30.40.40.30.3
Metropolitan Water Works Authority1.41.81.72.42.13.2
Provincial Water Works0.40.50.20.40.1−0.2
Government Lottery Bureau3.33.74.44.54.54.4
Other0.00.10.10.20.10.1
Total54.866.467.969.573.769.5
Source: Data provided by the Thai authorities.

After corporate income tax.

Source: Data provided by the Thai authorities.

After corporate income tax.

Table 26.Thailand: Gross Fixed Capital Expenditure of Nonfinancial State Enterprises, 1989/90–1994/95(In billions of baht)
1989/901990/911991/921992/93Revised

1993/94
Proj.

1994/95
Power40.146.749.059.069.391.5
Electricity Generating Authority 1/27.531.923.931.829.433.9
Metropolitan Electricity Authority3.04.04.64.35.45.3
Provincial Electricity Authority4.96.27.98.19.323.0
Petroleum Authority2.81.37.510.119.324.7
Bangjak Petroleum Co., Ltd.0.51.93.21.73.02.1
PTT Exploration and Production Co., Ltd.1.41.41.93.02.92.5
Transport and Communications31.543.259.959.853.880.6
Thai Airways International12.420.430.113.212.819.3
Expressway and Rapid Transit Authority2.82.77.325.317.521.0
Metropolitan Rail Transit0.00.00.00.11.84.8
State Railways of Thailand1.72.02.25.05.15.4
Airports Authority of Thailand0.91.01.92.62.85.0
Port Authority0.72.21.41.40.32.5
Telephone Organization10.412.18.47.67.615.6
Communication Authority of Thailand1.82.42.73.24.73.9
Other 2/0.80.45.91.41.23.1
Manufacturing 3/1.23.72.11.12.03.0
Agriculture 4/0.10.10.30.20.60.5
Other4.25.59.110.913.020.6
National Housing Authority1.82.94.44.73.58.9
Metropolitan Water Works Authority1.51.53.34.14.05.9
Provincial Water Works0.81.11.32.05.35.7
Other0.10.00.10.10.20.1
Total77.199.2120.4131.0138.7196.2
Source: Data provided by the Thai authorities.

Includes irrigation expenditure implemented by EGAT.

Includes Bangkok Mass Transit Authority.

Includes Thai Tobacco Monopoly, Thai Plywood Company, Thai Mining Organization, and Industrial Estate Authority of Thailand.

Includes Forest Industry Organization and Rubber Estate Organization.

Source: Data provided by the Thai authorities.

Includes irrigation expenditure implemented by EGAT.

Includes Bangkok Mass Transit Authority.

Includes Thai Tobacco Monopoly, Thai Plywood Company, Thai Mining Organization, and Industrial Estate Authority of Thailand.

Includes Forest Industry Organization and Rubber Estate Organization.

Table 27.Thailand: Accounts of Nonfinancial Public Enterprises, 1988/90–1994/95
1989/901990/911991/921992/93

Revised

1993/94
Budget

Estimate

1994/95
(In billions of baht)
Retained income 1/71.177.184.886.8106.3121.1
Capital expenditure77.199.2120.4131.0138.7196.2
Overall balance (deficit -)−6.0−22.1−35.6−44.2−32.4−75.1
Financing6.022.135.644.232.475.1
External financing (net)12.15.516.2−0.84.023.5
Domestic financing−6.116.619.445.028.451.6
Banking system 2/3.526.93.414.621.735.7
Central government0.72.75.22.52.12.9
Other 3/−10.3−13.010.827.94.613.0
(In percent of GDP)
Retained income 1/3.43.23.12.83.03.1
Capital expenditure3.74.14.44.24.05.0
Overall balance (deficit -)−0.3−0.9−1.3−1.4−0.9−1.9
Financing0.30.91.31.40.91.9
External financing (net)0.60.20.60.00.10.6
Domestic financing−0.30.70.71.50.81.3
Banking system 2/0.21.10.10.50.60.9
Central government0.00.10.20.10.10.1
Other 3/−0.5−0.50.40.90.10.3
Source: Data provided by the Thai authorities.

Defined as net operating profits (which include current transfers from the central government) plus capital transfers from the central government, plus depreciation, plus accounting losses arising from devaluation less revaluation gains, less dividend payments and bonuses, plus other receipts (net).

As recorded in the monetary survey.

Includes changes in working capital, equity, and other financial assets and borrowing from the Government Savings Bank and other nonbank sources.

Source: Data provided by the Thai authorities.

Defined as net operating profits (which include current transfers from the central government) plus capital transfers from the central government, plus depreciation, plus accounting losses arising from devaluation less revaluation gains, less dividend payments and bonuses, plus other receipts (net).

As recorded in the monetary survey.

Includes changes in working capital, equity, and other financial assets and borrowing from the Government Savings Bank and other nonbank sources.

Table 28.Thailand: Summary of Local Government Operations, 1989/90–1994/95
1989/901990/911991/921992/93Revised

1993/94
Proj.

1994/95
(In billions of baht)
Total revenue and grants28.734.739.147.354.761.8
Taxes and other revenue20.225.028.334.439.144.3
Transfers from central government8.59.710.812.915.617.5
Total expenditure24.432.439.444.752.359.1
Current expenditure14.917.120.023.927.732.7
Capital expenditure9.515.319.420.824.626.4
Overall balance4.32.3−0.32.62.42.7
(In percent of GDP)
Total revenue and grants1.41.41.41.51.61.6
Taxes and other revenue1.01.01.01.11.11.1
Transfers from central government0.40.40.40.40.40.4
Total expenditure1.21.31.41.41.51.5
Current expenditure0.70.70.70.80.80.8
Capital expenditure0.50.60.70.70.70.7
Overall balance0.20.10.00.10.10.1
Memorandum item:
Overall balance excluding transfers from the central government−4.2−7.4−11.1−10.3−13.2−14.8
(In percent of GDP)−0.2−0.3−0.4−0.3−0.4−0.4
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 29.Thailand: Accounts of the Bank of Thailand, 1990–95(In billions of baht)
1990199119921993-------------1994--------------Feb.

1995
Mar.JuneSept.Dec.
Net foreign assets360.5465.0538.9648.9872.0706.7747.0758.8751.0
Assets360.6465.1539.0649.1672.3707.5747.1758.9751.1
Liabilities0.10.10.10.20.30.80.10.10.1
Net domestic assets−174.7−254.6−290.8−360.8−376.6−419.3−441.1−428.9−407.2
Net claims on Government−57.5−119.1−141.0−163.0−168.5−204.0−215.0−203.2−195.8
Claims50.846.951.640.140.639.223.120.043.1
Liabilities112.2169.6196.2208.6209.1247.3243.7227.9240.0
Net currency holdings−3.9−3.6−3.6−5.40.0−4.1−5.6−4.7−1.4
Government currency holdings3.34.45.45.111.07.46.57.811.4
Treasury coin issue7.28.09.010.511.011.512.112.512.8
Claims on commercial banks42.537.534.818.915.512.68.812.414.3
Claims on other financial institutions17.619.124.727.429.541.336.035.741.6
Other−177.3−192.1−209.3−244.1−253.1−269.2−270.9−273.8−267.5
Reserve money185.7210.5248.1288.1295.4287.4308.8329.9343.9
Currency outside banks137.5149.3177.0211.0208.1207.7213.0250.8244.0
Currency in commercial banks16.723.528.227.028.025.425.327.830.8
Bankers’ deposits28.834.639.444.953.449.355.443.561.0
Private sector deposits0.70.50.50.80.70.71.00.71.0
Nonbank financial intermediaries2.22.63.04.67.24.312.17.37.1
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 30.Thailand: Net Repurchase Position (+ Net Sale - Net Purchase) and Seven-Day Repurchase Rate, 1993–94(In millions of baht; and percent per annum)
-----------------------1993--------------------------------------------------------1994------------------------------------
Sept.Oct.Nov.Dec.Jan.Feb.Mar.Apr.MayJuneJulyAug.Sept.Oct.Nov.Dec.
Commercial banks2493922888,2038,5113,489488−2208941,07764900541,1934,2945,699
Finance companies−80−222121,5941,8631,7314,1554,7226,1715,350−7,1037,8126,7246,0855,1743,938
Bank of Thailand000−5,300−4,800000−300−500−50000000
Other−189−170−278−4,497−3,774−5,220−4,621−4,502−6,785−5,9277,539−8,712−8,7,8−7,278−9,468−9,837
Seven-day repurchase rate5.262.242.303.775.526.696.925.778.978.346.938.726.865.846.256.58
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 31.Thailand: Interest Rate Differentials and Forward Discount, 1992–95 1/(In percent per annum at end of period)
Eurodollar

Rate 1/
Domestic Interest

Rate 2/
Uncovered

Differential 3/
Forward Premium (+)

Discount (-) 4/
1992
January4.196.291.68−3.46
February4.165.500.92−2.40
March4.344.640.13−1.70
April4.095.721.22−2.99
May3.976.542.17−3.58
June3.936.692.36−3.38
July3.134.961.52−2.80
August3.406.483.01−3.09
September3.277.724.12−3.77
October3.236.903.35−3.28
November3.255.682.10−2.73
December3.315.361.72−3.15
1993
January3.236.352.80−3.07
February3.144.400.95−3.24
March3.186.633.13−4.12
April3.167.443.96−3.62
May3.157.393.92−3.68
June3.217.243.71−2.81
July3.176.112.62−3.72
August3.196.382.87−3.39
September3.165.582.10−1.79
October3.193.900.39−0.71
November3.192.94−0.57−1.41
December3.333.800.14−1.86
1994
January3.155.101.63−2.78
February3.386.382.66−3.37
March3.637.193.20−2.97
April3.846.622.40−2.95
May4.347.522.75−3.39
June4.408.333.49−3.50
July4.558.913.90−3.70
August4.708.173.00−1.96
September4.937.582.16−2.37
October5.046.821.28−2.08
November5.487.010.98−2.20
December6.087.721.03−1.88
1995
January5.938.542.02−0.45
Source: Data provided by the Thai authorities.

One-month London interbank offered rate.

Weighted average of one-month repurchase rate.

Including adjustment for 10 percent withholding tax on external interest payments.

Weighted average of one-month outright forward premium (discount) in the interbank market.

Source: Data provided by the Thai authorities.

One-month London interbank offered rate.

Weighted average of one-month repurchase rate.

Including adjustment for 10 percent withholding tax on external interest payments.

Weighted average of one-month outright forward premium (discount) in the interbank market.

Table 32.Thailand: Interest Rate Structure, 1990–95(In percent per annum; end of period)
Dec.Dec.Dec.Dec.−--------------------1994----------------------March
1990199119921993MarchJuneSept.Dec.1995
Government securities
Government bonds10.7510.7510.7510.7510.7510.7510.7510.7510.75
Treasury bills
Bond repurchase market (7 days)11.636.885.103.776.928.346.866.5611.37
Bank of Thailand
Bank rate12.0011.0011.009.009.009.009.509.5010.50
Preferential rediscount rates3.00–5.003.00–5.003.00–5.003.00–5.003.00–5.003.00–5.003.00–5.003.00–5.003.00–5.00
Commercial banks 1/
Interbank lending13.429.517.954.387.7410.256.307.22
Minimum overdraft rate16.5014.0011.5010.5010.00–10.2511.0011.5011.7513.00–13.25
Minimum lending rate16.2514.0011.5010.5010.00–10.2511.0011.5011.7513.00
Savings deposit rate 2/10.00–12.00

(12.00)
8.50

(12.00)
6.00–6.50

(0.0)
5.00

(0.0)
4.75

(0.0)
5.00

(0.0)
5.00

(0.0)
5.00

(0.0)
5.00–6.00

(0.0)
3–6 months time deposits 2/13.00–15.5010.50–11.507.50–9.506.50–7.006.50–7.007.50–8.508.25–9.508.75–10.0010.00–11.50
Government Savings Bank 3/
Savings deposits8.75–10.008.505.75–6.004.75–5.004.50–4.754.75–5.004.75–5.004.75–5.004.75, 5.00
Time deposits up to 6 months12.50–13.0010.00–10.507.50–8.006.50–7.006.25–6.757.75–8.508.75–9.509.25–9.50,9.75.10.0010.25–10.75
Finance companies
Three-month borrowing rate14.8811.5310.116.50–8.007.00–9.007.75–9.258.25–10.258.25–11.0010.25.12.00
Loan rate17.0815.9814.8711.1710.5011.6011.6011.8213.05
Memorandum item:
Inflation rate 4/6.44.83.14.65.05.45.34.6
Source: Data provided by the Thai authorities.

Figures in parentheses are ceiling rates.

Minimum rates quoted by large Thai banks.

Higher rates applicable to private deposits and lower rates to government deposits.

Twelve-month, end-of-period rate of change in consumer prices.

Source: Data provided by the Thai authorities.

Figures in parentheses are ceiling rates.

Minimum rates quoted by large Thai banks.

Higher rates applicable to private deposits and lower rates to government deposits.

Twelve-month, end-of-period rate of change in consumer prices.

Table 33.Thailand: Monetary Survey, 1990–94(In billions of baht)
199019911992-----------------------1993----------------------------------------------------1994-----------------------------
Mar.JuneSept.Dec.Mar.JuneSept.Dec.
Not foreign assets307.1413.7449.1480.9418.3446.8453.9334.2267.1241.0145.8
Assets417.0537.7616.8639.3689.0763.0808.5813.3851.6917.6927.8
Liabilities109.9124.0167.7178.4270.7316.2352.4479.1584.5878.8781.8
Net domestic assets1,222.81,416.71,668.71,705.01,838.21,904.02,053.22,139.32,272.42,407.22,683.6
Domestic credit1,531.91,768.12,089.32,167.02,290.72,366.42,582.72,694.62,855.03,012.43,303.8
Government (net)17.5−86.7−147.8−160.8−201.1−230.4−205.5−210.7−266.1−287.8−289.8
Private sector1,513.81,854.92,237.12,327.32,491.82,598.82,788.22,905.33,121.13,300.03,593.6
Businesses/households1,406.81,898.92,046.12,151.22,295.02,388.72,537.72,682.12,865.83,047.73,307.4
Claims on NFPEs 1/18.247.753.257.060.170.678.583.290.995.294.2
Other fin. instit.88.6110.3137.8119.6136.2137.5154.0140.0184.4157.1192.0
Other items (net)−309.1−349.4−420.6−482.0−452.5−462.4−509.5−555.3−582.8−605.2−620.2
Broad money1,529.11,832.42,117.62,185.92,256.52,350.82,507.12,473.52,539.52,648.22,829.4
Narrow money195.4222.4249.7249.8243.7251.9296.2307.4290.7315.0346.5
Currency137.5149.3180.2175.5172.7174.1208.6206.2207.7213.0242.0
Deposits57.973.169.674.171.077.887.899.283.0102.0104.5
Quasi-money1,333.71,810.01,868.11,916.32,012.82,098.92,210.92,186.12,248.82,333.22,482.9
Savings deposits381.0421.4493.8501.9515.7534.1621.8619.5629.3634.4691.3
Time deposits949.91,184.11,370.41,410.21,490.01,559.31,582.61,538.01,810.31,692.91,785.3
Other deposits2.84.53.94.27.15.56.58.89.25.96.4
Source: Data provided by the Thai authorities.

Nonfinancial public enterprises.

Source: Data provided by the Thai authorities.

Nonfinancial public enterprises.

Table 34Thailand: Financial Survey, 1990–94(In billions of baht)
199019911992-----------------------1993---------------------------------------------1994------------------
Mar.JuneSept.Dec.Mar.June
Net foreign assets267.7365.8385.0389.7341.6385.1369.2248.9174.5
Net domestic assets1,606.11,880.62,277.82,348.82,510.32,612.32,817.92,976.53,151.9
Domestic credit1,987.62,324.12,801.62,927.23,081.73,203.13,502.83,746.43,987.9
Government (net)134.722.7−80.3−79.3−121.7−151.2−121.9−132.8−158.0
Private sector1,852.92,301.42,661.93,006.53,203.43,354.33,624.73,679.04,125.9
Public enterprises31.767.184.597.2103.7117.0130.8140.1148.0
Businesses/households1,621.22,234.32,777.42,909.33,099.73,237.33,493.93,738.93,977.9
Capital and other items−381.5−443.5−523.8−578.4−571.4−590.8−884.9−789.9−818.0
Liquid liabilities1,873.72,246.42,662.82,738.42,851.82,977.43,187.13,225.43,328.4
Currency138.6146.7179.3174.6171.7173.1207.4207.0208.4
Demand deposits40.851.552.960.359.981.788.478.570.2
Savings and time deposits1,467.01,748.22,017.42,071.32,172.02,255.22,371.72,344.52,429.8
Promissory notes229.1298.0413.2432.2448.2487.4541.8595.4620.2
Liabilities to private sector1,873.82,248.42,682.82,738.42,851.82,977.43,187.13,255.43,326.4
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 35.Thailand: Assets and Liabilities of Commercial Banks, 1990–94(In billions of baht)
1990199119921993-----------------1994---------------------
Mar.JuneSept.Dec.
Assets
Cash and claims on the Bank of Thailand51.660.460.973.476.773.281.779.8
Claims on commercial banks17.023.025.232.822.027.829.930.5
Claims on other financial institutions69.094.2113.1126.6110.5123.2120.3128.5
Foreign assets56.472.677.7157.5141.0144.1170.5186.1
Claims on Government110.782.969.750.352.248.445.440.8
Claims on nonfinancial public enterprises16.144.753.176.483.290.995.294.5
Claims on businesses and households1,408.81,696.92,045.12,532.62,661.02,864.63,046.53,314.2
Other75.095.2110.8156.6158.6165.4169.4107.0
Total assets1,806.62,169.92,555.63,206.23,323.43,537.63,758.94,071.4
Liabilities
Credit from the Bank of Thailand42.337.636.321.219.517.113.515.4
Liabilities to commercial banks16.622.727.933.922.727.237.942.3
Borrowings from other financial institutions15.410.414.920.032.140.350.249.1
Total deposits of nongovernment sector1,386.71,680.01,934.22,293.32,257.52,326.82,422.02,601.1
Demand deposits55.070.068.182.391.378.083.893.6
Savings deposits361.0421.4493.8621.8819.8629.3634.4670.1
Time deposits949.91,184.81,370.41,582.71,538.01,610.31,692.91,830.9
Foreign currency deposits1.83.73.15.87.98.65.35.8
Marginal deposits1.00.90.80.70.70.70.60.7
Foreign liabilities109.8123.9167.8352.9478.9583.8676.5782.6
Government deposits35.850.578.592.794.4110.5118.1113.5
Capital account111.3143.5170.2222.4236.0245.0263.8270.4
Other84.9101.3128.0169.8182.3186.4176.8198.0
Total liabilities1,806.62,169.92,555.83,208.23,323.43,537.13,758.84,071.4
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 36.Thailand: Bills, Loans, and Overdrafts of Commercial Banks, Classified by Purpose, 1990–94 1/(In millions of baht)
1990199119921993Est.

Dec.

1994
Agriculture99,354126,387135,494148,959162,741
Mining8,2048,24812,05416,66415,877
Manufacturing375,108457,617517,914635,563797,164
Construction59,32272,09588,372103,075138,925
Real estate business177,699207,140251,125303,176368,813
Imports68,60171,54387,03189,184109,155
Exports91,36795,257116,651134,863170,348
Wholesale and retail trade263,154314,843371,506472,805595,392
Public utilities25,08430,09740,88260,94273,432
Banking and other financial business76,17199,267132,835157,512172,002
Services91,381123,217159,103208,700264,619
Personal consumption158,617201,846269,394339,675439,267
Total1,494,0621,807,5572,182,3612,671,1183,307,735
Source: Data provided by the Thai authorities.

Including interbank transactions.

Source: Data provided by the Thai authorities.

Including interbank transactions.

Table 37.Thailand: Loans and Interest Rates in Interbank Markets, 1993–94(In billions of baht)
--------------Loans----------------Interest Rates

Percent

VolumeOutstandingper Annum
1993
January170.2516.377.00
February143.1110.726.59
March106.159.1410.24
April97.6913.949.14
May93.7517.287.25
June158.3914.018.27
July231.269.367.39
August159.0613.026.64
September172.5525.685.26
October243.2522.753.18
November388.3543.982.45
December379.2062.754.38
1994
January300.2751.346.94
February123.8521.137.36
March81.7216.977.74
April122.4224.915.40
May156.4123.406.92
June195.5522.2310.25
July129.2230.389.23
August174.5017.345.12
September252.6622.646.30
October223.6730.426.59
November362.4659.547.17
December281.8673.787.22
Source: Data provided by the Bank of Thailand.
Source: Data provided by the Bank of Thailand.
Table 38.Thailand: Operations of Finance Companies, 1990–94(In billions of baht)
Dec.

1990
Dec.

1991
Dec.

1992
Dec.

1993
-------------1994---------------
Mar.JuneSept.
Assets365.6481.0671.0908.4930.6997.31,080.7
Credit to the private sector309.5405.9547.6733.0778.8837.2865.2
Investments37.046.368.1100.0108.1117.3128.2
Government securities21.926.430.952.454.160.163.7
Domestic private securities15.119.937.247.654.057.264.5
Balance at the Bank of Thailand1.81.32.43.73.03.45.3
Cash balance at banks4.78.119.015.511.010.429.2
Other12.619.433.956.229.729.052.8
Liabilities365.6481.0671.0908.4930.6997.31,080.7
Borrowing308.0406.7547.7721.5754.4813.7873.0
Bank of Thailand9.08.43.83.52.92.42.0
Banks in Thailand26.639.452.368.551.366.260.9
Banks abroad8.815.541.358.456.363.265.9
Private sector 1/257.5334.8413.3542.0595.7631.8697.9
Other6.18.637.049.148.250.146.3
Capital accounts31.644.866.890.098.5103.0116.9
Other26.029.556,596.977.780.690.8
Number of companies94929291919191
Source: Data provided by the Thai authorities.

Promissory notes payable to individuals and juristic entities.

Source: Data provided by the Thai authorities.

Promissory notes payable to individuals and juristic entities.

Table 39.Thailand: Lending of Finance Companies Classified by Purpose, 1990–94(In millions of baht)
PeriodAgriculture, Forestry, MiningManufacturingConstructionReal Estate BusinessImportsExportsWholesale and Retail TradePublic utilities and ServicesBanking and other Financial InstitutionsPersonnel ConsumptionTotal LendingNo. of Companies
1990
March3,551.045,510.37,016.647,928.95,210.12,709.125,471.819,338.518,588.972,087.4247,392.494
June3,711.848,579.95,861.755,892.55,006.03,790.125,007.121,501.819,849.586,158.3275,358.794
September3,819.750,748.77,296.559,614.55,320.53,978.528,316.323,122.320,746.890,755.9291,719.594
December4,167.453,687.88,701.872,247.36,374.53,354.928,387.225,788.421,194.391,031.7314,935.394
1991
March3,790.955,146.29,294.776,931.75,861.13,545.128,809.926,953.319,384.0108,545.2336,062.194
June4,263.057,519.68,794.484,925.26,214.73,383.129,321.629,305.421,442.7111,565.8356,735.594
September4,160.260,483.99,159.592,221.86,468.23,818.330,377.529,888.819,291.3118,785,9372,653.493
December4,347.268,119.710,990.299,768.17,233.94,327.132,120.832,675.023,487.9132,438.4415,508.192
1992
March4,570.770,220.112,453.3102,146.86,926.24,195.733,852.531,266.324,791.7187,658.1458,081.492
June4,621.175,258.512,978.4107,934.17,384.34,232.234,480.633,184.334,863.9154,359.9469,297.392
September4,628.272,472.113,972.8117,781.67,914.04,092.038,165.337,128.439,562.5171,241.9504,959.092
December6,288.584,289.016,241.3120,890.59,535.44,440.440,806.641,010.343,679.4180,660.3547,641.892
1993
March6,591.082,542.717,493.0129,430.28,087.54,795.739,304.643,290.745,316.8185,588.7562,420.992
June6,321.085,619.718,639.5137,349.49,567.14,819.744,238.848,270.650,133.9191,375.5596,353.292
September6,437.088,410.619,064.4146,257.110,424.24,928.946,432.648,154.547,753.0205,789.5623,651.891
December7,461.3104,450.122,179.0163,757.112,909.15,883.552,514.656,532.566,377.7241,004.8733,069.791
1994
March6,344.5103,832.022,708.8176,751.512,242.86,188.751,809.858,936.469,824.9270,186.8778,823.891
June5,734.4113,496.323,967.9191,679.812,390.36,710.555,628.761,492.478,952.2287,111.8837,186.391
September5,711.6121,578.625,554.5209,475.912,542.87,074.880,158.467,469.086,166.5299,623.5895,355.691
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 40.Thailand: Stock Market Indicators, 1990–94
19901991199219931994
Number of quoted companies214276320369450
Capitalization
(Billions of baht)613.5897.21,485.03,325.43,300.8
(Percent of GDP)29.437.655.6112.191.6
New capital raisins
(Billions of baht)17.527.629.719.844.6 P
Trading value
(Billions of baht)627.2793.11,860.12,201.12,113.9
(Percent of capitalization)102.288.4125.366.264.0
Foreign/total turnover
(Percent)14.48.27.217.0 1/20.96
SET index (1975 = 100)612.9711.4893.41,682.91,360.09
(Percent change)−30.316.125.688.4−19.2
Average dividend yield
(Percent)3.633.592.912.011.86
Average price/earnings ratio13.8115.5916.2926.0919.51
Source: Data provided by the Thai authorities.

Including transactions through sub-brokers, P: Preliminary.

Source: Data provided by the Thai authorities.

Including transactions through sub-brokers, P: Preliminary.

Table 41.Thailand: Foreign Investor Participation in the Securities Exchange of Thailand, 1990–94
—Turnover Involving Foreign Investors—
YearIn Millions

of Baht
In Percent of

Total Turnover
1990180,67314.4
1991130,1628.2
1992267,9877.2
I69,4587.5
II47,9078.2
III67,2726.2
IV83,5607.4
1993746,85617.0
I134,89817.4
II100,77520.3
III143,78717.0
IV368,39616.1
1994886,19021.0
I280,75220.2
II149,88519.9
III262,59419.9
IV192,96025.1
Source: Data provided by the Securities Exchange of Thailand.
Source: Data provided by the Securities Exchange of Thailand.
Table 42.Thailand: Rediscount by the Bank of Thailand, 1990–94(In billions of baht)
199019911992---------------1993-----------------------------1994--------------
Mar.JuneSept.Dec.Mar.JuneSept.Dec.
Outstanding at end of period22.021.623.224.221.917.915.716.022.816.818.2
Export19.720.721.321.519.317.012.79.33.51.91.5
Manufacturing0.20.30.30.30.30.30.30.40.50.40.4
Agriculture0.40.50.40.50.50.50.60.60.80.70.6
Crop financing1.60.01.21.91.80.22.12.22.10.21.7
Finance companies0.10.10.00.00.00.00.00.00.00.00.0
Exim Banks0.00.00.00.00.00.00.03.515.913.614.0
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 43.Thailand: Trade Indices and Terms of Trade, 1990–94(1990 - 100)
1990199119921993Est.

1994
Aggregate indices
Exports
Volume 1/100.0119.4133.7151.1175.1
Value 2/100.0123.7140.9160.4192.9
Unit value 2/100.0103.6105.4106.2110.2
Imports
Volume 1/100.0110.4116.3129.7150.4
Value 2/100.0115.7123.0138.3164.1
Unit value 2/100.0104.8105.8106.6109.1
Terms of trade100.098.999.699.6101.0
Source: Data provided by the Thai authorities.

Volume indices calculated as residuals.

In terms of U.S. dollars.

Source: Data provided by the Thai authorities.

Volume indices calculated as residuals.

In terms of U.S. dollars.

Table 44.Thailand: Merchandise Exports, 1990–94(All values in millions of U.S. dollars; volumes in thousands of metric tons; and unit values in U.S. dollars per ton)
1990199119921993Est.

1994
Rice
Volume4,0174,1654,8994,7784,844
Value1,0891,1991,4321,3051,558
Unit value271.1287.9292.3273.1321.6
Rubber
Volume1,1641,2591,4641,4931,677
Value9259831,1441,1571,639
Unit value794.7780.8781.4774.9977.3
Maize
Volume1,2351,234147213130
Value163154212921
Unit value132.0124.8142.9136.2161.5
Tin (metal)
Volume126743
Value7434432215
Unit value6.25.76.15.55.0
Tapioca products
Volume8,0697,0449,1057,3425,605
Value9089601,171863731
Unit value112.5136.3128.6117.5130.4
Sugar
Volume2,3702,9003,7572,2192,850
Value690583745482685
Unit value291.1201.0198.3217.2240.4
Shrimp
Volume85114130149174
Value8031,0481,2521,5021,959
Unit value9,480.59,193.09,630.810,080.511,258.6
Manufacturing 1/
Volume (1990 = 100)100.0122.3138.9164.8195.4
Value16,58821,16824,34429,37235,449
Unit value (1990 = 100)100.0104.3105.6107.4109.4
Of which: Textile products
Volume (1990 = 100)100.0122.2123.4136.1148.2
Value3,314.04,305.04,422.04,627.05,164.0
Unit value (1990 = 100)100.0106.3108.1102.6105.2
Integrated circuits value8469891,1331,4091,772
Other exports (value) 2/1,9002,4802,4572,3932,587
Of which: Agriculture8361,0031,1261,0361,159
Fishing477670678710747
Mining219262226193254
Re-exports and other368545427454427
Total merchandise exports (value)23,14028,60932,60937,12544,644
Adjustments for balance of payments basis−259−278−373−574−618
Merchandise exports, f.o.b.22,88128,33132,23636,55144,026
Source: Data provided by the Thai authorities.

Includes textile products.

Includes re-exports.

Source: Data provided by the Thai authorities.

Includes textile products.

Includes re-exports.

Table 45.Thailand: Manufactured Exports, 1989–94(In millions of U.S. dollars)
19891990199119921993Est.

Jan.–Nov.

1994
Textile and footwear products3,6664,3965,6105,8716,2116,652
Electrical apparatus, circuits, appliances, etc. 1/1,9032,7313,7984,8785,8707,906
Machinery and mechanical appliance 2/1,3701,9952,4832,9843,8084,232
Precious stones and jewelry1,1051,3621,4071,4401,6111,629
Base metal products417464579611760881
Furniture and parts379450534593661705
Plastic products2963565086011,5571,106
Canned food 3/1,0951,2231,5151,5431,5641,660
Sugar and molasses777736637790503693
Rubber products213256279360448460
Vehicle parts and accessories172217270344653738
Optical appliances and instruments4461101200310409
Travel goods189234267286354381
Clocks, watches and parts97191296336287353
Toys, games and sport requisites212334466620581585
Others 4/1,8452,2062,9293,5184,3054,705
Total13,77917,21321,67924,97629,48233,097
Source: Data provided by the Thai authorities, and staff estimates.

Includes integrated circuits, telecommunications equipment, appliances, transformers, generators and motors, and insulated electrical wires.

Includes computers and parts, and ball bearings.

Includes canned fish, crustaceans, pineapple, and pet food.

Includes chemical products, leather products, artificial flowers, and other manufactured exports.

Source: Data provided by the Thai authorities, and staff estimates.

Includes integrated circuits, telecommunications equipment, appliances, transformers, generators and motors, and insulated electrical wires.

Includes computers and parts, and ball bearings.

Includes canned fish, crustaceans, pineapple, and pet food.

Includes chemical products, leather products, artificial flowers, and other manufactured exports.

Table 46.Thailand: Value and Volume of Imports by Economic Classification; 1990–94
1990199119921993Est.

1994
(In millions of U.S. dollars)
Value
Consumer goods2,9533,4164,0744,5115,773
Nondurable1,2411,4141,7771,9262,223
Durable1,7122,0022,2972,5853,550
Capital goods 1/13,11715,64616,71219,64324,372
Intermediate goods10,95812,70513,02413,77515,629
For consumer goods7,3238,8828,7769,12310,528
For capital goods3,6353,8234,2484,6525,101
Fuel and lubricants3,0663,4293,2923,4083,619
Crude oil1.6421,5771,8101,8012,152
Oil products1,4241,8521,4821,6071,467
Other3,1873,3113,8354,6785,207
Motor vehicles and parts2,1721,8492,2943,2593,973
Other 2/1,0151,4621,5411,4191,234
Total33,28138,50740,93746,01554,600
Adjustment for balance of payments basis−567−670−822−946−1,295
Merchandise imports, c.i.f.32,71437,83840,11545,06953,305
(Percent change)
Volume
Consumer goods38.710.319.08.620.5
Capital goods25.610.92.98.720.2
Intermediate goods23.814.22.315.212.9
Fuel and lubricants7.810.112.19.612.8
Other11.6−3.010,017.72.3
Total23.010.45.311.516.0
Total non-oil imports100.0110.4115.8129.4150.1
Source: Data provided by the Thai authorities.

Includes commercial aircraft.

Includes military imports and nonmonetary gold.

Source: Data provided by the Thai authorities.

Includes commercial aircraft.

Includes military imports and nonmonetary gold.

Table 47.Thailand: Direction of Trade, 1990–94 1/(In percent of total)
−-------------------Exports--------------------−-------------------Imports--------------------
1990199119921993Est.

1994
1990199119921993Est.

1994
Japan17181817173029293030
United States23212222211112121212
European Union22211917151414141514
Of which:
Netherlands5543311111
Germany 2/5544456556
United Kingdom4443322222
France2222232222
Italy2221112222
Belgium2112121111
Other2222100120
ASEAN11121316181212131213
Of which:
Singapore789121477766
Malaysia2222233445
Indonesia1111111111
Newly industrialized-economies99988911111010
Hong Kong5555512111
Korea2221134444
Taiwan Province of China2222255655
Indochina 3/0112200111
Saudi Arabia1111111111
China1112233323
Switzerland1111122111
Canada1111111111
Australia2221122222
Other12121212131513121312
Total100100100100100100100100100100
Source: Data provided by the Thai authorities.

Customs data.

Data prior to 1991 refer to the former Federal Republic of Germany.

Including Myanmar.

Source: Data provided by the Thai authorities.

Customs data.

Data prior to 1991 refer to the former Federal Republic of Germany.

Including Myanmar.

Table 48.Thailand: External Services Transactions, 1990–94(In millions of U.S. dollars)
1990199119921993Est.

1994
Receipts8,4869,52810,92512,75615,136
Freight and insurance465473509543595
Other transportation8739011,1801,5231,712
Travel4,3284,5434,8525,3746,128
Investment income1,0871,2361,0881,0291,282
Government, n.i.e.128140126182256
Other1,6052,2353,1704,1055,163
Of which:
Workers’ remittances from abroad9741,0201,1281,2251,337
Payments6,0027,6759,83111,78615,124
Freight and insurance365490656678720
Other transportation322383550607689
Travel1,4331,9022,4263,3084,853
Investment income2,7093,1013,3883,5033,874
Of which:
Interest payments1,7642,1102,2522,1812,612
Government, n.i.e.149186114162191
Other1,0241,6132,6973,5284,797
Net services2,4841,8531,09497012
Freight and insurance100−17−147−135−125
Other transportation5515186309161,023
Travel2,8952,6412,4262,0661,275
Investment income−1,622−1,865−2,300−2,474−2,592
Government, n.i.e.−21−46122065
Other581622473577366
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 49.Thailand: Medium- and Long-Term Nonmonetary Capital Flows by Borrower, 1990–94(In millions of U.S. dollars)
1990199119921993Est.

1994
Private sector4,749.04,129.03,974.06,785 05,248.0
Direct investment2,215.01,415.01,546.01,253.0542.0
Foreign direct investment2,369.01,598.01,692.01,487.01,012.0
Equity capital1,722.01,402.01,696.01,303.0958.0
Bank33.016.00.075.043.0
Nonbank1,689.01,386.01,696.01,228.0915.0
Loans647.0196.0−4.0184.054.0
Thai investment abroad−154.0−183.0−146.0−234.0−470.0
Bank−14.0−16.0−10.060.0−72.0
Nonbank−140.0−167.0−136.0−294.0−398.0
Portfolio investment457.048.0531.03,938.0999.0
Bank0.00.075.0144.0524.0
Nonbank457.048.0456.03,794.0475.0
Long-term loans2,015.02,560.01,749.01,549.03,671.0
Banks−40.052.0318.01,528.03,603.0
Nonbanks2,055.02,508.01,431.021.068.0
Drawings2,681.03,553.03,127.02,582.03,041.0
Trade credits378.0245.0402.0168.035.0
Other2,303.03,308.02,725.02,414.03,006.0
Repayments626.01,045.01,696.02,561.02,973.0
Trade credits226.0165.0228.0289.0128.0
Other400.0880.01,468.02,272.02,845.0
Other (net)62.0106.0148.045.036.0
Banks0.00.00.00.00.0
Nonbanks62.0106.0148.045.036.0
Public enterprises417.0414.0501.0622.0194.0
Long-term loans423.0449.0447.0419.0105.0
Drawings1,182.01,227.01,023.01,129.01,219.0
Trade credits123.062.068.040.03.0
Other1,059.01,165.0955.01,089.01,216.0
Repayments759.0778.0576.0710.01,114.0
Trade credits51.066.081.078.0143.0
Other708.0712.0495.0632.0971.0
Portfolio investment (net)0.00.00.0190.0159.0
Other (net)−6.0−35.054.013.0−70.0
Central government-1,746.0154.0-210.0162.0-222.0
Long-term loans−1,441.011.0−44.0341.0−3.0
Drawings236.0227.0645.0703.0935.0
Repayments1,677.0216.0689.0362.0938.0
Other (net)−305.0143.0−166.0−179.0−219.0
Total medium- and long-term borrowing (net)3,420.04,697.04,265.07,569.05,220.0
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 50.Thailand: Short-Term Nonmonetary Capital Flows by Borrower, 1990–94(In millions of U.S. dollars)
1990199119921993Est.

1994
Private sector (net)6,2346,1925,9684,2329,016
Borrowings4,3444,6163,7273,2556,228
Banks1,0701611,4413,24910,441
Nonbanks borrowing3,2744,4552,2866−4,213
Trade credits436656131660532
Loans2,8383,6842,050−1,712−5,424
Debt securities01151051,058679
Nonresident baht accounts1,3362,0422,1314,2464,023
Bank assets554−466110−3,269−1,235
Public enterprises0.0311.0−50.0−260.00.0
Trade credits0.00.00.00.00.0
Other0.0311.0−50.0−260.00.0
Central government85137−105−290180
Short-term borrowing85137−105−290180
Other0.00.00.00.00.0
Total short-term borrowing6,3196,6405,8133,6829,196
Source: Data provided by the Thai authorities.
Source: Data provided by the Thai authorities.
Table 51.Thailand: Borrowing Terms of Private Loans, 1991–94 1/(In millions of U.S. dollars)
1991

---Amount of Borrowing---
1992

---Amount of Borrowing---
1993

---Amount of Borrowing---
1994 (Est.)

---Amount of Borrowing---
Millions of

U.S. Dollars
Percent

of Total
Millions of

U.S. Dollars
Percent

of Total
Millions of

U.S. Dollars
Percent

of Total
Millions of

U.S. Dollars
Percent

of Total
Short-term12,22877.214,83983.916,22885.515,02182.3
On demand and less than one month1,4639.23732.17273.82,73615.0
1–3 months8,08151.010,87061.511,15258.79,70153.1
4–6 months2,28814.42,61814.83,51018.51,7489.6
7–11 months770.5590.3250.1540.3
12 months3192.09195.28144.37824.3
Long-term3,61722.82,84616.12,75914.53,23717.7
At call3292.12251.32971.63932.2
More than 1–3 years9746.16853.97944.21,0916.0
More than 3–5 years1,0456.67794.46253.38264.5
More than 5–10 years1,2247.71,0906.27253.87594.2
More than 10 years450.3670.43181.71680.9
Total15,845100.017,685100.018,987100.018,258100.0
Source: Data provided by the Thai authorities.

Including borrowings from affiliates, but excluding commercial banks and BIBFs.

Source: Data provided by the Thai authorities.

Including borrowings from affiliates, but excluding commercial banks and BIBFs.

Table 52.Thailand: Net Flows of Foreign Direct Investment, Classified by Country of Investor, 1990–94 1/, 2/(In millions of baht)
1990199119921993Est.

1994
Japan27,93115,5938,5729,6521,697
Singapore6,1366,4696,7225,699−4,724
United States6,1545,91911,7887,7275,354
Hong Kong7,02711,56614,5494,424929
Taiwan Province of China7,1602,7542,2211,5392,863
EC4,2123,9646,8876,5883,295
Of which:
United Kingdom1,1312573,2194,0881,342
Germany 3/1,150843618798945
Netherlands650747689716−888
France6821,2461,6452,1961,406
Other6,0755,1243,0256,2442,586
Total64,69551,38953,76441,87312,000
Source: Data provided by the Thai authorities.

Includes loans from affiliates; excludes Thai investment abroad.

Excludes commercial banks and BIBFs.

Data prior to 1991 refer to the former Federal Republic of Germany.

Source: Data provided by the Thai authorities.

Includes loans from affiliates; excludes Thai investment abroad.

Excludes commercial banks and BIBFs.

Data prior to 1991 refer to the former Federal Republic of Germany.

Table 53.Thailand: Inflows of Foreign Direct Investment, Classified by Type of Business, 1990–94 1/, 2/(In millions of baht)
1990199119921993Est.

1994
Financial institutions4,5316,8236,5553,484-16,003
Trade12,9287,7267,0965,5479,613
Construction3,3013,30614,5343,8531,874
Mining and quarrying1,1392,0733,1263,1761,653
Oil exploration8921,9482,9863,2021,654
Other247125139−26−1
Agriculture763598-151330-203
Industry31,00423,84017,46720,38313,867
Food1,7571,6851,2849741,116
Textiles1,7771,1431,462−2271,106
Metal and nonmetallic2,8862,2061,6962,2591,096
Electrical appliances10,6778,9815,9073,589649
Machinery and transport equipment2,4752,2981,0841,570-27
Chemicals4,3183,8511,6245,106805
Petroleum products3,029−3741,2794,8436,203
Construction materials12146375111129
Other4,0733,9042,7562,1582,790
Services10,4755,2733,7115,326-2,955
Transportation and travel1,0446571,126−180182
Housing and real estate5,3835,3389404,073−3,853
Hotels and restaurants3,038−1,719621864−445
Other1,0109971,0245691,161
Other5541,7501,426-2264,154
Total64,69551,38953,76441,87312,000
Source: Data provided by the Thai authorities.

Includes loans from affiliates; excludes Thai investment abroad.

Excludes commercial banks and BIBFs.

Source: Data provided by the Thai authorities.

Includes loans from affiliates; excludes Thai investment abroad.

Excludes commercial banks and BIBFs.

Table 54.Thailand: International Reserves, 1990–94(In millions of U.S. dollars; end of period)
19901991199219931994
Monetary authorities, net14,27318,41621,18225,44030,279
Total gross reserves14,27318,41621,18225,44030,279
Gold 1/968899823967947
IMF reserve trench. position45222335373416
SDRs138122232
Foreign exchange13,24717,28720,01224,07828,884
Liabilities to IMF0.00.00.00.00.0
Commercial banks, net
Assets
Liabilities
Total net reserves
Memorandum items:
Interest receipts on foreign assets
Bank of Thailand9721,1349689241,143
Commercial banks
Interest payments on foreign liabilities 2/
Bank of Thailand279565
Commercial banks
Source: Data provided by the Thai authorities.

National valuation.

Including interest paid to the IMF for the holding of SDRs below allocation.

Source: Data provided by the Thai authorities.

National valuation.

Including interest paid to the IMF for the holding of SDRs below allocation.

Table 55.Thailand: External Debt and Debt Service, 1990–94(In millions of U.S. dollars; end–of–period data)
1990199119921993Est.

1994
Total outstanding debt (disbursed)29,15837,72843,39650,60062,100
Outstanding medium- and long-term debt (disbursed) 1/18,74122,33724,48228,54832,666
Public sector11,25812,10512,51814,17115,589
By lender
IMF 2/(1.0)(0.0)(0.0)(0.0)(0.0)
Other international institutions(2,698)(2,577)(2,288)(2,376)(2,305)
Foreign governments(4,606)(5,386)(5,765)(5,776)(8,132)
Foreign banks(3,411)(3,591)(3,940)(4,471)(4,713)
Suppliers’ credits(542)(551)(525)(548)(439)
By borrower(11,258)(12,105)(12,518)(14,171)(15,589)
Bank of Thailand(1.0)0.00.00.00.0
Central government(3,694)(3,782)(3,817)(4,312)(4,652)
Public enterprises(7,563)(8,323)(8,701)(9,859)(10,937)
Nonbank private sector7,34710,04411,45812,77713,932
Loans(6,654)(9,273)(10,525)(10,854)(11,069)
Suppliers’ credits(693)(771)(933)(816)(723)
Debt securities0.00.00.0(1,107.0)(2,140.0)
Commercial banks 3/136188506410669
BIBF 3/0.00.00.01,190.02,476.0
Outstanding short-term debt (disbursed)10,41715,39118,91422,05229,434
Public sector2577055500180
Nonbank private sector6,21310,54712,83212,8398,625
Commercial banks 3/3,9474,1395,5324,4817,313
BIBF 3/0.00.00.04,732.013,316.0
Total debt service payments 4/3,2843,5874,4015,1806,154
Amortization, medium- and long-term debt(1,520)(1,744)(2,461)(3,208)(3,730)
Public sector9297767761,0301,075
Of which: IMF(272.0)(1.0)0.00.00.0
Nonbank private sector5919681,6852,1782,655
Interest, medium- and long-term debt(1,341)(1,814)(1,921)(1,854)(1,954)
Public sector861745751766814
Of which: IMF(27.0)9.00.00.00.0
Nonbank private sector 5/4801,0691,1701,0881,140
Interest, short-term debt 5/4232919118470
Of which: BIBF 3/(238.0)0.00.0(115.0)464.0
Average maturity of medium- and long-term debt contracted (years)
Public sector 6/20.820.820.820.720.8
Nonbank private sector5.35.25.35.45.2
Average interest rate on medium- and long-term debt contracted (percent)
Public sector 6/5.75.35.05.04.9
Nonbank private sector8.47.36.66.05.6
Total debt service ratio 4/, 7/10.59.810.510.710.6
Memorandum item:
Nonresident baht deposits194239295788546
Source: Data provided by the Thai authorities; and staff estimates.

Debt with maturity of one year and over.

Includes Trust Fund loans.

Gross foreign liabilities of commercial banks and BIBFs.

Including BIBF but not commercial banks.

Interest paid on certain short-term debt is included under medium-term debt in 1991.

Excludes IMF.

As a percent of exports of goods and services.

Source: Data provided by the Thai authorities; and staff estimates.

Debt with maturity of one year and over.

Includes Trust Fund loans.

Gross foreign liabilities of commercial banks and BIBFs.

Including BIBF but not commercial banks.

Interest paid on certain short-term debt is included under medium-term debt in 1991.

Excludes IMF.

As a percent of exports of goods and services.

Table 56Thailand: Changes in the Exchange System During 1993–95 1/, 2/
March 1993The amount of Thai baht that can be taken out to Viet Nam and bordering countries was raised to B 250,000 from the previous limit of B 100,000.
February 1994The amount of Thai baht that can be taken out to Viet Nam and bordering countries was raised to B 500,000.
The ceiling on the amount of direct foreign investments or loans that domestic residents can provide to their affiliates via foreign currency accounts was increased to $10 million a year from the previous ceiling of $5 million.
The ceiling on the amount of foreign exchange that can be taken abroad for travelling expenses was eliminated (the previous ceiling was $20,000).
The ceiling on the amount authorized banks are permitted to lend to nonresidents in foreign currency was eliminated (the previous ceiling was $5 million).
With respect to foreign exchange transactions: (i) residents are permitted to use foreign exchange that originates from abroad to service external obligations without having to surrender or deposit it in domestic banking accounts; and (ii) foreign currency borrowed by residents from BIBF, foreign currency borrowed by nonresidents from authorized banks, and foreign currency arising from withdrawals from nonresident baht accounts can all be freely deposited in foreign currency accounts.
Nonresident baht accounts can be freely credited with baht resulting from the sale of foreign currency withdrawn from nonresidents’ foreign currency accounts, as well as baht borrowed from authorized banks.

Includes changes through March 1995.

Thailand’s trade and exchange system as of December 31, 1993 is described in Exchange Arrangements and Exchange Restrictions, Annual Report, 1994.

Includes changes through March 1995.

Thailand’s trade and exchange system as of December 31, 1993 is described in Exchange Arrangements and Exchange Restrictions, Annual Report, 1994.

Table 57.Thailand: Average Rates of Import Duties, 1988–94 1/(In percent)
1988198919901991199219931994
Consumer goods21.518.217.916.915.216.014.9
Nondurable23.220.621.321.918.718.418.9
Durable19.716.215.413.312.714.112.4
Capital goods9.310.09.87.57.36.96.0
Intermediate goods9.68.48.47.38.38.18.1
For consumer goods11.39.89.77.79.49.08.9
For capital goods6.25.76.06.26.16.36.4
Other15.818.821.315.614.615.917.7
Motor vehicles and parts32.942.242.336.428.428.127.6
Fuels, lubricants 2/4.63.33.32.84.34.96.1
Others1.31.01.31.30.70.40.5
Total11.311.511.79.49.49.49.0
Source: Data provided by the Thai authorities.

Calculated as import duties in percent of import value.

Excluding crude oil.

Source: Data provided by the Thai authorities.

Calculated as import duties in percent of import value.

Excluding crude oil.

Table 58.Thailand: Changes in the Trade System During 1993–95 1/, 2/
A. Exports and Export Proceeds
January 1993In compliance with a resolution of the United Nations Security Council, all oil exports through the Thai-Cambodian border require prior permission.
April 1993Adoption of Cabinet resolution prohibiting unauthorized persons from the right to export or import reproduced or modified cassette tapes, video-tapes, computer software books, or any other good without the consent of the owners of tie copyright.
September 1993The establishment of the Export-Import Bank of Thailand to strengthen the financial standing of Thai export-oriented businesses.
B. Imports and Import Payments
January 1993Tariff reductions in accordance with the new standardized rate structure were approved for ores, slag, and ash; products of the chemical or allied industries; and iron and steel articles.
June 1993The Ministry of Commerce issued a notification subjecting to import license machines that could be used for the purpose of copy-right infringement of recorded cassette tapes, compact discs and video-tapes.
The Ministry of Commerce prohibited the import of used engine parts and accesories of motorcycles with an engine capacity not exceeding 50 cc and both front and back wheel rims not more than 10 inches in diameter.
July 1993Import duties on films and cinematographic instruments were reduced.
January 1994Tariff reductions in accordance with the new standardized rate structure were approved for nonferrous metal products; measuring devices and research and medical equipment.
March 1994Tariff reductions in accordance with the new standardized rate structure were approved for electronic and electrical goods, mechanical goods, and optical products and machinery.
January 1995Thai market opened for 23 agricultural products, a measure that included the removal of surcharges on soya bean cake imports.
Tariff reductions on approximately 4,000products were begun, which will reduce the average tariff from about 30 percent to 17 percent by January 1, 1997. Tariff reductions for ASEAN members on over 8,000 products were also initiated and scheduled for completion by January 1, 2000.
March 1995Copyright Act took effect to better safeguard intellectual property rights.

Includes changes through March 1995.

Thailand’s trade and exchange system as of December 31 1993 is described in Exchange Arrangements and Exchange Restrictions, Annual Report 1994.

Includes changes through March 1995.

Thailand’s trade and exchange system as of December 31 1993 is described in Exchange Arrangements and Exchange Restrictions, Annual Report 1994.

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