The Ministry of Commerce has lowered its export growth target for 2013 to 7-7.5% from the previous projection of 8-9% on the back of the baht's continuing strength, Commerce Minister Boonsong Teriyapirom said on Wednesday.
Mr Boonsong said the adjustment was made after a meeting of the ministry's commercial attaches and directors of international trade offices in 62 countries.
The officials reported that the baht's persistent appreciation had caused a reduction in orders for Thai products.
It was possible the strong baht would also affect exports in the second half of the year, particularly jewellery and ornaments, processed agricultural products and frozen food, he said.
As there was no sign the baht would drop in value soon, the ministry had lowered its export growth target for the year, based on the currency remaining around 29 baht to the US dollar.
The minister said his ministry would closely monitor the situation, review its export promotion plan and come up with needed assistance for affected exporters.
Finance Ministry spokesman Somchai Sajjapongse said on Wednesday that the government had revenue collections of 1.10 trillion baht for the first seven months of the 2013 fiscal year, up 154.29 billion baht, or 16.3%, on the same period last year.
He attributed the increase in tax revenue to the rise in excise taxes collected on vehicles and from value added tax as a result of the government's first car-buyer scheme and its economic stimulus measures.
However, budget disbursements over the period totalled 1.55 trillion baht, up 125.05 billion baht, or 8.8%, from last year, resulting in a total cash deficit of 448.65 billion baht, said Mr Somchai.
When the 123.48 billion baht outside-the-budget cash deficit was included, the government's total cash deficit was 572.14 billion baht, he added.
The government had hurried budget spending over the period to finance stimulus measures and the economy had further expanded, he said.
Mr Somchai, director general of the Fiscal Policy Office, said he was confident that the government's revenue target for fiscal 2013 of 2.1 trillion baht would be achieved.
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Article source: http://www.thethailandlinks.com/2013/05/22/govt-outspending-tax-collection-export-target-down/
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