Meanwhile, the BoT report indicated that the the current account deficit narrowed from $4,910.2 million in the year ending August 2015 compared with $1,912 million in the year ending August 2016. “The improvement was mostly driven by an increase in exports and a fall in imports,” said BoT.
The report indicate that imports decreased by six per cent thus allowing the country to save a lot of its foreign reserves.
“All categories of imports declined, except industrial raw materials. This is partly attributed to an exchange rate appreciation and completion of major projects, such as construction of cement factory, power plants and exploration activities,” reads part of the report.
SOURCE: THE CITIZEN