LOW values for traditional and non-traditional exports were a reason for the decline of 1.3 per cent export earnings to 8,609 million US dollars in the year ending January, this year.
The BoT monthly economic review shows that the value of traditional exports declined by 7.6 per cent to 890.9 million US dollars in the period under review, compared with the level recorded in the year corresponding period in 2013.
"The decline was driven by a fall in both export volumes and unit prices of some crops. With exception of coffee, tea and cloves, all other traditional crops declined in their export volumes mainly due to lower production during the year," stated the report. Meanwhile, coffee, cotton, tea and cashew nut recorded a fall in the export unit prices.
The fall was consistent with the general movement of commodity prices in the world market.
Also the year ending January 2014 saw the value of non-traditional exports declining to 3,801.5 million US dollars compared with 4,170.4 million US dollars recorded in the corresponding period a year earlier.
The outturn was attributable to low export values of all non-traditional goods with the exception of manufactured goods, diamond and other minerals.
Much of the decline was recorded in export value of gold the leading nontraditional exports which declined by nearly 17 per cent to 1,754.5 million US dollars, following a fall in export volume coupled with decline in unit export price by 17.7 per cent to an average of 1,375.9 US dollars per troy ounce.
However, despite the decline, gold continued to dominate non-traditional exports albeit at a smaller share of 46.3 per cent compared with 50.4 per cent recorded in the preceding year.
All major exports declined with the exception of travel and manufactured goods during the review period.