BANGKOK - THAILAND recorded a current account surplus in February of US$4.42 billion (S$6.71 billion), nearly six times the figure posted a year ago, the Bank of Thailand said on Tuesday.

But the central bank said the steep rise on the balance sheet was due to a huge contraction in imports to the kingdom due to the ongoing global economic crisis, which made up for falls in exports.

Thailand's current account surplus was up from a US$767.67 million figure for the same period last year.

Exports in February were worth US$11.82 billion, down 11.1 per cent year-on-year, while imports were valued at US$7.63 billion, down 43.5 per cent from the same period last year.

'The value of exports in February contracted, especially in high technology goods, although sugar and food exports expanded,' said bank director Amara Sriphayak.

'But imports also contracted a great deal due to a slowdown across all goods... due to the economic crisis.' Thai shipments to the United States fell 24.84 per cent year-on-year to US$1.18 billion, while shipments to Japan dropped 28.85 per cent to US$1.11 billion.

EU-bound exports also fell 29.10 per cent to US$1.34 billion, the Bank of Thailand said. -- AFP