Commerce Minister Mingkwan Sangsuwan said yesterday that export values overall totalled $12.99 billion, an increase of 7% in local currency terms to 427.54 billion baht. Sharp growth was seen from agricultural commodities including rice, rubber and tapioca, and industrial goods.

Imports in February were worth $13.68 billion, up 33.1% from the year before. Among the total imports, fuel and oil totalled $3.24 billion, up 66.36%. Crude oil alone topped $2.4 billion.

Capital goods were worth $5.64 billion, up 21.2%, consumer products, particularly home appliances, $1.12 billion, up 31%, and automobiles and auto parts $431 million, up 34%.

The result was a trade deficit in February of $688.9 million, Mr Mingkwan said.

Exports in the first two months of this year were worth $26.95 billion, up 24.5%, or 894.5 billion baht, up 15.7%. Imports were worth $28.29 billion, up 40.9%, reflecting some big-ticket purchases in January including aircraft and an oil-drilling platform.

The trade deficit for the first two months was $1.34 billion.

Mr Mingkwan said the steep rise in imports signalled that the economy would slowly improve. Private operators are investing more to expand capacity as they are more confident in the political and economic outlook, he said.

Last year, imports of capital goods rose modestly at 0.86% while exports expanded at 17.54%, due in part to the weakness of the dollar against the baht.

''Our exports have expanded in both traditional and new markets. The exports to the US have continued to grow by 12.6% since the start of this year even while the American economy has faced the sub-prime mortgage crisis,'' he added.

The minister said the exports to ''new'' markets _ outside the EU, US and Japan _ were expected to represent 48.3% of total exports this year while the traditional markets would share 51.7%.