UPDATE 1-Thailand faces possible capital outflows - cenbank

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BANGKOK, June 10 (Reuters) - Thailand may face capital outflows triggered by slowing global economic growth later this year, Deputy central bank governor Bandid Nijathaworn told reporters on Tuesday.

A weaker global economy could hurt Thailand's export-driven economy, while rising inflation worldwide will push up production costs at Thai firms, Bandid said.

"If the world economy continues to slow, capital outflows could outpace inflows and it could hurt our exports," he said.

The comments had little impact on the baht THB=TH. The currency was firmer on Tuesday in a correction from a sharp fall in recent sessions.

Thai exports, which account for more 60 percent of the Southeast Asian nation's gross domestic product (GDP), posted a healthy 27.7 percent annual rise in April.

But some analysts expect export growth to slow in the second half of 2008 due to easing global demand.

With oil-fuelled import growth outpacing export growth since January, Thailand has faced dual trade and current account deficits this year.

April's trade deficit hit a 12-year record of $1.77 billion and the $1.66 billion current account deficit was the highest level since mid-2005.

Analysts said if the sour external trade position fails to improve and capital outflows led by foreign sales of Thai stocks continues, Thailand's strong balance of payments may slip into a deficit later this year.

Foreign investors worried about a weaker baht have unloaded a net $817 million worth of Thai stocks in the past two weeks.

The baht fell to a 5-month low of around 33.22 per dollar on Monday before it recovered to 32.99 on Tuesday.

Thailand's balance of payments surplus narrowed sharply to $1.34 billion from $8.61 billion in March due to the trade and current account deficits in April.

Oil-inflated imports jumped 41.5 percent in April from a year earlier to a record $15.4 billion. (Reporting by Boontiwa Wichakul; Writing by Vithoon Amorn; Editing by Darren Schuettler and Anshuman Daga)