UPDATE 1-Thai June trade surplus narrows on high imports

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By Kittiphong Thaicharoen

BANGKOK, July 31 (Reuters) - Thailand's trade surplus narrowed in June after oil-inflated imports grew faster than still robust exports, central bank data showed on Thursday.

The drop in the surplus was smaller than expected, though, as exports growth of 28.5 percent from a year earlier beat forecasts with the help of high prices of rice and other commodities.

With exports hitting a record $16.15 billion and imports jumping 31.5 percent to $15.22 billion, a tad less than expected, the trade surplus fell to $926 million from $1.27 billion in May.

Analysts polled by Reuters had forecast a surplus of $650 million and a 27 percent rise in exports.

Economists said the figures, combined with investment and private consumption data, painted a mixed picture and in general suggested the economy has slowed down in the second quarter.

"GDP growth in the second quarter is estimated to be weaker than the first, weighed by sluggish consumption and investment. The only better figure in the latest quarter was robust exports," Charl Kengchon of Kasikorn Research said.

He said he expected annual economic growth to slow to 5.5 percent in the second quarter from 6 percent in the first three months of the year.