Thailand's exports hit a record high of about 17 billion US dollars in July, but the month still saw a trade deficit with imports hitting about 18 billion dollars, the Fiscal Policy Office said Thursday.

July was the fourth month with a deficit this year, the office's director general, Pannee Sathavarodom, told local media.

Exports increased 43.9 per cent from the same month last year, in part because of the high price of agricultural exports.

Pannee said the economy was stable and inflation should fall in the coming months on the back of slightly lower oil prices.

The Bank of Thailand raised its benchmark interest rate a quarter-point Wednesday to 3.75 per cent in an effort to slow inflation.