BANGKOK, 26 February 2015, The Ministry of Commerce has revealed that the Kingdom’s exports and imports in January shrank by 3.46% and 13.33% respectively, due to low agricultural and fuel prices.
The Department of International Trade Promotion (DITP) revealed that exports and imports last month came to 17.25 billion USD and 17.7 billion USD respectively, causing a trade deficit of 457 million dollars.
However, the DITP added that the overall number of export goods increased by 21.8%. The department said that these goods included products that have direct ties to crude oil prices, such as chemicals and plastics.
The DITP said the dominant factors affecting exports during the first quarter of the year are prices of agricultural goods and fuel, as well as the currencies of trading partners and rival nations.
The department revealed that despite under-performing exports last month, the government’s export growth target remains at 4%. Officials continue monitoring both fuel prices and related currencies.
