Thai exports contracted 11.37 percent in July due to the COVID-19 pandemic but there are signs for gradual improvements, the Ministry of Commerce reports.
Pimchanok Vonkorpon, Director-General of the Ministry’s Trade Policy and Strategy Office, said that although the contraction continued but the Ministry believed the worst slump was over.
The July’s exports contracted 11.37% year-on-year to US$18.8 billion. Exports for the first seven months dropped 7.72% to $133 billion, according to Pimchanok.
In the meantime, imports went down 23.68% to $15.5 billion, compared to the same month last year. The trade surplus stood at $14 billion.
The ministry was more optimistic about trade prospects, said Pimchanok, projecting 2020 exports to decrease 7-8 percent, much better than previous forecasts.
The value of exports to major trading partners contracted at a lower rate, she said. (TNA)
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