Thailand’s exports shrank by 6.2% in July, marking the 10th consecutive month of decline, according to the Ministry of Commerce. These economic challenges have been attributed to the lingering global economic downturn.
Permanent Secretary for Commerce, Keerati Rushchano revealed that the total export value in July was over $22.143 billion, which contracted 6.2% from a year earlier.
This contraction affected all product categories, including agricultural and industrial goods. The country’s trade partners have been slow to recover, primarily due to pressure from exchange rates and high-interest rates, resulting in subdued production and consumption.
China’s economic recovery has also been slower than expected. Additionally, Thailand’s export base in the same period of the previous year was at a high level.
Thailand posted a trade deficit $1.98 billion with imports shranking 11.1 per cent year-on-year. The overall picture for the first seven months of 2023 shows that Thailand’s exports, with a total value of $163 billion contracted 5.5% year-on-year.
However, Thailand’s situation is relatively better compared to several other countries, including Taiwan, Singapore, India, and Indonesia. (TNA)
