Thailand’s exports down in October
Thailand’s exports unexpectedly dropped 4.2 percent in October after two months of gains, adding to pressure on the trade-reliant economy in the face of tepid global demand.
Illustrative image (Source: Bloomberg)The export decline in October was due to slow global trade and weaker shipments of gold and oil products, said Pimchanok Vonkhorporn, a senior official of the Thai Commerce Ministry.
Between January and October, exports dropped 1 percent on-year but the ministry hopes for a small rise in shipments in the last two months as many factors are on the upside such as farm produce and oil prices.
Sarun Sunansathaporn, an economist at the Bank of Ayudhaya, said it’s difficult to see positive exports this year but exports should improve next year as commodity prices stabilise and export volume increases.
Imports in October rose a better-than-expected 6.5 percent from a year earlier, higher than economists’ forecast of 3.6 percent.
Imports of raw materials rose 17.46 percent in October on-year, led by electronics parts and chemical products, while consumer goods rose about 2.6 percent.
Exports, worth about two-thirds of the Thai economy, have contracted the past three years, placing a big drag on the government’s attempts to revive Southeast Asia’s second-largest economy.
Last week, the Commerce Ministry predicted exports would be flat this year, rather than fall 1.9 percent as previously projected. It expected the economy to grow 3.2 percent this year, up from 2.8 percent last year.-VNA
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