Illustrative image (Source: Bangkok Post)
Bangkok (VNA) – Thailand’s exports in February declined by 2.76 percent year-on-year for the first time to 18.47 billion USD, according to the Ministry of Commerce.

However, exports value would increase by at least 3 percent this year, said Pimchanok Vonkorpon, Director-General of the Trade Policy and Strategy Office.

The prospects for strong export growth are supported by rising imports of raw materials and manufacturing commodities of major economies, the official added.

In addition, as the US Federal Reserve has just raised its policy interest rate, the baht is likely to weaken, which would benefit the Thai export sector.

In February, imports increased by 20.36 percent to reach 6.85 billion USD. In the first two months, import value expanded by 12.39 percent to 33.13 billion USD due to rising price of raw materials and capital goods.-VNA