Illustrative image (Source: AFP/VNA) The rebound of the service and tourism sectors should also boost demand from trading partners, the ministry said.
However, global economic uncertainty and an inflationary environment will inevitably affect Thai exports in the first half of the year.
Thai outbound shipments are expected to contract in the first and second quarters, as importers still maintain large stockpiles, said Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department.
The ministry reported on March 30 the customs-cleared value of exports dipped for the fifth month in a row in February, falling 4.7% year-on-year to 22.4 billion USD while imports increased by 1.1% to 23.5 billion USD, resulting in a trade deficit of 1.11 billion USD.
For the first two months of 2023, Thai exports fell by 4.6% to 42.6 billion USD, while imports rose by 3.3% to 48.4 billion USD, resulting in a trade deficit of 5.76 billion USD.
Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, said factors causing a decline in exports last month included a high base in February 2022 and key importing countries facing mounting pressure from the global economic slowdown, hampering demand for products.
In addition, he said high inflation in many countries affected consumer purchasing power, resulting in pressure on Thai exports./.
VNA
