Thailand’s export turnover declines for seventh straight month​ in April

Gantry cranes rise behind stacked containers at Bangkok Port in Klong Toey. (Photo:bangkokpost.com)

Bangkok (VNA) - Thailand' export turnover in US dollar fell for a seventh straight month in April, down 7.6% from a year earlier as global demand remained slow, the Thai Ministry of Commerce announced on May 30. 

The decline was far more than the 2% fall forecast in a Reuters poll of economists, and came after a 4.2% drop in March.

The ministry said exports in April were valued at 21.72 billion USD, compared with 27.65 billion USD in March, which was the highest in 12 months.

The country posted a trade deficit of 1.47 billion USD in April, versus a forecast deficit of 450 million USD, as imports showed a 7.3% year-on-year contraction.

In the January-April period, exports declined 5.2% from a year earlier, with imports down 2.2% and a trade deficit at 4.52 billion USD.

According to the Thai National Shippers Council (TNSC), the country's exports face numerous unpredictable factors, including a sluggish US economy, the slow pace of China’s economic recovery and the fluctuating value of the Thai baht. Therefore, the TNSC said that it’s necessary to intensify export promotion efforts in the second half of the year, adding that there are still opportunities for growth, even in the US and EU.

Meanwhile, Poj Aramwattananont, vice-chairman of the Thai Chamber of Commerce, said the most worrisome issue for exports is increasing production costs. Exporters have faced rising costs from energy, electricity and now the possibility of a higher minimum wage under a new government.

The ministry said earlier that it was still maintaining its target of 1-2% export growth this year./.