Thailand’s exports continue to drop in November 2022

Exports, considered a key driver of Thailand’s growth, in November this year saw a year-on-year decrease of 6%, higher than the forecast by Reuter’s poll – just 5.2%. (Photo: BangkokPost)

Bangkok (VNA) – Thailand’s Ministry of Commerce on December 27 announced that the country’s exports in November dropped for a second straight month and worse than expected due to a global slowdown and China’s lockdown measures.

Exports, considered a key driver of the country’s growth, in November this year saw a year-on-year decrease of 6%, higher than the forecast by Reuter’s poll – just 5.2%.

In October 2022, Thailand’s exports declined by 4.4%. 

According to the ministry, the export of agricultural and industrial-agricultural products in November 2022 fell 2% year-on-year, while that of industrial products fell 5.1%.

Among the country’s main markets in November, shipments to the US increased 1.2% year-on-year while those to Southeast Asia fell 9.5%. Exports to China fell 9.9%.

In the first 11 months of 2022, exports increased by 7.6% year-on-year, compared with the target of 4% set by the ministry for the year 2022.

In November, the country’s imports rose 5.6% year-on-year while the forecast decline was just 0.8%. Many imports will be used to produce exports.

Thailand recorded a trade deficit of 1.34 billion USD last month, higher than the forecast of only 200 million USD.

Earlier the same day, Thailand's Ministry of Industry’s data showed factory output in November fell 5.6% year-on-year, the biggest drop in more than two years due to slowing global demand. The ministry expects the output to fall further in December. Industrial products account for 80% of Thailand's total exports

According to Thai Government spokesman Traisuree Traisoranakul, the cabinet on the same day approved the Bank of Thailand's (BoT) target to keep inflation in 2023 between 1%-3%, unchanged from this year./.