Illustrative image (Photo: https://www.thestar.com.my/) Bangkok (VNA) – The value of exports, the main driver of Thailand’s growth, dipped for the fourth month in a row in January due to slowing global demand, according to the Ministry of Commerce.
The ministry on March 2 cited data from the Thai Customs Department, saying that the exports fell 4.5% year-on-year to 20.2 billion USD, while imports increased by 5.5% in January to 24.8 billion USD, resulting in a trade deficit of 4.64 billion USD.
The ministry predicted that the slowdown in consumption and the global economy, alongside relatively high inflation, will inevitably affect exports during the remaining months of this year.
Phusit Ratanakul Sereroengrit, Director-General of the International Trade Promotion Department, said at a press conference on the same day that the country's exports in the first quarter of this year are still expected to be negative, partly due to the high base from the same period of last year.
The ministry still aims for export growth of 1-2% for the whole of this year, compared with a 5.5% increase in 2022, according to Phusit.
According to Chaichan Chareonsuk, President of the Thai National Shippers' Council (TNSC), there are some positive signs for exports, especially the recovery of the Chinese market - the major importer of Thailand, and this will boost demand for Thai shipments./.
