Bangkok (VNA) - Thailand’s exports in July contracted 11.3 percent year on year to 18.81 billion USD, while its imports were valued at 15.47 billion USD, contracting 26.38 percent compared to the same period last year.

Local media quoted Pimchanok Vonkorpon, director-general of the Trade Policy and Strategy Office, as saying that during the first seven months of the year, the country’s exports reached 113.16 billion USD, down 7.72 percent year on year, while imports were 119.118 billion USD, down 14.69 percent, resulting in a 14.04 billion USD trade surplus.

One of the key factors for the positive trade outcome is the export potential of food, processed agricultural products and products for working from home while COVID-19 related goods are also in demand.

The Thai economy saw its strongest decline since the 1998 Asian financial crisis in the second quarter of 2020 when the COVID-19 pandemic affected the tourism industry and domestic manufacturing activities.

Earlier, the National Economic and Social Development Council of Thailand (NESDC) said that the country’s Gross Domestic Product (GDP) in the second quarter of 2020 decreased by 12.2 percent year on year, the sharpest fall since the 1998 crisis./.