Thailand’s exports have contracted for nine months in a row, but are expected to rebound during the second half of this year, with export growth of 1-2% for the whole year, according to Keerati Rushchano, permanent secretary of the Ministry of Commerce.
Exports in June alone fell 6.4%, to about US$24.83 billion, compared to the same period last year, while imports dropped by 10.3%, to US$24.77 billion, resulting in a trade surplus of US$57.7 million.
The depressed economic situations in countries with which Thailand trades, due to rising interest rates and inflationary pressures, are blamed for the poor performance of Thai exports in June. The slow economic recovery in China and other trade partners of Thailand has forced these countries to slow down their purchases of Thai products.
The value of Thai exports for the first half of this year in three key segments are:
- Agricultural products, US$13,876 million, -3.2%
- Agro-industrial products, US$11,757 million, -2.3%
- Industrial products, US$110,189 million, -5.3%
Exports to the following countries for the first six months this year are:
- US, -3.6%
- China, -3.7%
- Japan, -1.3%
- ASEAN countries, -10%
- India, -8.8%
Meanwhile, exports to the following countries increased:
- Saudi Arabia, +31.9%
- CIS, +41.6%
- Russia, +21.7%
Keerati said that Thai exports for the first half of the year contracted less than exports of many other countries, noting that the average monthly exports were estimated at US$25,300 million, which is higher than the pre-COVID period, estimated at US$25,000 million.
Exports for the second half of the year are forecast to recover, he said, adding that, if monthly exports can be achieved at an average of US$24,000, Thailand’s exports for the whole year may increase by 1-2% year on year.
Keerati said that the Commerce Ministry and the Thai private sector have been trying to reopen 42 permanent border crossings with Cambodia, Laos, Myanmar and Malaysia, to facilitate cross-border trade.
