PRESS RELEASE:
Thai exports shrank for a 10th consecutive month in July, and by a far bigger rate than expected, as global demand remains sluggish, with the Ministry of Commerce saying it would be difficult to meet its full-year export growth target.
Customs-based exports, a key driver of Thailand’s economy, contracted 6.2% in July from a year earlier, compared with analysts’ average estimated dip of 0.75% in a Reuters poll. Exports had slumped 10.8% from June.
In a statement, the ministry said, “A sharp decline in global commodity prices, resulting from the conflicts in Ukraine in the preceding year, led to a significant slowdown in related export values,” adding that China had also faced a slow recovery.
Permanent Secretary for Commerce Keerati Rushchano noted, however, that the slump in Thai exports, however, was less than that of many other countries.
The July export value was US$22.14 billion versus $23.6 billion in the same month in 2022.
Keerati said the ministry would try to meet its export growth target of 1% to 2% this year, but acknowledged that it would be difficult.
He also said exports in the first seven months of 2023, which contracted 5.5% year-on-year, were satisfying.
Chaichan Chareonsuk, chairman of the Thai National Shippers’ Council (TNSC), said exports would increase in the fourth quarter of 2023, owing to last year’s low base and higher car shipments.
The preceding is a press release from the Thai Government PR Department.
