Thai exports in March drop 10.9% year on year
Thai exports in March dropped 10.9% year on year, the first decline in eight months, because of negative sentiments on the economy, the Trade Policy and Strategy Office (TPSO) said on Saturday.
The decline in exports was attributed to global economic volatility and geopolitical tensions, as well as strict financial policies' impact on purchasing power and investment decision.
Moreover, extremely hot weather triggered a delay in exports of agricultural crops, especially durians, the office said.
The TPSO noted that exports to several trading partners have dropped, except the US, which expanded by 2.5% year on year, Australia by 13.5% and CLMV countries (Cambodia, Laos, Myanmar and Vietnam) by 0.5%.
Some trading partners faced a decline in exports were China (9.7%), Japan (19.3%), ASEAN (26.1%), South Asia (6.1%), the Middle East (7.3%), Africa (11.9%), Latin America (10.2%), Russia and the Commonwealth of Independent States (14.2%), and the United Kingdom (19.3%).
However, the Commerce Ministry said it strongly believed that Thai exports of agricultural products and foods would expand in April amid global food shortages and states of war in some countries.
A team led by Commerce Minister Phumtham Wechayachai went to border checkpoints in China and Vietnam recently to facilitate fruit exports, as 91% of Thai fruits were exported to China, the ministry said.
