Thailand records deficit of over THB600 billion in 9 months
Thailand faced a deficit of more than 600 billion baht from January to September this year due to the impact of rising fuel prices on import costs, the Commerce Ministry reported on Thursday.
The kingdom saw a US$14.98 billion (624.78 billion baht) deficit as imports in the first nine months totalled $236.35 billion, up 20.7 per cent year on year, higher than exports worth $221.36 billion, a rise of 10.6 per cent year on year.
The country has recorded a trade deficit for five consecutive years since 2017.
“Even though Thailand had a trade deficit in the first nine months, the country witnessed export growth for 19 consecutive months,” the ministry said.
It expected exports during the remainder of the year to total $20.5 billion-$25 billion, a growth of 8 per cent.
Even though exports expanded, they are likely to slow due to global economic uncertainty and the risk of a recession in partner countries, the ministry said.
Exports to main and secondary markets expanded by 10.6 per cent and 2.9 per cent, respectively – the US (up 26.2%), Asean (up 9%) CLMV (Cambodia, Laos, Myanmar and Vietnam) (up 26.3%), and the European Union (up 18%), the ministry reported.
However, exports to other markets shrank by an overall 40.3 per cent, such as Switzerland (down 4.5%).
“The Commerce Ministry expects Thai exports to gain positive sentiment from an unravelling supply shortage and the weakening baht,” the ministry noted.
It vowed to closely monitor exports as these would be affected by an economic recession in overseas markets amid high inflation and a penchant for interest rate hikes.
