Thai exports in October see first contraction in 20 months
Thailand’s exports last month fell for the first time since January this year by 4.4% compared to the previous month following a decline in export of agricultural, agro-industrial, and industrial goods.
Minister of Commerce and Deputy Prime Minister of Thailand Jurin Laksanawisit revealed that Thailand’s exports in October were valued at US$21.7 billion (801.27 billion baht). It marked the first decline in export value in nine months since January 2022 and the first in 20 months since the beginning of 2021.
In October, agricultural, agro-industrial, and industrial products fell by 4.3%, 2.3%, and 3.5% respectively.
Also, the country’s imports registered a decrease of 2.1%, to $22.368 billion, which led to the trade deficit declining to $596.4 million.
Overall, from January to October, Thailand saw a 9.1% rise in export, accounting for $243.13 billion. The nation’s imports also increased year on year by $258.7 billion, up 18.3%, widening the trade deficit to $15.5 billion.
The drop in imports is reportedly caused by unfavourable prices. Imports of luxury goods fell, but the market was still favourable for capital goods.
The depreciation of the baht, the reopening of countries after Covid, and new markets for Thailand such as Saudi Arabia are among factors boosting exports.
