Thai exports fall for seventh consecutive month

Thailand's Ministry of Commerce said on May 30 that the country's export turnover has declined for seven consecutive months since October 2022, mainly due to the global economic recession.

Thailand's Commerce Ministry Permanent Secretary Kirati Ratchano at a press conference. (Photo: Nation)

According to Kirati Ratchano, Permanent Secretary of the Thai Ministry of Commerce, in April, Thailand's export turnover reached 21.72 billion USD (nearly 740 billion baht), down 7.6%. In the same period, the value of Thailand's imported goods also decreased by 7.3% compared to the same period in 2022, reaching 23.195 billion USD (nearly 800 billion baht). Thus, Thailand's trade deficit in April reached 1.47 billion USD (nearly 60 billion baht).

If calculating the total turnover in the first four months of 2023, Thailand's exports reached 92 billion USD, down 5.2% compared to the same period last year, while imports also decreased by 2.2%, reaching 96.51 billion USD. Thailand's trade deficit during this period reached 4.516 billion USD.

The value of industrial exports fell 11.2 percent in April, the seventh consecutive month of decline, Mr. Kirati said. The items with the most significant declines were petroleum products, computers and components, machinery and spare parts, jewelry and steel. However, some export categories still saw growth, such as automobiles and spare parts, communications equipment, telephones and semiconductor products.

Meanwhile, the export value of agricultural and industrial agricultural products increased by 8.2%, achieving consecutive growth for three months. The main export products in this group include fresh, frozen and dried fruits, rice, beverages, frozen chicken and canned vegetables. However, there are still some agricultural export products that have decreased in turnover such as cassava, rubber, canned and processed seafood and animal feed.

In addition, Thai exports to some major markets also showed mixed growth. For example, despite a decline in some markets such as the US, Japan, ASEAN and Europe, Thai exports to China increased by 23%.

Mr. Kirati said that the main reason for the decline in Thai exports was the global economic recession and high inflation in many countries. According to him, Thai exports will continue to decline next month because partner countries still have stocks. The country's exports are expected to increase again in the second half of 2023.

Thailand’s exports started to decline in October 2023, falling by -4.4%. This decline continued in the following months, peaking at -14.6% in December 2022 and continuing until April 2023.

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