Thai exports fall more than expected in April, may rebound in Q3
THAILAND’S customs-based exports contracted more than expected in April as global economic uncertainty crimped demand but the commerce ministry said on Tuesday (May 30) it was expecting shipments to pick up from the third quarter of the year.
Exports, a key driver of growth, dropped 7.6 per cent in April from a year earlier, worse than expectations for a 2 per cent year-on-year fall in a Reuters poll.
April’s exports were valued at US$21.72 billion, down from March’s US$27.65 billion, the highest in a year.
Global economic uncertainty has put pressure on demand, with several Asian countries facing sluggish exports, the commerce ministry said in a statement.
Despite the fall in April’s exports, Keerati Rushchano, the ministry’s permanent secretary, said Thailand’s shipments fared better than those of other countries in South-east Asia.
“We had even expected a double digit” fall, he said, adding that shipments should perform better later this year.
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The ministry maintained its target of 1 per cent-2 per cent export growth this year.
Thailand posted a trade deficit of US$1.47 billion in April versus an expected deficit of US$450 million, with imports showing a 7.3 per cent year-on-year contraction.
Exports of industrial goods contracted 11.2 per cent year-on-year, with computers and parts falling 19 per cent. Automobile shipments rose 3.4 per cent from a year earlier.
Shipments of agriculture goods rose about 24 per cent in April from a year earlier. Thailand exported 550,000 tonnes of rice in April and 2.62 million tonnes in the January-April period, up 0.9 per cent and 14 per cent year-on-year, respectively.
April’s exports to the US dropped 9.6 per cent year-on-year and those to Japan fell 8.1 per cent. Exports to China jumped 23 per cent year-on-year, the first rise in 11 months, the ministry said.
For the January-April period, exports declined 5.2 per cent from a year earlier, imports were down 2.2 per cent and the trade deficit came in at US$4.52 billion. REUTERS
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