Thai March export fall less than expected, value at a year high
THAILAND’S customs-based exports contracted less than expected in March as some key shipments improved, and the commerce ministry said on Wednesday (Apr 26) it was expecting some export growth for the full year.
Exports, a key driver of growth, dropped 4.2 per cent in March from a year earlier, far better than the forecast for a year-on-year drop of 14 per cent for March in a Reuters poll.
March’s export value of US$27.65 billion was the highest in a year, the ministry said.
“Despite the export fall, it’s still considered very good,” Poonpong Naiyanapakorn, head of the ministry’s Trade Policy and Strategy Office, told a news conference.
The ministry is maintaining its target of 1 per cent-2 per cent export growth this year, he added.
Thailand posted a trade surplus for the first time in a year of US$2.72 billion in March, versus a forecast deficit of US$1.07 billion, as imports showed a year-on-year 7.1 per cent drop.
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A baht exchange rate of 34 to 35 per US dollar was favourable for exports, said Chaichan Chareonsuk, head of the Thai National Shippers’ Council.
Separately, Finance Minister Arkhom Termpittayapaisith told reporters that exports should pick up around the middle of the year, helped by shipments of farm products and cars.
Exports of agricultural and agro-industrial products rose 4.2 per cent in March from a year earlier, while shipments of passenger cars rose 8.7 per cent but hard disk drives dropped 13.8 per cent.
March’s exports to the US rose 1.7 per cent year-on-year while those to Japan rose 10.2 per cent. Exports to China dropped 3.9 per cent from a year earlier.
In January-March, exports declined 4.5 per cent from a year earlier, with imports down 0.5 per cent and a trade deficit at US$3 billion. REUTERS
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