Thai February exports fall less than forecast

THAILAND’S customs-based exports contracted for a fifth straight month in February, down 4.7 per cent from a year earlier, the Commerce Ministry said on Thursday (Mar 30).

The 4.7 per cent decline was less steep than the 6.9 per cent fall forecast in a Reuters poll, and came after January’s 4.5 per cent drop. Meanwhile, imports rose 1.1 per cent from a year earlier, resulting in a trade deficit of US$1.11 billion in February.

The ministry said that the decline was the result of a slowing global economy, and also due to a high base last year.

Phusit Ratanakul Sereroengrit, head of the ministry’s department of international trade promotion, told a news conference that shipments were expected to fall in the first and second quarters of 2023, before improving in the second half of the year. Shipments are a key driver of Thai growth.

Another official, Poonpong Naiyanapakorn, said the Commerce Ministry will maintain its export growth target of 1 per cent to 2 per cent. REUTERS