Wed, 07 Jun 2023

Thailand's exports shrink 4.7 pct in February

31 Mar 2023, 02:05 GMT+10

BANGKOK, March 30 (Xinhua) -- Thailand's exports dropped for the fifth straight month in February as the global slowdown continued to weaken demand, data showed on Thursday.

Exports, a main driver of the Southeast Asian country's economic growth, dropped 4.7 percent last month from a year earlier to 22.38 billion U.S. dollars, slightly higher than a 4.5-percent year-on-year decrease in January, according to data released by the Ministry of Commerce.

The ministry attributed the export contraction to the high comparative base last year, the lower demand for electronic products, and the price factor for petroleum-related products.

Exports to primary markets, namely the United States, China and Japan, decreased by 9.5 percent, 7.9 percent and 2.5 percent, respectively.

Industrial product exports contracted 6.2 percent for the fifth consecutive month in February, higher than a 5.4-percent drop in the previous month.

Shipments of agricultural and agro-industrial products expanded 3.6 percent year-on-year, rebounding from a four-month contraction and a 2.7-percent year-on-year drop in January.

Imports rose 1.1 percent to 23.49 billion dollars last month, lower than a 5.5-percent growth in the previous month, resulting in a trade deficit of 1.11 billion dollars.

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