Thailand’s exports shrank for the third consecutive month in March, hit by weak oil prices and resulting in the downward revision of the country’s export growth forecast for the year.

Raw customs data showed Thailand’s exports totaled $18.88 billion in March, a 4.45% year-over-year fall, Chutima Bunyapraphasara, permanent secretary of the Commerce Ministry, told a news conference.

Exports contracted 3.46% in January and 6.14% year-over-year in February.

Thai export value fell 4.45% year on year in March due to global economic slowdown, Commerce ministry’s permanent secretary Miss Chutima Bunyapraphasara said.

Thailand exported goods worth 610 billion baht in March, down by 4.45% year on year.

In the first quarter of this year, Thailand’s export contracted by 4.68% year on year.

Thailand’s exports, which account for around two-thirds of the country’s gross domestic product, contracted 0.41% in 2014.

Meanwhile International Trade Promotion Department’s director-general Nantawan Sakuntanaga said Thailand’s export is likely to grow between 0.5 and 1%  this year.

However, she said it is still possible that the export this year could register a 1.2% growth or 7.3 trillion baht, provided that the oil price stays at US$70 per barrel in the second half of this year and the value of farm products remain similar to that of last year.

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