Thai exports for the month of April shrank 1.7 % for the fourth consecutive month bringing the year to date export slide for four months  to 4 %, according to the latest figures from the Commerce Ministry.

Thailand’s exports shrank 4.45% year-over-year in March, and 4.69% for the first quarter of this year.

Mr. Somkiat said the April contraction was partly attributed to the long Thai traditional New Year holiday that resulted in few working days, although he noted that a smaller drop signaled an improvement in the country’s trade.

Imports fell 6.84% in April compared with the same time of last year to $17.42 billion. From January to April, total imports contracted 6.53% from a year ago.

In 2014 Thailand’s Department of International Trade Promotion reported that Thai exports shrank by 0.41 per cent, contracting for the second consecutive year.

Thailand’s economy may grow less than the central bank’s forecast of 3,8 per cent this year should exports contract again.

According to Ath Pisalvanich, Director of the International Trade Studies Centre at the University of the Thai Chamber of Commerce, the export situation of Thailand in 2015 is expected to remain slightly better than 2014.

However, the future is still not so rosy bright due to the market shrink of Thai exports to Europe, Japan and China.

Earlier this month, the Office of the National Economic and Social Development Board cut its GDP growth forecast for this year to 3-4% from an earlier prediction of 3.5-4.5%.

It stated that the downward revision was mainly from the drop in export values following the falling global oil and farm prices.

It also expects Thailand to post only 0.2% growth in exports in 2015 from earlier projected 3.5%, while household consumption will expand by 2.3%.

The World Bank last month projected Thailand’s GDP will rise 3.5 percent this year, the weakest compared with estimates for the Philippines, Indonesia and Malaysia. Thai exports fell 0.3 percent in 2014, compared with a 9 percent gain for the Philippines and 7 percent for Malaysia, Bloomberg data show.

About the author

Leave a Reply

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thai Chamber of Commerce expects GDP to grow by 1.5% in 2021

With the relaxation of Covid restriction measures and the reopening of Thailand, 200,000 to 300,000 foreign tourists were now expected to visit Thailand this year and contribute to approximately 12 billion baht of income.

How will emerging markets benefit from new carbon trading rules?

Proponents say that carbon trading will ultimately increase investment in environmentally friendly solutions, as the price placed on carbon makes fossil-fuel projects less competitive, while at the same time incentivising low-carbon energy sources such as wind and solar.

Global Community Steps Up with $93 Billion Support Package for World’s Poorest Countries

 The World Bank today announced a $93 billion replenishment package of the International Development Association (IDA) to help low-income countries respond to the COVID-19 crisis and build a greener, more resilient, and inclusive future.