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The value of Thai merchandise exports in November was US$22,308 million, contracting -6%YOY (compared to the same period last year), continuing from -4.4% in October, marking the second consecutive month of contraction.
After 20 months of continuous growth compared to the previous month on a seasonally adjusted basis. November’s export figure recovered 2.5%MOM from a sharp contraction of -8.5%MOM in the previous month.
For the first 11 months of 2022, exports still expanded by 7.6% to $265 billion while imports rose by 16.3% to $280 billion, resulting in a trade deficit of $15 billion.
Major exports contracted in almost all groups except cars and parts
The overall picture of exports by commodity group in November contracted in almost all groups, with
(1) agricultural products contracting by -4.5% continually from -4.3% in October. The export of rubber contracted significantly due to the decline in global demand during the COVID-19 crisis, while processed chicken Chilled and frozen chicken, fresh, chilled, frozen and dried fruits expanded well in this month.
(2) Agro-industrial products slightly increased by 1% from a contraction of -2.3% in October. which has been a good export group for 20 months, with exports of sugar and wheat products and other ready-to-eat foods expanding well;
(3) manufacturing products contracted by -5.1%, up from -3.5% in October The continued growth in product groups included automobiles and parts, 5.5% slightly accelerating from the previous month’s 5.1%, as well as electrical transformers and parts. gems and jewelry (excluding gold) and motorcycles and parts Major industrial goods contracted, such as computers and equipment, chemicals, unwrought gold, plastic beads, aircraft, space vehicles and parts. Internal combustion piston engines and components, iron, steel and products
(4) Minerals and fuels continued to contract -35% from -23.9% in the previous month due to lower demand and slower price factors.
Exports to China continued to contract for the sixth consecutive month
Exports by market as a whole continued to contract. This reflected a sharp slowdown in global demand, with
(1) the Chinese market contracting for the sixth consecutive month at -9.9%;
(2) the US and European markets (EU28) turned around to expand from the contractions in the previous month. But the growth was low compared to the previous period of 1.2% and 3.3%, respectively, in line with the signs of an economic slowdown.
(3) The CLMV market, which used to grow well, contracted for the first time in 15 months at -0.3% from 10.6% last month. ASEAN5 contracted by -15.5%, compared to a contraction of -13.1% in October. However, the Middle East continued to expand and was the only major market for Thai exports for 10 consecutive months.