Thailand’s exports fell for the seventh consecutive month in April, down 7.6% YoY, due to an ongoing sluggish global demand. This decline is higher than the forecasted 2% fall, and came after a 4.2% drop in March.
Key Takeaways
- Thailand’s export contraction for seven consecutive months poses a challenge for the new government due to a global economic slowdown. The decline was far more than the 2% fall forecast in a Reuters poll of economists, and came after a 4.2% drop in March.
- The negative factors such as geopolitical conflicts, currency fluctuations, and unfavorable climate conditions may continue to dampen sentiment.
- Exports of farm and agro-industrial products increased by 8.2% for three consecutive months, while industrial products showed a decline.
Exports of industrial products, such as computers and parts, machinery, gems and ornaments and steel dropped, 11.2% in April, while exports of cars and accessories, semiconductors, transformers and transistors were up.
Exports of farm and agro-industrial products increased by 8.2% for three consecutive months, particularly frozen chicken, frozen and dried fruits, drinks, canned food, milk and milk products, while exports of rubber, tapioca, canned seafood, vegetable and animal oils and animal feed dropped.
The Thai National Shippers Council (TNSC) said the country’s exports face many unpredictable factors, including a sluggish US economy, slow pace of China’s economic recovery, and the fluctuating value of the Thai baht.
