Thailand’s exports have been declining for nine consecutive months, but there is hope for a rebound in the second half of the year.
- Thailand’s exports have been declining for nine consecutive months, primarily due to the slow economic recovery in major trade partners such as China and the US.
- Despite the contraction, Thai exports in the first half of the year performed relatively better compared to many other countries, with an average monthly export value higher than the pre-COVID period.
- There is optimism for a rebound in the second half of the year, with a projected export growth of 1-2% for the whole year, supported by efforts to reopen border crossings and facilitate cross-border trade.
The Ministry of Commerce predicts a 1-2% growth in exports for the whole year. In June, exports fell by 6.4%, while imports dropped by 10.3%, resulting in a trade surplus of $57.7 million.
The sluggish economies of Thailand’s trading partners, due to rising interest rates and inflation, have contributed to the decline in exports. However, Thai exports in the first half of the year contracted less than many other countries.
The government expects exports to recover in the second half of the year, with a potential increase of 1-2% for the whole year. Efforts are also being made to reopen permanent border crossings to facilitate cross-border trade.