Thailand's exports drop for 10th consecutive month
Thailand's exports declined for the 10th consecutive month in July, falling at a higher rate than expected due to sluggish global demand and a drop in global commodity prices.
Peoples shop at a supermarket in Bangkok, Thailand. (Photo: AFP/VNA)
Bangkok (VNA) - Thailand's exports declined for the 10thconsecutive month in July, falling at a higher rate than expected due tosluggish global demand and a drop in global commodity prices.
According to data released by the Ministry of Commerce, the exportvalue in July was 22.14 billion USD, a year-on-year decline of 6.2% and down10% from June. The country's imports contracted by 11.1% to 24.1 billion USD, resultingin a trade deficit of 1.97 billion USD.
Exports in the first seven months of this year fell 5.5%to 163 billion USD while imports dropped 4.7% to 172 billion USD, resulting in a trade deficit of 9 billionUSD.
Keerati Rushchano, Permanent Secretary of theMinistry of Commerce, said weak global demand has been exacerbated by highinterest rates and tougher lending practices, leading to a slowdown in consumerspending. However, he said the ministry has not yet adjusted its growth targetof 1-2% because it is considered a feasible target.
He held that the export performance in July couldalso be attributed to a high base in July last year when exports were worth 23.6billion USD.
The July figures should be considered relatively highcompared with other countries as there are several international headwinds,including the global economic slowdown, a slow Chinese recovery andgeopolitical conflicts, Keerati said.
Regarding the export outlook for the remainder of thisyear, he said the ministry expects a gradual recovery in the coming months./.
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Peoples shop at a supermarket in Bangkok, Thailand. (Photo: AFP/VNA)
