Exports in January see contraction

The Commerce Ministry reported yesterday that exports in January declined by 6.03 per cent to US$15.73 billion (Bt472 billion). During the same month, imports dropped by 4.20 per cent to $16.86 billion, resulting in a trade deficit of $1.12 billion.
Deputy Commerce Minister Poom Sarapol said the continuous drop in exports was due to supply-chain disruptions that took a heavy toll on the manufacturing sector. However, exports should resume growth in the next few months, ensuring that Thailand will achieve 15-per-cent export expansion this year.
He said exports in the first quarter of the year should face a slight contraction, by 1-2 per cent, year on year.
The drop in exports in January was due mainly to a significant drop in shipments of industrial goods by 13.5 per cent, while those of agricultural goods fell by 4.6 per cent.
Exports of electronics saw a plunge by 27.1 per cent, electric appliances by 17.5 per cent, automobiles and parts by 12.1 per cent, garments by 18.9 per cent, and construction material by 4 per cent.
Shipments to most markets shrank in January. Exports to the European Union were down by 23.6 per cent, to Japan by 10.7 per cent, to the United States by 3.8 per cent, and to the Middle East by 4.9 per cent. However, exports to new markets, mainly in Asean, still increased by 4.2 per cent, to Australia by 3.8 per cent, and to Latin America by 5.6 per cent.