Reuters had forecast a drop of 12.05 per cent, after July’s exports fell 11.37 per cent year on year. The August figures signal a recovery after exports hit a low point with a 23.17 per cent drop in June.
Imports in August fell 19.68 per cent for a trade surplus of US$4.34 billion.
From January to August 2020, exports dropped 7.75 per cent from the same period last year while imports fell 15.31 per cent.
The recovery in August was driven by shipments of food, household appliances and Covid-19 protection such as rubber gloves, the global market for which has grown 125.9 per cent in the past nine months.
The Commerce Ministry said trade and investment is beginning to show signs of recovery as some economies relax lockdown measures and pump in more stimulus.
The yearly drop in Thai exports would be limited to 5-8 per cent if exports stayed above $20 billion for the remaining four months of 2020, said Pimchanok Vonkorpon, director-general of Ministry’s Trade Policy and Strategy Office.
Published : September 23, 2020
By : The Nation