Thailand’s exports to Russia drop by 40% during first 10 months

Exports to Russia in October were worth $40.5 million, down 24.58% from the previous month and 67.87% from the same period last year.

Figures for the four main Thai product categories exported to Russia from January-October were as follows:

- Agricultural and fishery products: $50.25 million, down 17.40%

- Agro-industrial products: $93.91 million, up 12.53%

- Industrial products: $329.27 million, down 50.65%

- Minerals and fuel: $21.15 million, up 24.03%

The top 10 Thai products exported to Russia during the first 10 months in terms of value were:

- Vehicles, parts and accessories: $79.11 million, down 68.81%

- Rubber products: $67.27 million, down 17.13%

- Plastic pellets: $42.14 million, up 32.31%

- Machines and parts: $38.87 million, down 10.96%

- Canned and processed fruits: $38 million, down 0.23%

- Canned and processed seafood: $24.86 million, up 61.09%

- Refined oil: $21.12 million, up 25.25%

- Rubber products: $14.29 million, down 52.26%

- Food seasoning products: $13.24 million, up 41.15%

- Air-conditioners and parts: $10.74 million, down 69.41%

The ministry’s Information Technology and Communication Centre blamed the export slowdown on the ongoing war between Russia and Ukraine.

It said the value of Thailand’s exports to Russia fell by 73% in March after Russia invaded Ukraine in late February. The contraction continued with exports down 77% in April, 65% in May, 53% in June, 43% in July, and 25% in August.

The centre said the major reason for the slowdown was a shortage of ships and containers after western shipping lines boycotted Russia because of the war.

The value of exports also fluctuated each month mainly because of uncertainties in shipping and Russian purchase orders, it added.

The ministry forecast Thailand’s exports to Russia would drop by about 40% this year.