Thai export decline in April makes it 7th consecutive month of contraction

Kirati Ratchano, permanent secretary at the Commerce Ministry, told a press conference that Thailand had imported goods worth $23.195 (797.37 billion baht), declining 7.3% YoY.

The country had a trade deficit of $1.471 billion (59.584 billion baht) in April, Kirati added.

From January to April, the kingdom’s exports were valued at $92.002 billion (3.11 trillion baht), down 5.2% YoY, and imported goods worth $96.519 billion(3.305 trillion baht), a fall of 2.2%.

During the first four months of this year, Thailand had a trade deficit of $4.516 billion (194.786 billion baht).

The value of exported industrial goods in April dropped by 11.2%, a contraction for the seventh month in a row, the permanent secretary added.

Industrial goods that saw significant drop in export values included oil-related products, computers and parts, machines and parts, jewellery, and steel.

Goods that saw an increase in export value included automobiles and parts, telecommunications devices, phones and parts, transistors, and travel gears.

Kirati said the value of agricultural and agro-industrial products exports rose by 8.2%, rising for the third month in a row. Major product exports in this group included fresh fruits, frozen and dried fruits, rice, drinks, frozen chicken, and canned vegetables.

The agricultural products with decreased export values included tapioca, rubber, canned and processed sea foods and animal feeds.

He said exports to key markets mostly contracted. For example, the value of exports to the US in April fell by 9.6%, by 8.1% to Japan, by 17.7% to Asean and by 8.2% to the European Union. Meanwhile, the value of exports to China expanded by 23%.

Kirati said that exports are expected to continue to contract next month as trading partner countries still have stocks of goods.

The permanent secretary said exports were expected to rebound in the second half of this year.

He attributed the export contraction to the global economic slowdown and high inflation in many countries.

Thailand has suffered export contraction since October last year — -4.4% in October, -6% in November, -14.6% in December, -4.5% in January, -4.7% in February, and -4.2% in March.