26-9-2023 (BANGKOK) Thailand’s exports recorded an unexpected uptick in August, marking the first increase in 11 months, driven by higher shipments of both agricultural and industrial products. This positive development occurred despite the prevailing global economic weakness, as reported by the Ministry of Commerce.
Customs-based exports, which serve as a crucial driver of Thailand’s economy, demonstrated a 2.6 percent increase in August compared to the same month the previous year. This performance defied analysts’ projections, who had anticipated a 4 percent decline, as per a Reuters poll.
In August, Thailand also achieved a trade surplus of $0.36 billion, in stark contrast to the projected deficit of $1.75 billion. The data revealed that imports plunged by 12.8 percent year-on-year, exceeding the anticipated 10 percent decline mentioned in the poll.
For the period spanning January to August, exports contracted by 4.5 percent compared to the same period the previous year.
Deputy Commerce Minister Napintorn Srisanpang has stated that exports are expected to contract between 1 and 2 percent for the entire year, aligning with concerns about global economic conditions.
