27-11-2023 (BANGKOK) In a report released by the commerce ministry on Monday, customs-based exports witnessed a notable uptick for the third consecutive month in October, recording an 8.0% increase compared to the same period last year. However, this growth fell short of market expectations.
Analysts had anticipated a more robust 9.3% year-on-year surge for October, as indicated by a Reuters poll. This latest data follows September’s modest 2.1% rise, underscoring a potential slowdown in the export sector.
The October figures reveal a simultaneous increase in imports, rising by 10.2% year-on-year, surpassing the anticipated 6% growth. Consequently, a trade deficit of $0.83 billion emerged for the month, contrary to the predicted surplus of $0.53 billion. This unexpected outcome highlights the intricate dynamics of the global trade landscape.
Over the broader January-October timeframe, exports experienced a contraction of 2.7% compared to the same period the previous year. Imports, on the other hand, demonstrated a steeper decline of 4.6%. The cumulative impact resulted in a trade deficit of $6.67 billion, indicating persistent challenges within the international trade arena.
Commerce Minister Phumtham Wechayachai, earlier this month, expressed cautious optimism regarding the export outlook. He noted that despite the current challenges, exports were expected to contract by less than 1% for the entire year, with a projected rebound of 1.99% anticipated for the coming year.
