Exports grow for fourth consecutive month in Thailand misses projections

November marked the fourth consecutive month of growth for Thailand’s customs-based exports, which saw a 4.9% rise from the same period last year, according to data from the customs department. However, this fell short of the projected 6.3% year-on-year increase anticipated in a Reuters poll. Last month, October had witnessed an 8% year-on-year rise.

In an unexpected turn, imports for November soared 10.1% from the previous year, surpassing the poll’s predicted increase of 3%. Consequently, the trade deficit for the month stood at US$2.4 billion (about 84 billion baht), a stark contrast to the anticipated deficit of US$0.55 billion (about 19.2 billion baht).

The customs department attributed the surge in exports – a crucial component of Thailand’s economy – to increased shipments of oil, rice, computers, and computer parts. However, it noted a yearly decline in the export of cars and air conditioners.

In the terms of geographical distribution, November exports to the United States and Japan saw a year-on-year increase, while those to China and Europe experienced a decline. Further details regarding the customs-based trade data are set to be unveiled in a briefing by the commerce ministry scheduled for next week.

In related news, A plan to resolve Thailand’s mounting debt issues, developed by the Thai government, is projected to rejuvenate the country’s economy by an impressive 500 billion baht if successful, according to 45 year old government spokesperson Chai. The initiative, designed to address debt problems within the agricultural, business, and civil society sectors, aims to provide relief to approximately 5 million individuals, enabling them to bounce back and contribute productively to society.

Debt challenges, encompassing both formal and informal loans, have long overshadowed Thai society, Chai added. To tackle these persistent issues, the government has formulated strategies with the incorporation of all relevant agencies to provide sustainable solutions. In order to learn more about the story, click HERE!