Business News Asia
The Commerce Minister said Thai exports fell 4.4% in October, while imports fell 2.1%, resulting in a $596 million deficit.
While Thai exports reached $243,138 million in the first 10 months of this year (Jan-Oct), up 9.1%, imports reached $258,719 million, growing 18.3%, resulting in a trade deficit of $15,581 million.
Exports were negative in October for the first time in 19 months, since February 2021, when exports fell -4.1% year-on-year.
The main factors that will weigh on Thai exports for the rest of this year and into 2023 are the global economic slowdown, China’s zero covid measures, which are unlikely to change, and the manufacturing PMI index of major trading partners, which continues to decline.
However, he remains confident that Thai exports will grow beyond the set target of 4% this year.