Thailand’s exports in November showed signs of slowing down
2022.12.27 03:42
Thailand’s exports in November showed signs of slowing down
Budrigannews.com – The commerce ministry reported on Tuesday that China’s lockdown measures and a global slowdown contributed to Thailand’s exports falling for a second consecutive month in November—more than anticipated.
A Reuters poll predicted that exports, a major driver of Thai growth, would fall by 5.2% year-over-year in November, but exports fell by 6.0%. That followed the 4.4% decline in October.
According to a statement released by the ministry, shipments of industrial goods decreased 5.1% and exports of agricultural and agro-industrial products decreased 2% in November compared to the previous year.
Shipments to the United States increased by 1.2% in November compared to the previous year, while those to Southeast Asia decreased by 9.5%. Comparatively, exports to China decreased by 9.9% last year.
Compared to the previous year, exports increased 7.6% in the first 11 months of 2022, exceeding the ministry’s goal of a 4% increase for the entire year.
Imports increased by 5.6% in November compared to the previous year, exceeding expectations of a 0.8% decline. A lot of imports will be used to make goods that will be sent out again.
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In contrast to the anticipated deficit of $200 million, Thailand’s November trade deficit was $1.34 billion.
As global demand slowed, factory output in November decreased by 5.6% from a year earlier, the largest contraction in more than two years, according to data from the industry ministry earlier on Tuesday. The ministry anticipated a further decline in production in December.
About 80% of all exports are industrial goods.
