Thailand’s exports grew by 5.8% year-on-year in August, according to data released by the Commerce Ministry on Wednesday, falling short of market forecasts. Analysts had expected a 9.5% increase, as indicated by a Reuters survey. This latest figure also marks a slowdown from the 11% expansion seen in July.
The Commerce Ministry attributed the moderation in export gains partly to the strengthening of the Thai baht, which has weighed on the country’s trade competitiveness. Meanwhile, rice export volumes registered a sharp contraction, declining 16.9% year-on-year in August, ministry data showed.
Despite the softer-than-anticipated performance last month, the Commerce Ministry maintains that Thailand’s export growth is on track to outpace its annual target of 2-3% this year.
