Thailand’s exports in October missed expectations badly with a contraction of 4.4%, compared to 6.0% expansion forecast by Reuters Poll. The contraction in October came after a 7.8% expansion in September.
In October, exports of farm and agro-industrial products fell for the first time in 23 months, dropping 3.4% from the same period of last year. Meanwhile, industrial goods exports fell 3.5%.
Exports, a key driver of Thai growth, saw shipments to the United States slipped 0.9% YoY in October, while those to Southeast Asia fell 3.6%. Exports to China plunged 8.5%.
In October, imports also unexpectedly fell by 2.1% YoY, compared to a forecast 10% rise.
The kingdom recorded a trade deficit of $596 million in October, versus a forecast deficit of $1.15 billion.
The Commerce Ministry stated that Thai exports grew 9.1% in the first 10 months.Meanwhile, imports increased 18.3% and there was a trade deficit of $15.6 billion in the period.