Thailand’s exports fell for the second month in a row in November, and by more than expected, due to a worldwide slowdown and China’s trade restrictions, according to the commerce ministry on Tuesday.
Although exports have been a major contributor to Thailand’s economic growth, they fell 6.0% year-over-year in November, worse than the predicted drop of 5.2% year-over-year in a Reuters poll. That followed a decrease of 4.4% in October.
In November, exports to the United States were up 1.2% on a yearly basis, while exports to Southeast Asia were down 9.5%. In comparison to the previous year, exports to China fell by 9.9%.
The first eleven months of 2022 saw an increase in exports of 7.6% year over year, exceeding the ministry’s target of a 4% increase in exports for the entire year.
Meanwhile, imports in November climbed 5.6% from a year earlier, above expectations of a 0.8% drop.
Thailand recorded a trade deficit of $1.34 billion in November, versus a forecast deficit of $200 million.