Thailand’s exports contracted more than expected in January, said the Ministry of Commerce on Thursday, squeezed by weak demand across the globe and lower consumer spending as a result of rising inflation.
Exports fell 4.5% in January, the fourth consecutive month of contraction, compared to a 1.4% year-on-year drop predicted in a Reuters poll. However, the decline was smaller than the 14.6% drop in December.
The overall export value was US$20,249 million (equal to THB700,127 million), according to the Commerce Ministry.
Agriculture (-2.2%), agro-industry (-3.3%), and manufacturing (including electronics) (-5.4%) all contributed to a lower-than-expected export record. Sinit Lertkrai, deputy minister of commerce, told reporters that while overall exports were down, auto exports were up, as well as rice exports.
Following a 5.5% increase in 2022, the Ministry of Commerce has revised its export growth forecast for this year to 1% – 2%. But the Bank of Thailand warned last week that exports would fall this year.
