Thailand’s Exports Contract at Slower Pace in June, Falling 6.4% YoY

Thai exports fell for the ninth straight month in June, but at a slower rate than anticipated, given weak global demand, the commerce ministry reported on Wednesday.

Thailand’s customs-based exports, a major contributor to the country’s economy, fell 6.4% in June from the same period last year, lower than the average decline forecast by analysts in a Reuters poll of 7.3%. As compared to May, exports increased by 2%.

Earlier in the year, the ministry said that it targeted an annual increase in exports of 1% to 2%.

In June, Thailand’s imports fell by 10.3% year over year, leading to a trade surplus of $58 million, despite predictions of a deficit of $900 million.

The trade deficit in the first six months of 2023 was $6.3 billion as result of a 5.4% drop in exports and a 3.5% fall in imports.