Thai Exports Fall Larger-Than-Expected Rate in July at 6.2%

Thailand’s exports continued to drop in July as global trade demand has yet to recover due to elevated inflation and central banks hiking interest rates that pressures the economy.

Customs-based exports for Thailand fell 6.2% in July from the same period last year, according to the report by the commerce ministry on Friday. The reading exceeded a forecast for a 0.75% drop in a Reuters poll and slightly better than a 6.4% fall in June.

Meanwhile, imports fell 11.1% from a year ago, compared to a drop of 8.1% forecast by a Reuters poll and a fall of 10.3% last month.

Thailand recorded a trade deficit of 1.98 billion baht in July.

In the first seven months, Thailand’s exports contracted 5.5% from a year earlier while imports fell 4.7% and the trade deficit stood at $8.29 billion.