BANGKOK: Thailand’s exports shrank for the 10th straight month in July as lower commodity prices compared to the preceding year led to a major slowdown in export values, official data showed on Friday, reported Xinhua.
Exports, a key driver of the Southeast Asian country’s economic growth, fell 6.2 per cent last month from a year earlier to US$22.14 billion, edging down from a year-on-year decline of 6.4 per cent in June, according to the data released by the Ministry of Commerce.
Despite a global decline in consumer spending due to tightened lending standards and monetary policies, concerns over food security led to notable growth in Thai food product shipments, particularly rice and fruits, the ministry said in a statement.
A breakdown of the data revealed that Thailand’s export of industrial products contracted 3.4 per cent in July from a year earlier, down from a 4.6-per cent decrease in the previous month.
Meanwhile, shipments of agricultural and agro-industrial products shrank 9.6 per cent from a year earlier, marking the third straight month of contraction.
The data also indicated Thailand’s imports plunged 11.1 per cent from a year earlier to US$24.12 billion in July, resulting in a trade deficit of US$1.97 million.
For the first seven months of the year, the kingdom’s exports fell 5.5 per cent from a year earlier, while imports dropped 4.7 per cent, yielding a trade deficit of US$8.28 billion, according to the ministry. –Bernama
