Thai Nov exports drop 6.0% y/y, slightly worse than forecast
3:20 am Tuesday, December 27th, 2022
BANGKOK (Reuters) – Thailand’s exports dropped for a second straight month in November and by more than expected, due to a global slowdown and China’s lockdown measures, the commerce ministry said on Tuesday.
Exports, a key driver of Thai growth, declined 6.0% in November from a year earlier, compared with a forecast fall of 5.2% year on year in a Reuters poll. That came after October’s 4.4% drop.
Exports of agricultural and agro-industrial products dropped by 2% in November from a year earlier, while shipments of industrial products declined 5.1%, the ministry said in a statement.
Among major markets in November, shipments to the United States rose 1.2% from a year earlier while those to Southeast Asia dropped 9.5%. Exports to China declined 9.9% from a year earlier.
In the first 11 months of 2022, exports increased 7.6% from the same period a year earlier, compared with the ministry’s target of a 4% export rise for the full year.
In November, imports were up 5.6% in November from a year earlier, compared with a forecast 0.8% dip. Many imports will be used for producing goods to be shipped out again.
Thailand recorded a trade deficit of $1.34 billion in November, versus a forecast deficit of $200 million.
Earlier on Tuesday, industry ministry data showed factory output in November dropped 5.6% from year earlier, the biggest contraction in more than two years as global demand slowed, and the ministry expected a further fall in production in December.
Industrial products account about 80% of total exports.
(Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Martin Petty)
