2015 Thai export growth makes 6-yr record low

0
198

BANGKOK – The Ministry of Commerce has reported that Thai export growth in 2015 made a 6-year record low mainly due to the sluggish global economy and decreasing oil price.

Mr.Somkiat Trirattanaphan, a Ministry of Commerce director, said the value of 2015 Thai exports was 214 billion USD or a -5.78% negative growth. It was the lowest in six years since 2009 when the export growth was -14.3%.

The director added that lower exports such as oil products, chemicals and plastic resin led to overall drop in industrial products and decreasing agricultural product prices.

However, the director said the 2015 Thai export growth contracted less that the global average. Thailand’s competitiveness was not lower despite the export contraction since the country still maintained its market share in important markets, said the director.

Thailand’s top exports like automobiles and parts have a tendency to increase. The ministry therefore maintains the 2016 export growth target at 5%