2015 exports expected to contract by 3%

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BANGKOK, 28 September 2015 – Thailand’s export figures in August 2015 has shrunk by 6.69 percent, while authorities are bracing for an annual export contraction of up to 3 percent, an official says. 

The Director-General of the Trade Policy and Strategy Office Somkiat Triratpan has revealed the total value of export in August 2015 was recorded at 17.669 billion USD, 6.69 percent in negative. This figure has caused the overall exports from January to August to contract by 4.92 percent negative, while the imports have also shrunk by 8.18 percent, valued at 137.783 billion USD.

He said that the receding exports reflect the faltering global economic recovery, especially the economies of key trading partners such as the US, EU, Japan, and China, that have also shown recession in import capacity. The lower price of crude oil price along and lower agricultural prices on the global scale has also weighed heavily on global economic recovery.

The Ministry of Commerce is now forecast annual exports to be at 3 percent in the red, despite Bank of Thailand’s forecast of a 5 percent decline. Nevertheless, the Ministry of Commerce will push the export forecasts for the last 4 months to be no less than 19.487 billion USD per month, especially the export of automobile parts that is now expanding at a rate of 6.8 percent.

Thailand’s trade balance during the past 8 months is now at a surplus of 4.964 billion USD.