BANGKOK, Oct 31 – The Thai economy in the third quarter grew at a slower pace of 3.3 per cent with exports contracting 3 per cent compared to the same period last year, according to the Bank of Thailand (BoT).
The economy continued to be weighed down by the weakening global economy. Manufacturing production in export-oriented industries exhibited a continued contraction, in tandem with deteriorating exports in these industries, the BoT said in its statement.
Thai exports in the first nine months of this year contracted 0.9 per cent after in September alone, it dropped 7.9 per cent, according to Mathee Supapongse, Senior Director in the Macroeconomic and Monetary Policy Department,.
Mr Mathee said, however, it is believed that in the fourth quarter, Thai exports will improve, compared to their low fundamentals last year when Thai exports were suspended by the devastating flood.
Thai exports have already touched bottom and in the next 3-6 months, are likely to be stable. It is estimated that 2013 exports will expand 9 per cent on the condition that exports in the second half of 2013 will recover. This year’s exports are projected to grow by 4.4 per cent.
Thai export markets in ASEAN countries fell 11.7 per cent, in China 14.7 per cent and in Europe 15.5 per cent.