Thailand’s export growth in October fell for the first time since February of last year, as tightening monetary policy to curb high global inflation in major trading partners affected purchasing power and economic activity.
According to data from the Ministry of Commerce on Monday (28 Nov), the kingdom’s exports dropped 4.4% in October from a year earlier to 21.77 billion U.S. dollars.
Commerce Minister Jurin Laksanawisit told a press conference that the prolonged global economic slowdown and the Purchasing Managers’ Index (PMI) decline in key trading partners were the main frictions to Thai export growth.
He noted, however, that the entire-year export growth is still likely to double the ministry’s 4% target, driven by lower energy costs and a weaker baht.
In October, exports of agricultural and agro-industrial products declined for the first time in nearly two years, down 3.4% from a year earlier.
The ministry said in a statement that industrial product exports fell 3.5% year-on-year. (NNT)