Thai Exports have turned the Corner

Thai exports have turned the corner

The Commerce Ministry is optimistic that the country’s exports will recover soon after bottoming out in April.

It cites a slowdown in the rate of export contraction, rising imports in foreign markets and increased export competitiveness as a result of the weakening baht.

“Shipments will show stronger signs of recovery in the remaining months [of the year]. Export growth in the second quarter should rebound to show positive expansion,” said Somkiat Triratpan, director of the ministry’s Trade Policy and Strategy Bureau.

The ministry reported yesterday that exports had dropped 1.7 per cent year on year in April to US$16.9 billion (Bt570.5 billion), and by 3.99 per cent to $70.26 billion in the first four months of the year.

Exports are normally low in April as the month has many holidays and there is a seasonal slowdown in both March and April each year, but they will soon recover in the coming months, said Somkiat.

Excluding exports of oil and gold, which do not significantly benefit the economy, Thai shipments last month grew by 0.1 per cent to $14.73 billion, he added.

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