Export woes: March sees customs dip by 10.9%

March witnessed a significant 10.9% drop in customs-based exports from the previous year, according to an announcement by the Commerce Ministry today. The decline was notably more severe than the 4.5% year-on-year fall predicted by a Reuters poll, marking a stark contrast to the 3.6% rise observed in February.

Government data revealed a 9.7% and 19.3% decrease in exports to China and Japan, respectively, during March. Despite the downturn in the first quarter, with exports dropping 0.2%, The director-general of the Trade Policy and Strategy Office, Poonpong Naiyanapakorn, expressed optimism during a press briefing. He anticipated a recovery driven by agriculture and computer parts, projecting a 2% growth in shipments during the second quarter.

Exports play a pivotal role in energising Southeast Asia’s second-largest economy. The unexpected 0.6% contraction of the economy in…