Thai exports decline for seventh month as global demand slows

The Thai Ministry of Commerce has reported a decline in the nation’s export value for the seventh consecutive month. In April, the value dropped by 7.6% compared to the previous year, a significantly larger decrease than the 2% fall anticipated by economists. April’s exports were valued at US$21.72 billion, a notable decrease from March’s 12-month high of US$27.65 billion. Despite the decline, the ministry maintains its target of 1-2% export growth for this year.

In April, Thailand recorded a trade deficit of US$1.47 billion, much higher than the forecast deficit of US$450 million, while imports contracted by 7.3% year-on-year. In the January-April period, exports saw a decline of 5.2% from the previous year, with imports dropping by 2.2% and a trade deficit of US$4.52 billion.

The Thai National Shippers Council highlighted several unpredictable factors…