Thai exports declined for nine consecutive months

Thailand’s exports have been declining for nine consecutive months, but there is hope for a rebound in the second half of the year.

Key Takeaways

• Thailand’s exports have been declining for nine consecutive months, primarily due to the slow economic recovery in major trade partners such as China and the US.
• Despite the contraction, Thai exports in the first half of the year performed relatively better compared to many other countries, with an average monthly export value higher than the pre-COVID period.
• There is optimism for a rebound in the second half of the year, with a projected export growth of 1-2% for the whole year, supported by efforts to reopen border crossings and facilitate cross-border trade.

The Ministry of Commerce predicts a 1-2% growth in exports for the whole year. In June, exports fell by 6.4%, while imports dropped by 10.3%, resulting in a trade surplus of $57.7…