Thai exports drop less than expected, rebound not seen until H2 By Reuters

By Kitiphong Thaichareon and Orathai Sriring

BANGKOK (Reuters) – Thailand’s customs-based exports contracted for a fifth straight month however by lower than forecast in February, as the worldwide economic system slowed, with shipments anticipated to drop additional within the first half of the 12 months, the Commerce Ministry stated on Thursday.

Exports, a key driver of progress, dropped 4.7% in February from a 12 months earlier, higher than a 6.9% fall forecast in a Reuters ballot, and in opposition to January’s 4.5% decline.

In February, imports rose 1.1% from a 12 months earlier, in contrast with a forecast rise of two.1%, leading to a commerce deficit of $1.11 billion for the month.

Shipments are anticipated to point out an extra drop within the first and second quarters earlier than bettering within the second half, Phusit Ratanakul Sereroengrit, head of the ministry’s division of worldwide commerce promotion, advised a information convention.

“There stays a big stockpile which slows imports from different nations,” he stated. “The second half needs to be extra optimistic,” he added.

The ministry will preserve its goal of 1%-2% export progress this 12 months, official Poonpong Naiyanapakorn stated.

February’s export fall, which was additionally resulting from a excessive base final 12 months, was led by decrease shipments of business items, with electronics down 4.7% year-on-year and exhausting disk drives tumbling 45%, the ministry stated in an announcement.

The worth of rice exports rose 7.7% in February from a 12 months in the past however the quantity dropped 5.7% to about 600,000 tonnes.

February’s exports to the US dropped 9.5% year-on-year whereas these to Southeast Asia fell 5.8%. Exports to China declined 7.9% from a 12 months earlier, the ministry stated.