Thailand is projecting exports this year to fall 5.5% year-on-year to US$215 billion, but expects to post growth of 5% next year to about $225 billion.
This year would be the third consecutive year of decline for the country’s exports, and the drop would be larger than the 3% fall projected earlier, said the Commerce Ministry in a statement, reported Bernama.
The Trade Policy and Strategy Office said the export figure for November declined by 7.4% against the same month in 2014 to $17 billion. Director General Somkiat Trirattanapan said this was the 11th consecutive month of contraction, reported the National News Bureau of Thailand.
Exports from January to November dropped 5.5% to $197 billion compared to the same period last year, and imports declined 11.2% to $187 billion, leaving the country with a trade surplus of $10 billion.
Somkiat said the export slump was triggered mainly by the slow global economy and declining global oil prices. Industrial and agricultural exports also decreased by roughly 7%, especially rubber and rice.
The Director General said, however, that despite the contraction, the country has been able to maintain its overseas market share. There has also been a steady growth in the export of cars and auto parts for the past five consecutive months.
Also going for the economy is border trade with neighboring countries as well as the strong services sector that is boosted by tourism.
Border trade with Malaysia, Myanmar, Laos, and Cambodia rose 6.42% to THB958 billion ($26 billion) in the first 11 months of this year.
Tourism, which accounted for 73% of revenue in the services sector, reported a 21.9% growth to $32 billion in the first nine months.
Photo: Tevaprapas Makklay
