The FINANCIAL — Thailand’s trade surplus contracted sharply in November as exports remained weak pinched by a global economic slowdown, official data released on December 28 showed, according to Nasdaq.
The Commerce Ministry said Thailand registered a trade surplus of $299 million in November, easing considerably from the $2.1 billion recorded in October. During the first 11 months of this year, Thailand’s accumulated trade surplus stood at $10.23 billion.
The ministry said in a statement that an economic slowdown, particularly in Thailand’s key trading countries including Japan, China and the European Union, weak global oil prices and low farm product prices as well as many countries’ move to employ weak foreign exchange policy to boost their economies have contributed to ongoing contraction in Thai export value.
According to the statement, Thailand’s exports of agricultural and industrial products fell further by 7.0% and 6.8%, respectively.
From January to November, Thailand’s exports have contracted 5.51% from the same period last year to $197.27 billion.
Imports fell 9.53% from a year earlier in November, significantly slowing down from an 18.21% on-year plunge in the preceding month. For the first 11 months of 2015, Thailand’s imports contracted 11.16% from a year ago to $187.04 billion.
Somkiat Triratpan, director of the ministry’s Trade and Strategy Bureau, said at a news conference that the 2015 export growth target has been lowered to -5.5% from an earlier forecast of a 3.0% contraction.