BANGKOK: Thailand experienced its first contraction in exports in three months, primarily due to a decrease in fruit supply as the harvesting season neared its end, according to official data released on Friday.
Exports, which are crucial for the Southeast Asian nation’s economic growth, fell by 0.3 percent from the previous year to $24.79 billion. This marked a significant reversal from a revised 6.9 percent increase in May, as reported by the Ministry of Commerce.
The decline in exports was driven by a 2.2 percent drop in agricultural products, despite notable growth in rice and rubber exports. Agro-industrial goods saw a larger decline of 4.8 percent. On the other hand, shipments of industrial products grew by 0.3 percent, largely due to increases in computer and telephone exports.
Imports in June rose by 0.3 percent from the previous year, reaching $24.57 billion, which resulted in a trade surplus of $218 million.
For the first half of 2024, Thailand’s exports increased by 2.0 percent to $145.29 billion, while imports grew by 3.0 percent to $150.53 billion, leading to a trade deficit of $5.24 billion.
Looking ahead, the Ministry of Commerce expects exports to maintain a positive trend for the remainder of the year, driven by agricultural and food product sales as well as growth in the digital economy.
The ministry has upheld its export growth target of 1 percent to 2 percent for the year, following a 1 percent decline in exports in 2023.
