Thailand’s exports have experienced a continuous decline for nine months in a row, but there is hope for a recovery in the second half of the year.
The decline in exports is primarily attributed to the slow economic recovery in major trade partners such as China and the US. Despite this contraction, Thailand’s exports during the first half of the year have shown better performance compared to many other countries. The average monthly export value has been higher than the pre-COVID period.
Efforts to reopen border crossings and facilitate cross-border trade are expected to support the projected export growth of 1-2% for the whole year, leading to optimism in the second half.
The Ministry of Commerce predicts a 1-2% growth in exports for the year overall. In June, exports fell by 6.4% while imports dropped by 10.3%, resulting in a trade surplus of $57.7 million.
The decline in exports can be attributed to the sluggish economies of Thailand’s trading partners, impacted by rising interest rates and inflation. However, Thailand’s exports during the first half of the year…
