BANGKOK (Reuters) – Thailand’s customs-based exports contracted for a fifth straight month in February, down 4.7% from a year earlier, due to a slowing global economy, the Commerce Ministry said on Thursday.
That compared with a forecast year-on-year fall of 6.9% for February in a Reuters poll, and came after January’s 4.5% drop.
The fall was also due to a high base last year, the ministry said in a statement.
Shipments, a key driver of Thai growth, were expected to drop in the first and second quarters before improving in the second half of the year, Phusit Ratanakul Sereroengrit, head of the ministry’s department of international trade promotion, told a news conference.
The ministry will maintain its target of 1%-2% export growth this year, official Poonpong Naiyanapakorn said.
In February, imports rose 1.1% from a year earlier, resulting in a trade deficit of $1.11 billion for the month.
(Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by Kanupriya Kapoor)
