Xinhua, April 26: BANGKOK As a result of a slowdown in global demand and severe inflationary pressures, Thailand's export shrank in March for the sixth straight month, according to data released on Wednesday.
According to data issued by the Ministry of Commerce, exports, a major contributor to the nation's economic growth, fell short of market forecasts last month, declining 4.2 percent from a year earlier to 27.65 billion dollars.
Comparable declines in February and January were 4.7 percent and 4.5 percent, respectively. The ministry blamed the decline in exports on interest rate increases, which had a long-lasting effect on the banking industry, businesses, and consumer purchasing power.
According to the
Export Import Data, shipments of agricultural and agro-industrial goods increased 4.2 percent year over year in March, while exports of industrial goods decreased 5.9 percent from a year earlier.
The report also revealed that Thailand's imports decreased 7.1 percent year over year to 24.94 billion dollars in March, reversing a 1.1-percent gain in February and creating a trade surplus of roughly 2.72 billion dollars, the first trade surplus of the year.
According to the ministry, the Southeast Asian nation's export decreased by 4.5 percent from a year earlier, while import fell by 0.5 percent.
