BANGKOK, April 29 (Xinhua) -- Thailand's exports dropped for the first time in eight months in March due to a shrink in industrial and agro-industrial product shipments and last year's high comparative base, official data showed on Monday.
Exports, a key driver of the Southeast Asian country's economic growth, declined 10.9 percent last month from a year earlier to 24.96 billion U.S. dollars, a sharp reverse from the 3.6 percent growth in February, according to data released by the Ministry of Commerce.
Amid global economic uncertainties and sluggish growth, the March reading, however, aligned with the average value of exports observed over the past five years, the ministry said in a statement.
A breakdown of the data revealed that exports of industrial products contracted 12.3 percent from a year earlier in March, dragged down by a 12.4 percent drop in automotive product shipments, while agro-industrial goods shrank by 9.9 percent.
Agricultural product shipments edged up 0.1 percent year on year in the cited month, thanks to 30.6 percent and 36.9 percent increases in rice and rubber exports, respectively.
The data also indicated that Thailand's imports rose 5.6 percent from a year earlier to 26.12 billion dollars in March, resulting in a trade deficit of 1.16 billion dollars.
For the first quarter of 2024, exports inched down 0.2 percent to 70.99 billion dollars, while imports picked up 3.8 percent to 75.47 billion dollars, yielding a trade deficit of 4.47 billion dollars.
Looking ahead, export value is expected to grow this year, owing to strong global demand for agricultural and food products to maintain food security. Meanwhile, the gradual recovery of the manufacturing sector also boosts shipments of electronics and appliances, said Poonpong Naiyanapakorn, director general of the commerce ministry's Trade Policy and Strategy Office.
The ministry maintains its target for export growth of 1-2 percent this year, Poonpong told a news conference. ■
