Exports down 5.7% in January

Exports down 5.7% in January

The export decline in January was due to falling shipments of rice, electronics, gold and cars, according to the Commerce Ministry. (Photo by Pattarapong Chatpattarasill)
The export decline in January was due to falling shipments of rice, electronics, gold and cars, according to the Commerce Ministry. (Photo by Pattarapong Chatpattarasill)

Exports dropped for a third straight month in January, falling a more-than-expected 5.6% from a year earlier, the Commerce Ministry said on Friday.

Analysts in a Reuters poll had predicted a 1% slip in exports, a key growth driver.

In December, shipments contracted 1.7% from a year earlier.

The decline in customs-cleared exports in January was due to falling shipments of rice, electronics, gold and cars, the ministry said.

Exports to the US rose 8.3% in January from a year earlier but shipments to China slumped 16.7%.

The strong baht, Asia's best-performing currency this year, has increasingly hurt exports, particularly rice orders, a ministry official said.

In January, imports surprisingly jumped 14% from a year earlier, after sliding 8.1% in December. The poll forecast was for a 1% decline in January. Officials said the import surge was due to shipments of arms and military weapons for drills.

For January, there was a trade deficit of $4 billion, compared with a forecast of a $320-million surplus, and December's $1.06 billion surplus.

The ministry has forecast export growth of 8% this year after a 6.7% increase in 2018.

Do you like the content of this article?
COMMENT (44)