Exports contracted last month, due in large part to a sharp drop in agricultural processing product shipments, causing the performance in the first quarter to shrink 1% from the same period last year.
According to Srirat Rastapana, permanent-secretary of the Commerce Ministry, exports in March fell 3.12% year-on-year to US$19.94 billion. Shipments in the first quarter were worth $56.21 billion, down 1% from the same quarter last year.
Shipments of agricultural and agro-industrial products fell 8.2%, driven by a 25% drop in frozen and processed shrimps, a 21% decrease in rubber exports due to high global supply and tepid demand from China, Malaysia and Japan, and a 21% decline in sugar.
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