Thai exports shrank 7.40% year-on-year to US$18.9 billion in August, the biggest drop in 32 months.
Imports contracted by 14.17% to $17.80 billion last month, resulting a trade surplus of $1.15 billion, according to the Commerce Ministry's Department of International Trade Promotion.
In the first eight months of this year, exports slipped by 1.36% year-on-year to $150.54 billion while imports fell 12.69% to $150.26 billion, representing a trade surplus of $280 million.
Nantawan Sakuntanaga, director general of the department, said the major reasons for the sluggish export performance was the world economy, which did not recover as projected, and a farm product price slump.
Gold exports also plummeted in line with the bearish world price.
Commerce Minister Gen Chatchai Sarikulya will meet with commerce ambassadors on Oct 20 when the export target will be reviewed, Mrs Nantawan said.
The department still maintained its export growth projection in the range of 0.5% to 1% for the whole year, she added.