First-quarter exports fell by 4% year-on-year, prompting the Commerce Ministry to revise down its full-year forecast from 4% growth made earlier.
Commerce Minister Chatchai Sarikulya said reports indicated export performance remained in the red last month, with a drop of 4% year-on-year due mainly to falling rubber and oil prices, leading the figures in the first quarter to contract by 4% too.
Official figures covering March's performance and new export forecasts will be released today by the ministry, he said.
Last week, Gen Chatchai said his ministry might cut its full-year growth target for shipments to 1% from an earlier 4% forecast due mainly to the global economic slowdown and falling oil prices.
"We hopefully expect shipments to recover after the first quarter," he said. "Based on the figures in March, we see the contraction is now lower than in February, when shipments dropped by 6.14% year-on-year to US$17.2 billion."
Gen Chatchai said export performance was expected to recover in the second and third quarters, citing stabilised oil prices, while the government was committed to driving exports and expanding export destinations.
Authorities will unveil new export stimulus measures next month and commence them in June, he said.
Nopporn Thepsittha, president of the Thai National Shippers' Council, said the 4% contraction in exports in the first quarter came as no surprise, as shippers themselves recently predicted exports would drop by 4-5% for the period.
"The first three months were the worst period for exports due to falling global oil prices, which affected shipments of refined petroleum and related products such as chemicals and plastic pellets," he said. "But we're bullish that exports will gradually improve and are likely to see flat growth in the third quarter."
In a related development, the Commerce Ministry yesterday kicked off an initiative under which large, experienced companies function as mentors to small enterprises to help them gain more exports.
Under the "Elder Brothers/Sisters Lead the Younger Ones by the Hand" scheme, major firms such as Charoen Pokphand Group, Central Group, Saha Group, Thai Beverage and Loxley have agreed to become more involved in helping smaller operators to expand their export markets.