Customs-cleared exports slipped more than expected in April after two months of growth, Commerce Ministry data showed on Wednesday, as the trade-dependent economy continued to face weak global demand.
Exports fell 8%, much worse than the median forecast of a fall of 1.25% in a Reuters poll. Shipments to major markets dropped, including declines of 10.3% to Japan, 6.7% to the United States and 1.1% to Europe.
The ministry blamed the poor exports last month on global economic uncertainty and falling commodity and oil prices.
"This is shocking - the market will once again be worried about exports," said Charnon Boonnuch, senior economist at Tisco Securities. "Even more of a concern now is a slump in imports, which is a bad sign for both exports and investments in the future."
Imports plunged 14.92% in April from a year earlier, deeper than the 7.65% decline in a Reuters poll. That's an indication that exports will remain weak. Many imported items are parts assembled into finished goods and shipped out.
In March, shipments rose 1.3% on-year following February's 10.27% increase, though these gain came from unusual items, namely military helicopters and gold shipments.
The export decline in April was led by falls of 7.8% in industrial goods, 5.3% in electronics and 2.8% in agricultural products.
Shipments to major markets were all lower, including declines of 10.3% to Japan, 6.7% to the United States and 1.1% to Europe. Shipments to Southeast Asian countries declined 4.8% and those to China fell 5.9% from a year earlier.
Exports, worth about two-thirds of the country's economic output, have contracted over the past three years and the central bank has forecast they will fall 2% this year.
That's one reason why the government has struggled to revive Southeast Asia's second-largest economy after taking power in May 2014. Domestic demand, another growth driver, has also been sluggish.
The economy grew 0.9% in January-March on-quarter and 3.2% on-year, but the recovery has remained fragile. The central bank has forecast economic growth of 3.1% this year. Growth last year was 2.8%.