The value of Thai exports fell 6.14% year-on-year in February to US$17.23 billion and dropped 4.82% in the first two months of 2015 to $34.48 billion, the Commerce Ministry announced on Thursday.
Chutima Bunyapraphasara, permanent secretary for commerce
Chutma Bunyapraphasara, permanent secretary for commerce, said that purchasing power was weaker in the European Union, China, Japan and Asean member states.
In addition, the falling price of crude oil affected the value of oil-related exports, prices of farm products and gold remained low, and the baht appreciated against the currencies of trading partners and competitors. The baht's appreciation raised the prices of Thai products overseas, Ms Chutima said.
The value of agricultural and agro-industrial exports dropped by 12.5% year-on-year in February due to falling prices for farm products. The value of natural rubber exports plunged by 38.8%.
However, the value of frozen and processed chicken exports increased by 7.2% as Japan lifted its import ban on fresh Thai chicken. The value of beverage exports rose by 10.3%.
The value of industrial exports in February dropped by 3.7% year-on-year due to the lower price of crude oil. The value of gold exports plunged by 66% because the low price of gold prompted exporters to turn to import gold for speculative purposes instead.
The value of exports to the United States increased by 5.1%, up for the sixth consecutive month, due to the US economic recovery. Exports to Cambodia, Laos, Myanmar and Vietnam rose in value by 7%, mainly due to active border trade.
The value of exports to Japan dropped by 11.7% and to the European Union by 4.7% as the yen and euro depreciated against the baht. The value of exports to China shrank by 15.1% compared with last year due to a decline in the value of rubber and refined oil exports and the slowing of the Chinese economy.
The value of imports grew in almost all product categories. Automotive parts imports recovered and signalled the recovery of automotive production in the country.
The volume of crude oil imports rose by 15.3% over last year, but the value was down by 45% due to the fall in price.
In February the value of imports grew by 1.47% to $16.84 billion and Thailand posted a trade surplus of $390 million.
In the first two months of this year, the value of imports fell by 6.69% to $34.54 billion and the country posted a trade deficit of $66 million.