The Commerce Ministry has reported that in August exports fell by 6.95% and imports dropped by 8.78%.
Commerce Minister Poom Sarapol said exports in August totalled $19.7 billion, a 6.95% decrease from the same period last year. Thailand imported goods and sevices worth $20.7 billion.
As a result, the country had a trade deficit of $1.02 billion for the month of August.
Over the first eight months of the year exports totalled $151.55 billion, or a 1.31% drop from the same period in 2011. Imports over the period were $164.66 billion, an increase of 7.63%.
The trade deficit so far this year is put at $13.1 billion. The main reason behind the drop in exports is the sluggish global economy brought by the eurozone crisis.