– Thailand‘s export growth in October fell for the first time since February last year as monetary policy tightening to curb high global inflation in major trading partners hit purchasing power and economic activity, data showed on Monday.
The country’s exports fell 4.4 percent in October from a year earlier to 21.77 billion US dollars, according to the Ministry of Commerce.
The prolonged global economic slowdown and declining Purchasing Managers’ Index (PMI) in key trading partners were the main frictions for Thai export growth, Commerce Minister Jurin Laksanawisit told a news conference.
However, buoyed by lower energy costs and a weaker Thai baht, full-year export growth is likely to be double the ministry’s 4 percent target, Jurin said.
In October, exports of agricultural and agro-industrial products fell for the first time in almost two years, 3.4 percent less than the previous year. Exports of industrial products fell 3.5 percent on-year, the ministry said in a statement. ■