Thailand: Exports unexpectedly decline in June
July 31, 2012
In June, exports dropped 4.2% over the same month last year to USD 19.8 billion, which contrasted the 7.7% expansion tallied in May and surprised market analysts, who had exports slowing down to 4.5%. The decline mainly reflected a deterioration in overseas sales of agricultural products, particularly of rice (-50.1% year-on-year). In addition, shipments of manufacturing products, especially electronics, declined compared to the previous month. Imports increased 2.6% in June to USD 20.3 billion, which marked a notable deceleration compared to the 18.2% expansion recorded in May. The anaemic increase was broad-based and was mainly the result of a sharp slowdown in imports of durable and capital goods. The trade balance incurred a deficit of USD 0.6 billion in June, which contrasted the USD 0.8 billion recorded in the same month last year.