International Business News – Thailand’s Ministry of Commerce announced on August 26 that foreign trade exports in July were US$23.63 billion, up 4.3% year-on-year, for the 17th consecutive month of growth.
Thai Deputy Prime Minister and Minister of Commerce Jurin said at a press conference that Thailand’s export growth slowed in July compared to previous months due to slowing global economic growth and supply chain issues.
Data show that in July, Thailand’s exports of agricultural and agro-processed products rose 14.6% year-on-year, but exports of industrial products grew only 0.1%, including a 3% drop in exports of automobiles and parts.
From January to July this year, Thailand’s exports grew 11.5 percent year-on-year. Jurin said that given the increase in global demand for food, the relaxation of epidemic prevention restrictions in various countries and the depreciation of the Thai baht, Thai exports are expected to exceed the annual growth target of 4% to 5% set by the Ministry of Commerce this year.
In July, Thailand’s imports rose 23.9 percent year-on-year, with a trade deficit of $3.66 billion for the month. This was mainly due to higher international energy prices, Jurin said.