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Exports for October drop 4.2%

The Trade Policy and Strategy Office of the Ministry of Commerce says exports for October declined by 4.2% causing worries for the country's economic growth.

But the private sector remains optimistic that exports for the whole year will contract less than 1%.

In its released economic figures, exports for October of 2016 amounted to 17.783 billion baht, representing a 4.2% contraction.

It said if figures for oil and gold commodities are excluded, this would mean that total exports contracted by 2.8%.

The Ministry attested this to a major drop in industrial exports which has contracted by 2.7%, the first time that it has done so in a period of 3 months.

Processed petroleum products exports fell by a significant 27% while exports for automobiles and automotive related industries fell by 5.8%.

Furthermore, agriculture products exports also fell by 8% which is attributed to a drop in sugar, rice and cassava exports.

But exports figures for the first 10 month period however showed a drop of only 1% which is significantly better than the overall export statistic which fell by 4.1%.

In any event, the Ministry of Commerce still is projecting that total exports for 2016 will experience a contraction of only between 0 to 1%.

Meanwhile the chairman of the Thai Bankers' Association, Mr Preedee Daochai, commented on the worrying contraction in exports in October, that the total exports figures for the entire year is of greater importance.

But the Joint Standing Committee on Commerce, Industry and Banking was still confident that exports for 2016 will improve and will enjoy significant positive growth in the coming year.

Source: Thai Public Broadcasting Service (Thai PBS)