China News Agency, Bangkok, November 28 (Reporter Wang Guo'an) Thailand's Ministry of Commerce announced on the 28th that Thailand's foreign trade exports in October were 21.772 billion US dollars, a decrease of 4.4% from the same month last year.
This is the first time since February 2021 that the country's monthly export value has experienced a year-on-year negative growth.
Thailand's Deputy Prime Minister and Minister of Commerce Zhu Lin said at a press conference that the slowdown in global economic growth and the tightening monetary policies adopted by some major trading partners to curb inflation have affected Thailand's export performance in October.
By product classification, Thailand's exports of agricultural and agro-industrial products fell by 3.4% year-on-year in October, and exports of industrial products fell by 3.5%.
In that month, Thailand's import value was US$223.68, a year-on-year decrease of 2.1%, and the trade deficit was US$596 million.
Exports are an important "engine" for Thailand's economic growth.
Statistics show that from January to October this year, Thailand's cumulative exports reached US$243.138 billion, a year-on-year increase of 9.1%.
Zhu Lin said that although Thailand's exports will face downward pressure in the rest of this year, the annual exports will still greatly exceed the original 4% growth target set by the Ministry of Commerce.
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