BANGKOK: Thai exports in August fell by the biggest percentage since bad flooding in late 2011, confirming that a key engine of the country’s economy is not firing.
Exports dropped 7.4 per cent from a year earlier, Commerce Ministry data showed yesterday, compared with the forecast of a 3.6 per cent decline in a Reuters poll. In July, shipments slipped 0.85 per cent from a year earlier.
Despite expecting zero export growth, the central bank maintained its forecast that the economy will grow 1.5 per cent this year as long as the government boosts spending.
Yesterday, the Commerce Ministry said it now hopes exports will grow 0.5 to 1.0 per cent this year, instead of its earlier 3.5 per cent.
“It looks like the recovery is a lot slower than we expected,” said Kampom Adireksombat, a senior economist with Tisco Securities.
In the first eight months, exports have fallen 1.36 per cent from a year earlier. Reuters