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Thai exports continued to contract in March

Thai exports continued to contract in March

The value of Thai exports dropped by -4.9%YOY in March 2019, a contraction continuing from February 2019 with -3.4%YOY growth (excluding one-time shipments of arms and military weapons sent back to the US).

As a result, declining export growth in March 2019 registered a 5 consecutive months drop.

EIC revises down import growth for the year 2019 to 3.2% from the previous forecast of 3.6%. Imports of raw materials and export-related capital goods tend to slow.

Furthermore, import growth could be suppressed by signs of dropping average crude oil price in 2019 that will impact the growth of fuel imports.

Major products faced with export value reductions were computer – parts and components (-20.0%YOY), electronic integrated circuits (-21.7%YOY), and machinery and parts (-19.5%YOY). Similarly, key agricultural products with declining export growth were sugar (-23.0%YOY), rice (-7.7%YOY), and cassava (-9.4%YOY) (details as per Table 1).

With such regards, Thai export value in the first quarter of 2019 dropped by -4.7%YOY (excluding arms and military weapons shipment to the US).