Thai export in October contracted 6.71 per cent, says Ministry of Commerce

Export value in October contracted by 6.71 per cent year-on-year to US$19.38 billion, the Ministry of Commerce said on Monday.

Pimchanok Vonkorpon, the director-general of the ministry’s Trade Policy and Strategy Office, said that the export value had improved from the recovering global economy.

The export figure, however, dropped more than the market expected at -6 per cent, Pimchanok added.

Meanwhile, the import value stood at US$17.33 billion, or -14.32 per cent compared to last year, which has contributed to a trade surplus of US$2.07 billion in October.

As a result, Thai export markets have contracted less in several months at US$192.37 billion for the first ten months of 2020, down 7.26 per cent.

For the ten months of 2020 import, the value declined by 14.61 per cent to US$169.7 billion with the trade surplus of US$22.67 billion for the first ten months.

The 2020’s export value is set to contract by 7 per cent, according to the annual projection from the Ministry of Commerce

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