Thai exports tumbled 8% in April, far worse than expected, according to data from the Commerce Ministry. The decline puts an end to a two-month growth streak amid sluggish global demand.
Analysts were expecting exports to fall just 1.25%.
Major market shipments were down, including: Japan, down 10.3%; the United States, down 6.7%; and Europe, down 1.1%.
Declining oil and commodity prices were partly to blame, says the Commerce Ministry, but an uncertain global economy also weighed on exports.
Tisco Securities senior economist, Charnon Boonnuch, said, “The market will once again be worried about exports.” The economist added that a slump in imports only adds to concerns.
In the month of April, imports plummeted 14.92% compared to the previous year. Economists were projecting a 7.65% decline. The import slump last month will likely continue into May.
Imports typically include parts, which are assembled into finished goods and then shipped out.
Shipments were up 1.3% in March and 10.27% in February. These gains were driven by unusual items, including gold shipments and military helicopters.
For the month of April, electronic exports were down 5.3%, industrial goods exports were down 7.8% and agricultural products exports were down 2.8%.
Major market shipments were down across the board, including Southeast Asian nations and China, down 4.8% and 5.9% respectively.
Exports account for nearly…