World Economy

Thai Trade Surplus Shrinks

Thai Trade Surplus ShrinksThai Trade Surplus Shrinks

Thailand continued to post a trade surplus in June despite further declines in exports and imports, the commerce ministry said Monday, MarketWatch reported. The country registered a trade surplus of $150 million in June, down considerably from the $2.4 billion surplus recorded in the preceding month. Thailand’s customs-basis exports contracted for the sixth consecutive month in June by 7.87% year-over-year to $18.16 billion. Its overseas-shipment value fell 4.84% year-over-year in the first six months of the year. The ministry attributed June’s export contraction to declines in automotive exports and a drop in value of oil-related and agricultural products. Economists say they expect further trade contraction, particularly in exports, after the latest data showed the country’s vehicle-export value, which represented around 8% of exports last year, declined 29.21% year-over-year in June due to slower production of new pickup truck models. Imports shrank 0.21% year-over-year in June to $18.01 billion, while the total value of imports from January to June fell 7.91% from a year earlier. Thailand recorded a trade surplus of $3.47 billion for the first six months of the year.