Thai exports fell by 7.94 per cent to US$20.21 billion in August from a year earlier, the Commerce Ministry said on Wednesday, a smaller than expected drop, according to Reuters.
The Trade Policy and Strategy Office (TPSO) has indicated that the Thai export sector has improved for two consecutive months in August, after less-than-stellar months caused by the COVID-19 pandemic.
Reuters had forecast a drop of 12.05 per cent, after July’s exports fell 11.37 per cent year on year. The August figures signal a recovery after exports hit a low point with a 23.17 per cent drop in June.
In January-August exports contracted 7.75% from a year earlier, while imports tumbled 15.31%.
The recovery in August was driven by shipments of food, household appliances and Covid-19 protection such as rubber gloves, the global market for which has grown 125.9 per cent in the past nine months.