Government revises target as July shipments improve

Thailand’s exports rose for the third consecutive month in July, making the government increase its export projection for the year to a contraction of 10-18%. The previous forecast projected exports to shrink by 15-19% YoY. Thai shipments in July increased to US$12.9b, their highest value in seven months, from US$12.33b in June and US$11.65b in May. The export decline on a yearly basis also eased in July due to improving overseas demand. The contraction was 25.68% compared to 25.92% in June, 26.6% in May, 26.1% in April and 26.4% in January. The marginal improvement was mainly due to a reduced contraction for shipments of agricultural and agro-industrial and industrial products. July exports of key agricultural and agro-industrial products contracted by 28.4% YoY, but the figure edged up by 0.8% from June. Shipments of industrial products fell by 22.6% YoY but rose 4.7% from June. (Bangkok Post)