The value of Thai merchandise exports in February 2023 contracted -4.7%YOY, marking a five-month consecutive contraction.
Exports to the U.S. and Europe 28 worsened as economic conditions and uncertainty increased. Meanwhile, exports to China shrank less.
The overall picture of the Thai export market in February is very different. Exports to western markets deteriorated in line with worsening economic conditions and increasing uncertainties.
In February, imports rose 1.1% from a year earlier, resulting in a trade deficit of US$1.11 billion for the month.
The value of Thai imports in February was 23,489.7 million US dollars, growing 1.1%, slowing down from 5.5% in the previous month. (Which is a product that does not reflect actual international trade) found that it grew by 3.4%, reflecting the still sufficient demand for imports and expanding in line with the Thai economic recovery trend. While the value of exports continued to contract in line with the global economic slowdown, resulting in a trade balance in the customs system in February deficit of -1,113.4 million US dollars. This was the 11th consecutive month of deficit.
However, exports to the Chinese market and new potential markets of Thailand improved, with
(1) the US market contracted -9.5% compared to -4.7% in the previous month, and was the most severe contraction in 33 months in line with economic conditions. United States
(2) The European market (EU28) turned around to shrink by -0.5% after expanding 2.7% in the previous month, with Switzerland contracting sharply -80.7% mainly due to the contraction of gems and jewelry.
The value of Thai exports in February contracted for 5 consecutive months, but began to show signs of recovery.
However, exports to the Chinese market began to improve, although still contracting -7.9, but contracting less than -20.8% in the previous month and contracting the lowest in 8 months, reflecting that demand from China gradually recovered after opening the country.
In addition, the Hong Kong market turned around to expand for the first time in 10 months at 28.6%, similar to (4) the CLMV market that contracted -4.9. % for the fifth consecutive month, but contracted less from -11.1% in the previous month, while (5) the Middle East continued to expand at 23.3%, decelerating slightly from 23.6% in January, led by the Saudi market. grew 56.2% and was the No. 1 growth in exports in February.