Thailand November Exports Decline 1%; More Weakness Seen Ahead

(RTTNews) - Thailand's merchandise exports declined for the first time in three months during November, official data showed Friday, and the central bank forecast weaker growth in shipments for coming months.

Exports fell 1 percent year-on-year following a 4 percent gain in October, data from the Commerce Ministry revealed. Economists had forecast 3.95 percent increase.

Imports dropped 3.5 percent year-on-year after a 4.9 percent slump in the previous month. Economists had expected a 0.8 percent gain. Imports fell for a second consecutive month.

The trade balance swung to a deficit of $78 million from $31.5 million surplus in October. Economists had forecast $200 million surplus.

Elsewhere today, the Bank of Thailand slashed its economic growth forecast for 2015, citing weaker outlook of both domestic demand and exports.

"Merchandise exports are likely to grow at a lower rate due to weaker trading partners' demand," the central bank said in its quarterly monetary policy report.

"Notwithstanding steady growth in the US, lower-than-expected growth of the Euro area economies, Japan, and China has caused exports of Asia and Thailand to slow. Additionally, domestic production limitations and depressed commodity prices would continue to affect Thai exports in the period ahead."

In the January to November period, exports declined 0.4 percent and imports fell 9 percent from a year ago.