Thailand's Ministry of Commerce has said Monday that Thai exports are expected to fall 7 percent this year.
However, the contraction will be lower than 7 percent if monthly export values for November and December exceed 19 billion U.S. dollars, said Pimchanok Vonkornporn, the ministry's director-general of the Trade Policy and Strategy Office.
She also added that many Thai export markets had expanded after the easing of lockdowns following the COVID-19 pandemic outbreak.
The country's exports in October were estimated at 19.376 billion U.S. dollars, dropping 6.71 percent year on year. However, exports of industrial products in October had improved, thanks to the increase in automotive industry shipments.
Imports in October were 17.330 billion U.S. dollars, down 14.32 percent year on year, resulting in a trade surplus of 2.046 billion U.S. dollars, according to the press release issued by Pimchanok's office.
Also, exports during the first 10 months were estimated at 192.327 billion U.S. dollars, down 7.26 percent year on year, while imports were 169.702 billion U.S. dollars, down 14.61 percent.