FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva
BANGKOK: Thailand’s exports unexpectedly fell in October as tight monetary policy to curb inflation in major trading partners affected purchasing power and economic activity, the commerce ministry says.
Exports, a key driver of Thai growth, dropped 4.4% in October from a year earlier, compared with a forecast rise of 6% year-on-year in a Reuters poll, and came after September’s 7.8% increase.
While exports are likely to slow down later this year, full-year growth should still nearly double the ministry’s 4% growth target, Commerce Minister Jurin Laksanawisit told a news conference.
In October, exports of farm and agro-industrial products fell for the first time in 23 months, down 3.4% from a year earlier. Industrial goods exports dropped 3.5%, the ministry said in a statement. — Reuters
