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Amid Efforts to Suppress World Inflation, Thailand’s Exports Show Slight Decline

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For the first time since February of last year, export growth in Thailand slowed in October as key trade partners tightened monetary policy in an effort to rein in soaring global inflation.

The Ministry of Commerce said on Monday (28 November) that exports fell 4.4% year-over-year to USD 21.77 billion in October.

The protracted global economic downturn and the drop in the Purchasing Managers’ Index (PMI) among important trade partners, Thai Commerce Minister Jurin Laksanawisit said at a news conference, were the biggest frictions to Thai export development.

However, he did point out that lower energy prices and a weaker baht are likely to generate export growth that is above the ministry’s 4% objective for the full year.

The agricultural and agro-industrial export market had a dip in October for the first time in over two years, falling 3.4% from the previous year.

The ministry said that exports of manufactured goods were down 3.5% from the previous year.

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