Thailand’s Dec exports show largest drop in more than 4 years
Thailand’s exports fell 8.3% in December compared with the same month of 2014 due to persistently weak external demand. The December data also fell below economists’ expectations, which called for a decrease of 7.2% in a survey conducted by Reuters. In 2015, the country’s exports declined 5.78% on the year, representing the largest drop in six years.
Thailand’s exports to China fell 9.5% in December and 5.4% in 2015 while exports to Europe rose 2.3% on the year in December while falling 5.7% for the full year. Shipments to the US also slid 7.2% year over year in December while rising 0.7% in 2015.
The data also showed that Thailand’s imports posted a larger decrease of 9.23% in December and 11.02% for the year.
Previously, Thailand’s central bank had revised its 2016 growth forecasts downward due to an anticipated lack of export growth. The bank now expects to see economic growth of 3.5% in 2016, down from its previous growth estimate of 3.7%.
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