Apr 21, 2009, 9:01 GMT
Bangkok - Thailand exports last month contracted 23.1 per cent year-on-year while imports fell 35.1 per cent, the commerce ministry announced Tuesday.
Thailand's exports in March reached 11.6 billion dollars, a 23.1- per-cent decline compared with the 15 billion dollars of goods exported by the kingdom in March 2008.
Imports in March reached 9.5 billion, down a whopping 35.1 per cent, a strong indication that the country's manufacturing, much of in based on imported parts and raw materials, is in decline.
According to the latest trade data released by the Commerce Ministry, Thailand's first quarter exports were valued at 33.8 billion dollars, down 20.6 per cent year-on-year, while imports during the same period amounted to 26.7 billion, down 37.6 per cent, resulting in a 7.1 trade surplus.
Like many South-East Asian countries, Thailand has been hard hit by the sharp decline in import demand in the US and Europe.
Unlike her neighbours, Thailand has also experienced relentless political turmoil over the past two years, adding to its economic problems.
Last week, anti-government protestors forced Prime Minister Abhisit Vejjajiva to cancel regional summits Thailand was hosting at Pattaya beach resort and then went on a violent rampage in Bangkok, forcing the government to call in troops to quell the demonstration.
Tourism industry sources estimate that arrivals the country will drop 30 per cent this year as a result of the unrest. Exports and tourism are Thailand's two main foreign exchange earners.
Abhisit, talking to the press after a cabinet meeting Tuesday, acknowledged that Thailand's gross domestic product was expected to contract 4-5 per cent this year, worse than the 2 per cent contraction originally forecast.
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