Thailand's exports expanded for a 14th consecutive month in August but at a reduced rate due to newly imposed U.S. tariffs, official data showed on Wednesday.
Exports, a key driver of the Southeast Asian country's economic growth, rose 5.8 percent year-on-year last month to 27.74 billion U.S. dollars, slowing from an 11 percent rise in July and marking the softest pace since last September, according to the Ministry of Commerce.
Thai exports of electronics and electrical appliances continued to see steady growth. However, shipments of agricultural products, especially rice, rubber, and tapioca, faced increased pressure from intensified price competition, the minister said in a statement.
Industrial shipments grew 11.2 percent, decelerating from a 14 percent increase in the previous month, driven by strong expansion in sales of computers, electronic integrated circuits, and gems and jewelry.
Agricultural shipments declined for the first time in four months, down 13.6 percent, while agro-industrial products fell 7.2 percent.
The data also indicated that imports surged 15.8 percent from a year earlier to 29.70 billion dollars in August, resulting in a trade deficit of 1.96 billion dollars.