Thai April exports slightly above forecast but growth slows
BANGKOK, May 26 (Reuters) - Thailand's export growth slightly beat forecast in April but was slower than the previous month, while the commerce ministry warned of challenges from U.S. tariffs in the second half of the year.
Exports (THCEX=ECI), opens new tab rose 10.2% in April from a year earlier, compared with a 9.1% year-on-year increase seen in a Reuters poll, and followed March's 17.8% rise.
Exports, a key driver of the Thai economy, should continue to increase in the current quarter, Poonpong Naiyanapakorn, head of the Trade Policy and Strategy Office, told a press conference.
In April, exports to the United States, Thailand's biggest market, increased 23.8% from a year earlier, while shipments to China rose 3.2%.
Exports of computers and parts surged 75% in April from a year earlier, while shipments of agricultural goods declined 19.6%, with rice export volumes down 37.3% annually.
Thailand's exports in the second half of the year will face a risk of U.S. tariffs after a moratorium expires in July, the ministry said in a statement.
Thailand faces a 36% U.S. tariff if a reduction cannot be negotiated with Washington before the moratorium ends. The United States has set a 10% baseline tariff for most nations while the moratorium is in place.
Discussions with the U.S. trade representative have been positive, Commerce Minister Pichai Naripthaphan told the press conference.
Exports should remain "the hero" this year for Thailand, he added.
"Our exports have stronger fundamentals. We have more stable market distribution," Pichai said. "Let's not be too pessimistic".
In the January-April, exports increased 14% annually. Imports (THCIM=ECI), opens new tab rose 16.1% in April from a year earlier versus a forecast rise of 8.5%.
Thailand recorded a trade deficit (THCTR=ECI), opens new tab of $3.3 billion last month, compared with a forecast deficit of $0.80 billion.
Pichai said in a worst case scenario, exports should grow more than 4% this year, beating a ministry target of 2% to 3%.
Last week, he said exports would also be helped by increased shipments to countries other than the United States.
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