The country recorded a current account deficit US$400 million in November after a revised surplus of $600 million the previous month, the Bank of Thailand said on Thursday.
Exports, a key driver of growth, dropped 5.5% year-on-year in November, the BoT the central bank said in a statement.
Commerce Minister Jurin Laksanawisit said earlier this week that exports are expected to continue dropping in December because of the global economic slowdown, but the ministry remained confident that full-year export growth should be around 7%.
Boost from tourism
Meanwhile, the Finance Ministry reported on Thursday that the country's economy in November was supported by tourism while private consumption held steady, and exports weakened following a slowdown in trading partners' economies.
Economic stability remained good while price pressures eased, the ministry said in a statement.
Growth in Southeast Asia's second-largest economy has lagged than that of regional peers as the tourism sector has only just started to rebound from the Covid-19 pandemic.
China's border reopening should be a further boost to the Thai tourism sector, with Chinese visitors accounting for nearly a third of roughly 40 million foreign tourists in 2019, before the coronavirus pandemic.
Finance Minister Arkhom Termpittayapaisith said earlier this week that the economy might accelerate next year and hit the 3.8% growth if Chinese tourists return, helping offset weakening exports as global demand slows,
He saw growth of 3.1% or 3.2% this year, after last year's 1.5% expansion, which among the slowest in Southeast Asia.
