FX.co ★ Thailand Retail Sales Fall for 1st Time in 10 Months

In January 2024, retail sales in Thailand experienced a 1.0% decline compared to the same month a year earlier, following an adjusted 4.2% increase in December. This drop marked the first downturn in retail sales since March 2024, largely attributed to a significant decrease in sales of miscellaneous goods, which fell by 9.1% after having risen by 5.8% in December. Additionally, the growth rate for non-durable goods slowed to 6.3% from 9.8%, and for durable goods, it decreased to 1.6% from 3.3%. Conversely, sales in department stores, supermarkets, and general stores saw an increased growth rate, rising to 25.1% from 24.5%. The reduction in sales for motor vehicles and automotive fuels was less pronounced, improving to a 2.0% decline from a 3.9% drop. Monthly retail activity saw a significant decrease of 11.2% in January, following a revised 4.5% reduction observed in the previous period.