Thailand’s new government faces deepening economic problems with exports contracting by 18.6 per cent year-on-year in November after rising 5 per cent in October.

The contraction, the first monthly fall since 2001-02, reflects tumbling demand for exports, which account for 70 per cent of gross domestic product. Prakriti Sofat, an HSBC economist in Singapore, said: “With the external demand environment having further deteriorated, the outlook for exports looks nothing but depressing.”