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Thai exports down 4.5% in October, 2.35% for the year

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PHOTO: Commerce Ministry

Thai exports have crashed 4.5% for October 2019, compared with the same month last year.

The total contraction in first 10 months of this year has now averaged 2.35%, and things don’t look like improving any time soon, according to the Commerce Ministry, as reported in the Bangkok Post.

The director-general of the ministry’s Trade Policy and Strategy, Pimchanok Vonkorporn, says the decline is due to lower oil prices and the sluggish economies of Thailand’s key trading partners.

Decreases were registered in the exports of iron and steel-related products, steel, iron, rice, tapioca products, natural rubber, prawns, oil-related products, televisions and TV parts.

Crude oil prices also plunged 25%, resulting in a 35% decline in the value of refined oil exports and a 26% fall in the value of oil-related exports, according to the director-general.

Whilst export value rose in the US (48%), Japan (0.5%) and Switzerland (97%), declines were registered in many of the other popular export markets for Thailand – EU (-8.8%), ASEAN (-9.3%), China (-4.2%), India (-17.2%), Hong Kong (-3.4%), South Korea (-1.1%), Australia (-7.1%) and Latin America (-13.2%).

On the plus side, there were signs of growth in the exports of sugar, vegetables, fruits, wheat-based products, ready-to-eat foods, garments, cosmetics, soaps, skincare products, furniture and parts, watches and parts, switchboards, and electrical distribution boards, according to the Bangkok Post.

But the Department of Trade Policy and Strategy predicts Thai exports will continue to face high risks because the economic slowdown was expanding to major trading partners of Thailand.

SOURCE: Bangkok Post

 

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