April’s exports fall to the lowest level in 24 months
“Deputy PM Somkid Jatusripitak has scheduled a meeting on May 31 with Thailand’s commercial attachés from across the world in a bid to boost exports.”
Thailand’s exports fell 2.6% last month (April) to US$18.5 billion, the lowest level since May 2017.
Thai PBS reports that imports in April also dropped by 0.72% to about US$20 billion, resulting in a trade deficit of about US$1.5 billion, she said, adding that Thailand’s total exports for the first four months of this year amounted to US$80.5 billion, representing a 1.86% contraction compared to imports of U$79.9 billion, a 1.08% drop.
The fall is being blamed on the intensifying trade war between the US and China, according to Ms. Pimchanok Wornkhorporn, Director of the trade policy and strategy office at the Ministry of Commerce.
“Other external factors, such as the slowdown in global trade and demand for Thai products from its key trading partners, compounded by the volatile political situation in Europe and credit problems in China, conspired to drive Thai exports down.”
Hardest hit by the trade war are electronic exports to China, as Thailand is a major source for Chinese manufacturers, she said, adding that several other countries are being affected and their business operators have resorted to foreign exchange hedging to minimise exchange risks.
SOURCE: Thai PBS
