Thailand’s exports have dropped drastically and the Thai Ministry of Commerce blames the coronavirus pandemic for the low levels and the shrinking supply and demand market. In a report released yesterday, exports for May are the lowest they’ve been in 4 years.
Worldwide lockdowns have caused production in Thailand to take a plunge, according to the director-general of the commerce ministry’s Trade Policy and Strategy Office, Pimchanok Vonkorpon. On the flip side, exports of farm products and food actually grew by 22%.
“The export value in May was recorded at 16.8 billion US dollars, down 22.50% year-on-year, and the import value was at 13.58 billion U.S. dollars, down by 34.4%.” The report says that in the year’s first 5 months, overall Thai exports dropped down 3.7% year-on-year and imports decreased by 11.6% year-on-year.
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