Thai exports hit new low, pandemic to blame

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.

SOURCE: Xinhua