Opportunities for 2020 export growth in Thailand
Despite the whirlwind of shutdowns, lockdowns and craziness descending on Thailand at the moment, the departments are still churning out numbers and trying to forecast the way ahead.
They say that, due to the Thai baht weakening and massive government interventions around the world for both monetary and fiscal policies, there is still a chance that Thailand could reduce the economic impact of the Covid-19 outbreak with a resurge in exports.
However, despite exports declining in February the Commerce Ministry still sees room for Thai export growth later this year.
Director-general of the Trade Policy and Strategy Office Pimchanok Vonkorpon, says that Thailand is competent in the food and agricultural industries as well as essential goods, while electronic shipments can recover, which account for 14% of total exports.
“The Commerce Ministry has adjusted its trade promotion strategy for the coronavirus pandemic by organising an online exhibition and online business matching, running from May-August 2020.”
Commerce Minister Jurin Laksanavisit also repeats the importance of fruit exports in the ASEAN market, Thailand will continue to facilitate and enhance shipments to those countries.
Yesterday the ministry reported Thailand’s customs-cleared exports fell by 4.47% in February
The contraction was attributed to lower oil prices and a high base from weapons exports last February, Excluding gold, oil and weaponry, Thai exports in February 2020 expanded 1.51% year-on-year reported Pimchanok.
Exports of agricultural and agro-industrial products decreased by 3% to $3.07 billion in February this is led by, rice (-26.6%), fresh, frozen, and processed fruit (-16.2%), cassava products (-11.1%), and sugar (-3.8%).
The Trade Policy and Strategy office forecasts exports will grow 0-2% this year if shipments average $20-21 billion a month.