Thailand’s exports shrink 7.26 pct for Jan-Oct period
BANGKOK, Nov 23 — Thailand’s exports contracted 7.26 per cent to US$192.37 billion (US$1=RM4.08) while imports dropped 14.61 per cent to US$169.70 billion in the first 10 months of this year, resulting in a trade surplus of US$22.67 billion.
In a statement, the Commerce Ministry’s trade policy and strategy office said the nation’s exports in October dropped 6.71 per cent to US$19.38 billion while imports fell 14.32 per cent to US$17.33 billion. This led to a trade surplus of US$2.05 billion.
It said exports to South Asia markets rebounded at 15.6 per cent in October while exports to China, five ASEAN countries — Brunei, Indonesia, Malaysia, the Philippines and Singapore — and CLMV (Cambodia, Laos, Myanmar, and Vietnam) markets contracted by 6.1 per cent, 27.2 per cent and 17 per cent, respectively.
“Exports to the United States rose 17 per cent; however, exports to Japan and the European Union (EU) contracted by 0.4 per cent and 5.3 per cent, respectively,” the ministry said.
It said exports of agricultural and agro-industrial products decreased 8.8 per cent while those of industrial products decreased 4.7 per cent in October.
For the first 10 months of 2020, exports of agricultural and agro-industrial products dropped 13.6 per cent while exports of industrial products declined seven per cent.
Director-general Pimchanok Vonkorpon said Thailand’s international trade had improved as global economy was gradually recovering as reflected by Global Manufacturing Purchasing Managers’ Index which stood at above 50 for the fourth consecutive month.
She said fiscal and monetary stimulus packages in many countries supported global demand recovery and were positively impacting Thailand’s export prospects.
“Products with strong expansion in October this year are classified into three groups — food products such as palm oil, fresh, chilled and frozen pork, food seasoning and pet food; home appliances and work-from-home products such as computer and parts, furniture and parts; microwave, refrigerators and freezers, washing machine and solar cells.
“COVID-19 related products such as rubber gloves, of which export values have soared since January 2020 especially in areas with high epidemic rates such as the United States and the United Kingdom, also impacted Thailand’s export prospects,” she said.
Pimchanok said she was optimistic that Thailand’s exports would continue its recovery trend as the United States’ unofficial election results and COVID-19 vaccine development sent a positive signal on world trade.
“After the COVID-19 pandemic, Thailand should develop and promote value-added products in order to increase export values and competitiveness of Thai products in the long term,” she said.
She said to maintain Thailand’s export growth for the rest of 2020, the ministry would tackle three issues, including expediting the export of 300,000 tonnes of rice to the Chinese market and promoting border trade and trade negotiations with high potential trading partners.
“The Ministry of Commerce will promote and build confidence in Thai food products as being COVID-19 free. The above measures will support Thailand’s export growth in the future,” she added.