BANGKOK, 22nd July 2019 (NNT) – The ongoing trade war between China and the United States continues to affect Thailand’s export sector. Last month, exports were down 2.15%, causing the sector to contract 2.91% in the first half of the year.
The Director-General of the Trade Policy and Strategy Office, Pimchanok Vonkorpon, said today that Thailand’s exports fell for a fourth straight month in June, with an estimated value of 21.4 billion US dollars. Exports in May contracted 6.2%.
Trade tensions between China and the US
The decrease was attributed to the trade tensions between China and the US. Exports of Thai products that are dependent on China’s supply chain saw a decline. The key products include computer parts and components and electrical integrated circuits.
Exports of agricultural products also fell for a second consecutive month. Rice exports dropped 34.6% due to lower demand. With the baht’s appreciation and China starting to export more rice, prices of Thai rice have become less competitive.
Exports in the first half of this year were estimated at 122.97 billion US dollars, down 2.91% year-on-year.
However, Thailand’s export sector performed well when compared to other countries in the region, as it still has room to grow and expand in many markets. Thailand also has alternative products that can be exported to various countries that have been affected by the trade measures.
The Deputy Prime Minister and Commerce Minister, Jurin Laksanawisit, has instructed relevant agencies to set up a joint public-private committee to exchange ideas and suggestions on ways to overcome various economic challenges and stimulate exports.
Imports in June were estimated at 18.19 billion US dollars, down 9.44%, resulting in a trade surplus of 3.21 billion US dollars. For the first six months of this year, the country had a trade surplus of 3.94 billion US dollars.
Thailand’s H1 Investment Applications rise 158% in combined value, BOI says
Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.
In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.(more…)
Large Shopping Malls in Bangkok Will Be Closed until July 25th
Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.
Thailand Raises Public Debt Ceiling from 60% to 70% of GDP
Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60%...
Thailand Approves Package to Attract Wealthy Foreigners and Professionals
Thailand’s Cabinet has approved an economic stimulus and investment promotion package aimed at attracting wealthy foreigners and highly skilled professionals...
The Role of Telemedicine Today: During and Beyond the COVID-19
Lockdowns, quarantine periods, and hospitals fast filling to the brink needed the medical community to come up with solutions fast....
Malaysia, Thailand banks to join the ASEAN Banking Integration Framework
Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to...
Climate Change Could Force 49 Million People to Migrate in East Asia and the Pacific
Out-migration hotspots in agricultural areas of central Thailand and Myanmar coincide with areas expected to see declines in both water...