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Thai Trade Contracts for third consecutive month in March

Thailand’s exports shrank for the third consecutive month in March, hit by weak oil prices and resulting in the downward revision of the country’s export growth forecast for the year.

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Thailand’s exports shrank for the third consecutive month in March, hit by weak oil prices and resulting in the downward revision of the country’s export growth forecast for the year.

Raw customs data showed Thailand’s exports totaled $18.88 billion in March, a 4.45% year-over-year fall, Chutima Bunyapraphasara, permanent secretary of the Commerce Ministry, told a news conference.

Exports contracted 3.46% in January and 6.14% year-over-year in February.

Thai export value fell 4.45% year on year in March due to global economic slowdown, Commerce ministry’s permanent secretary Miss Chutima Bunyapraphasara said.

Thailand exported goods worth 610 billion baht in March, down by 4.45% year on year.

In the first quarter of this year, Thailand’s export contracted by 4.68% year on year.

Thailand’s exports, which account for around two-thirds of the country’s gross domestic product, contracted 0.41% in 2014.

Meanwhile International Trade Promotion Department’s director-general Nantawan Sakuntanaga said Thailand’s export is likely to grow between 0.5 and 1%  this year.

However, she said it is still possible that the export this year could register a 1.2% growth or 7.3 trillion baht, provided that the oil price stays at US$70 per barrel in the second half of this year and the value of farm products remain similar to that of last year.

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Asia’s slow rate of vaccination is a thorn in the region’s economic recovery

Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.

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Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.

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Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

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