Thailand’s exports in March were down 4.88 per cent year on year (YoY), leading to a 1.6-per-cent contraction in exports in the first quarter of this year compared to the same period last year.
The Commerce Ministry reported on Monday Thailand’s customs-cleared exports fell to US$21.4 billion after a 5.9% rise in February to $21.6 billion.
Slowdown in global trade and economies
Pimchanok Vonkorpon, director-general of the Trade Policy and Strategy Office, said March’s contraction was largely because of a slowdown in global trade and economies.
Shipments of manufacturing products shrank 6 per cent, led by electronics items, computers and its components and hard disk drives, while shipments of automobiles and auto parts, motorcycle and parts and rubber products continued to expand.
Exports of agricultural and agro-industrial products, meanwhile, rebounded from the previous month’s contraction and registered growth of 3.2% from the same period last year, led by fresh, frozen and processed fruits and vegetables (+30.0%), fresh, frozen and processed chicken (+14.2%), rubber (+6.5%) and canned tuna (+6.4%). However, some products declined such as sugar (-23.0%), rice (-7.7%) and cassava products (-9.4%).
SCB cuts GDP growth forecast to 3.1%
The EIC has revised downwards its Thai economic expectations in 2019 to 3.1 percent from 3.3 percent, largely as a result of the trade war between the United States and China
Political uncertainty takes toll on Thai growth
The country’s growth rate is projected to fall from 4.1 percent in 2018 to 3.5 percent in 2019, according to the World Bank’s Thailand Economic Monitor, released today.
Low prices of farm goods raise concern
Government and opposition MPs debated the low prices of rice, rubber, oil palm, longan, maize, coconut, sugarcane, onion and garlic as well as marine products.
BANGKOK, 06 July 2019 (NNT) -The House of Representatives has considered urgent motions on the low prices of farm goods and resolved to set up a 39-member extraordinary House committee to look into the the matter.(more…)
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