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%).
Thailand relaxes COVID-19 measures to help revive economy
During the past couple weeks, new infection cases have been down from roughly 20,000 daily cases to 17,000 -19,000. Moreover, the number of daily discharges is exceeding infections, which has led to the conclusion that the situation is improving.
Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.(more…)
Southeast Asia to relinquish its lead over Latin America says Moody’s
While the emerging economies of Southeast Asia have outperformed their counterparts in Latin America for most of the past two decades, their lead will slide in the next few quarters as Southeast Asian governments clamp down to fight the pandemic’s lingering second and third waves.
The Delta surge is casting larger clouds over the global recovery and emerging markets are in the thick of it. Despite the ebbing of the coronavirus variant in India, where it first emerged, its spread in Southeast Asia, Africa, and the Middle East has steepened the road to recovery in these regions.(more…)
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