Economics
Thailand’s export to contract by 7% in 2020
Thailand’s exports could shrink as much as 7% in 2020 showing its worst performance in a decade, or 3.7% if the Covid-19 crisis is contained before September.
The Bank of Thailand and the Center for International Trade Studies at the University of the Thai Chamber of Commerce (UTCC) forecast exports to contract by 7-8 percent this year.
The Center for International Trade Studies at the University of the Thai Chamber of Commerce said that under the worst-case scenario in which the coronavirus crisis exceeds nine months (beyond September), exports could contract by as much as 7.1% in 2020.
Thailand’s export value contracted by 2.7 percent to 246.25 billion USD in 2019 but the COVID-19 pandemic could remove 17.42 billion USD from Thai export value this year, showing the sector’s worst performance in a decade.
However, if the crisis is contained in September, the downturn could be limited to -3.7%.
The Trade Policy and Strategy Office (TPSO) has indicated that the gross value of Thai exports in 2019 was 246.244 billion U.S. dollars, showing a 2.65 percent decline from the previous year due to the U.S.-China trade war and the strong Thai baht.
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