Thai exports in July hit a record high at US$21.521 billion, an increase of 38% year-on-year, beating the record in March of US$21.259 billion, Permanent Secretary for Commerce Yanyong Phuangrach announced.
Exports rose in all categories, particularly agricultural and agro-industrial products, which increased by 53.5 per cent — such as rubber with a 69.3 per cent increase, and rice with an increase of 110.6 per cent.
Similarly, industrial goods rose 34.9 per cent particularly jewellery and ornaments which expanded by 302 per cent, resulting from rising gold prices, which caused the value of gold exports to grow by 3,919 per cent.
Exports in the first seven months of this year valued at US$139.499 billion, an increase of 25.7 per cent, compared to the same period last year.
All groups of export markets expanded with 21.4 per cent growth of the matured markets. Thai exports to Europe and Japan, facing economic problems also rose by 35.5 per cent and 23 per cent respectively. The US market grew 8.1 per cent, marking a slowdown for the second consecutive month.
How the COVID-19 situation may affect Thailand’s export sector
Thailand’s export sector could face damage of 200-300 billion baht if the situation cannot be brought under control within six months.
The Thai National Shippers’ Council has raised a concern that the export sector might face a 200-300 billion baht toll should the COVID-19 situation not be brought under control in six months, urging the government to speed up the vaccine rollout to all segments of the population.(more…)
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