Trade
Crisis in Europe drags down Thai exports 3.6%
Thai exports in April fell 3.67 per cent year-on-year thanks to Europe’s economic crisis, said the Deputy Commerce Minister Poom Sarapol. Exports in April were valued at US$16.9 billion Bt515 billion.
Thai exports in April fell 3.67 per cent year-on-year thanks to Europe’s economic crisis, said the Deputy Commerce Minister Poom Sarapol. Exports in April were valued at US$16.9 billion Bt515 billion. In the first four months of this year, Thailand’s exports were worth US$71.5 billion, a drop of 3.86 per cent.
Exports to major markets in April fell due to worries in European economies. Those markets included the European Union, Japan, the US, South Asia, Hong Kong, Taiwan, Australia, the Middle East, Russia, Canada, Switzerland, the Indochina countries and Myanmar. It was believed that the economies in the Euro Zone have officially entered recession, according to the Office of Economic & Financial Affairs Royal Thai Embassy, United Kingdom and Europe . In April, Thailand recorded trade deficit of US$2.8 billion, a drop of 37.5 per cent from the previous month, while its trade deficit in the first four months was US$8.05 billion.
via Economic crisis in Europe drags down Thai exports in April to drop 3.6%.
Trade
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.
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Pandemic drives sea freight prices to record high
The Covid-19 pandemic, which initially brought global shipping to a virtual standstill, did not bode well for the industry and led to “an unprecedented drop in demand”
Container shipping prices have reached record highs some 18 months after the outbreak of the coronavirus pandemic which disrupted maritime logistics chains and drove demand sky-high.
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