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.
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”
Thailand and EU resume FTA negotiations
Thailand and the European Union (EU) are now back in talks to establish a Free Trade Agreement (FTA), for the first time since the initiative was put on hold in 2014.
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