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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.

Aishwarya Gupta

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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.  

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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%.

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Trade

Thailand to increase rice exports to 6 million tons this year

National News Bureau of Thailand

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BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

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Singapore

UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

Singapore’s role as a hub for UK companies, whether as exporters or investors accessing Southeast Asia’s and broader Asian dynamic economies, was elevated by the new UK-Singapore trade agreement (UKSTA) which came into effect on 1st January 2021.

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UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

There was much controversy, before and after the United Kingdom’s (UK) Brexit from the European Union (EU), in talk of it adopting a free trade and manufacturing model similar to Singapore’s.

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Economics

Cross-border trade is expected to grow up to 3-6%

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.

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Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.

According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.

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