Thai exports in August were valued at US$19.7 billion, a 6.9 per cent drop due to escalating eurozone debt crisis, said Deputy Commerce Minister Poom Sarapol.
Thailand’s overall major markets such as Japan, the European Union and the US fell 13.3 per cent, the ASEAN market by 12.3 per cent and China by 12.9 per cent.
The Commerce Ministry will convene a meeting Monday to review the export plan, aiming to push 2012 export growth to seven per cent.
Meanwhile, Dr Somchai Sajjapongse, Director-General of the Fiscal Policy Office, said that the country’s gross domestic product (GDP) has been lowered from 5.7 to 5.5 per cent after the Thai exports growth forecast was reduced to 4.5 per cent from 12.8 per cent.
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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