Thailand’s Department of International Trade Promotion reported that Thai exports shrank by 0.41 per cent in 2014 contracing for the second consecutive year.
The department hopes the value will rise by 4 per cent this year. Nuntawan Sakuntanaga, director-general, said the export value in December amounted to US$18.79 billion, rising 1.90 per cent year-on-year, but could not create an export increase throughout the year.
In 2014, exports shrank 0.41 per cent compared with a 0.32 per cent contraction in 2013. Ms Nuntawan said that exports grew well in December thanks to farm products, which increased by 0.8 per cent.
The export of rice was historically high at 1.4 million tons and soared by 113 per cent, while sugar exports increased 124 per cent. The export of industrial products expanded by 4.5 per cent including automobiles, auto parts, machinery, plastic pellets and plastic products.
Throughout last year the export of farm products declined by 2.5 per cent while industrial products increased by 1.1 per cent. Ms Nuntawan said although the International Monetary Fund expected slower economic growth in many countries, the Ministry of Commerce predicted Thai export would grow 4 per cent this year.
It is believed that the quantitative easing measure in the Eurozone that will inject 60 billion euros per month into the economic system would weaken the value of the euro currency immediately, boosting European economies, creatingmore jobs there and benefiting Thai exports. She expects Thai exports to the Eurozone will expand by 3 per cent this year.(MCOT online news)
The European Union’s generalized scheme of preferences (GSP) will be withdrawn from over 6,200 Thai products in 2015.
The scheme provides developing country exporters with reduced or nil duties on exports to the EU until they are deemed competitive enough to no longer need such support.The increased tariffs will apply to around two thirds of product categories, including automotive parts, meats, precious stones, rubber products, seafood, and textiles.
Research from Siam Commercial Bank has projected that the tariff increases will lead to a loss of US$2.2 billion in market share for Thai exporters.
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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