Connect with us

Trade

Thai exports shrink for second consecutive year

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.

Published

on

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)

via Thai exports shrink two years in row | MCOT.net.

The European Union’s generalized scheme of preferences (GSP) will be withdrawn from over 6,200 Thai products in 2015.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.

Business

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”

Published

on

UTCC: Thai export sector to be affected by US-China trade war

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.

(more…)
Continue Reading

Trade

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.

Published

on

BANGKOK (NNT) – 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.

(more…)
Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,160 other subscribers

Wise

Recent