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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.

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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.

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The European Union’s generalized scheme of preferences (GSP) will be withdrawn from over 6,200 Thai products in 2015.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

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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