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ThaI Exports nosedive 8% in April

Thai exports tumbled 8% in April, worse than the 1.25% expected, according to data from the Commerce Ministry.

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Thai exports in February were valued at US$19.03 billion, a growth of 0.91 per cent compared to the same period last year.

Thai exports tumbled 8% in April, worse than the 1.25% expected, according to data from the Commerce Ministry.

For the first four months, shipments shrank 1.24% from the same period last year to $69.4 billion, while imports totaled $60.5 billion, a fall of 12.7%.

The decline puts an end to a two-month growth streak amid sluggish global demand.

Major market shipments were down : Japan, down 10.3%; the United States, down 6.7%; and Europe, down 1.1%. For the month of April, electronic exports were down 5.3%, industrial goods exports were down 7.8% and agricultural products exports were down 2.8%.

Exports account for nearly two-thirds of Thailand’s economic output, and have been contracting for three straight years.

The Thai central bank predicts that exports will fall 2% in 2016 but K-Research forecasts flat growth for this year’s exports based on a 3% GDP growth forecast for Thailand.

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Declining oil and commodity prices were partly to blame, says the Commerce Ministry, but an uncertain global economy also weighed on exports.

Shipments were up 1.3% in March and 10.27% in February. These gains were driven by unusual items, including gold shipments and military helicopters.

Major market shipments were down across the board, including Southeast Asian nations and China, down 4.8% and 5.9% respectively.

Domestic demand, another major driver of economic growth in the country, has also been slower than usual, due to raising level of household debt.

Imports also down 15%

In the month of April, imports plummeted 14.92% compared to the previous year. Economists were projecting a 7.65% decline. The import slump last month will likely continue into May.

Imports typically include parts, which are assembled into finished goods and then shipped out.

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Trade

Thailand to increase rice exports to 6 million tons this year

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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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