Thailand’s Ministry of Commerce has reported that May exports grew by 11.4% to over 22 billion US dollars, the 15th straight month of growth.
Thailand’s export sector has continued its growth trend, despite concerns over trade disputes between the United States and China. Exports to key markets rose last month, especially to India and the CLMV cluster, which comprises Cambodia, Lao PDR, Myanmar and Vietnam.
High-growth industrial sectors included automobiles and auto parts, computers and electronic components, chemicals, plastics and processed oil. High-growth agricultural products included rice, processed and frozen chicken and canned tuna.
The Trade Policy and Strategy Office (TPSO) expects Thai exports to maintain their growth trend and market penetration in line with global economic growth. However, short-term fluctuations can be expected as a result of US-Chinese trade measures. Meanwhile, oil prices are likely to rise in the long term, which will result in higher prices for agricultural products and commodities. Overall, the TPSO believes the export sector this year will grow by close to its target of 8%.
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…)
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”
Can border reopening revive tourism in South-East Asia?
In Thailand, where pre-pandemic tourism accounted for 11-12% of GDP, the country lost an estimated $50bn last year as Covid-19...
Thailand dropped from UK’s tough covid-19 travel ‘red list’
Earlier, Thailand was listed among countries with high infection levels that were put on a ‘red list’, requiring arrivals to...
The ASEAN-Russia Trade and Investment Cooperation Work Program
ASEAN and Russia recently agreed to enhance and widen economic cooperation at the 10th ASEAN Economic Ministers (AEM)-Russia Consultations held...
Flexible Workspace Startup Worklounge Debuts with 20+ Luxury Member Lounges in Thailand
Worklounge launches a premium membership granting remote professionals and executives access to exclusive hotel lounges across Thailand. Their platform is...
5 insights to guide ASEAN’s digital generation in a post-pandemic world
We surveyed 86,000 people from six ASEAN countries about their views for a post-pandemic world. The ASEAN Digital Generation Report...