Connect with us
CGIF-10th-Year-Anniversary

Trade

Thai exports down 4.5% in October

Thai Exports dropped by 4.5% year-on-year in October to US$20.8 billion, bringing the contraction in first 10 months of 2019 to 2.35%

Avatar

Published

on

iStock-1144933955.jpg

BANGKOK (NNT) – The overall export sector performance in October 2019 has lagged for the third consecutive year, resulting in a negative 4.54 percent growth, mainly due to the consequences of the trade war between the U.S. and China as well as lower oil prices.

The overall export sector performance in the first 10 months of 2019 remained negative.

The Thai export sector in October 2019 was valued at 20.76 billion US dollars, a 4.54 percent deficit due to a 25 percent decrease in the oil price affecting the export of petroleum products.

The ongoing trade war between the U.S. and China still contributes to an economic slowdown among trading partners.

Thailand’s export to China have reduced by 4.2 percent, while exports to the EU, ASEAN, and CLMV countries have also seen a reduction.

The overall export figure in the first 10 months of 2019 was 207.33 billion US dollar, showing a 2.35 percent deficit.

The Trade Policy and Strategy Office (TPSO) Director General Pimchanok Vonkorpon, said today the export figure in December this year is likely to return to positive growth due to year end demand, however the overall export performance this year is expected to be a negative 1.5-2 percent, with 250 billion baht in gross value.

She said exporters have started to adjust to the cicumstances and perform better compared to when trade sanctions recently hit, as shown from the expansion of exports in food and farm products such as sugar, vegetables, fruit, and frozen chicken; as well as computers and parts which have shown their first growth in 13 months.

The TPSO chief said she is positive the overall export performance of Thailand will swing back to 1.5-2 percent growth next year, thanks to international marketing strategies and an expected deescalation of the trade war, which will positively affect global trade and commerce.

Comments

China

RCEP and China: Reimagining the future of trade in Asia

The Regional Comprehensive Economic Partnership (RCEP) could eventually usher in an era of much deeper regional integration: for corporates doing business in the region, their future success may well hinge on how adeptly they manage to navigate the evolution of Asia’s trade landscape under the RCEP.

Avatar

Published

on

Last month, 15 countries in the Asia-Pacific region – including the 10 member states of the Association of Southeast Asian Nations (ASEAN) as well as China, Australia, Japan, New Zealand, and South Korea – signed the landmark Regional Comprehensive Economic Partnership (RCEP) on the final day of the 37th ASEAN Summit.

(more…)
Continue Reading

Trade

Will RCEP help drive South-east Asia’s Covid-19 recovery?

The Regional Comprehensive Economic Partnership (RCEP) was finally signed on Sunday November 15, on the sidelines of the annual summit of the Association of South-East Asian Nations (ASEAN).

Oxford Business Group

Published

on

Marking a significant regional milestone, it is hoped that the RCEP will help its 15 signatories recover from the economic fallout of the coronavirus pandemic.

(more…)
Continue Reading

China

Thailand ready to ink big Chinese-backed trade deal

The RCEP will cover all 10 Asean member states plus five partners: China, Australia, Japan, New Zealand, and South Korea and will take effect from the middle of 2021 if at least six Asean members and three partners agree to its terms.

Olivier Languepin

Published

on

Thailand is set to sign the world’s biggest free trade agreement with Japan, China, South Korea and 12 other Asia-Pacific countries at the 37th Asean Summit this week.

(more…)
Continue Reading
Advertisement

Latest

Most Viewed

Subscribe via Email

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

Join 13,413 other subscribers

Trending