Trade

Thai exports down 4.5% in October

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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%

Published

2 months ago

November 22, 2019

Akanksha Singh

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.

Economics

Thai Exports fell for fifth straight month, down 2.65% in 2019

Thia Exports fell for the fifth straight month in December, resulting in a full-year contraction of 2.65% in 2019

Published

3 days ago

January 23, 2020

Boris Sullivan

The Commerce Ministry reported on Wednesday that customs-cleared exports fetched $19.15 billion in December, down by 1.28%

(more…)

Trade

Trade in Asia-Pacific declines for the first time since 2009

For the first time since the 2009 global economic crisis, the value and volume of trade in the region is declining. But the region is expected to bounce back in 2020 with positive trade growth.

Published

3 weeks ago

January 3, 2020

Boris Sullivan

Bangkok (ESCAP news) – Asia-Pacific economies may see positive trade growth in 2020 but are still facing downside risks from the adverse impacts of the United States – China trade tensions, two new trade briefs by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) released today have revealed.

Trade in the Asia-Pacific region contracted during 2019

For the first time since the 2009 global economic crisis, the value and volume of trade in the region is declining. Total export volume fell by 2.5 per cent, while import volume decreased by 3.5 per cent.

Oil exporting economies such as Islamic Republic of Iran and Indonesia, as well as Japan, Singapore and Hong Kong, China registered some of the largest declines in export volume.

Merchandise trade in the region also faced strong headwinds in 2018-2019 caused by the worldwide economic growth slowdown and heightened trade tensions.

These have had an adverse effect on trade, particularly in the case of economies closely integrated with China through Global Value Chains (GVCs). Integration of smaller traders into the global and regional economy through GVCs is becoming more difficult. New import barriers increase the cost of production and reduce the competitiveness of companies participating in regional production networks.

Worldwide economic slowdown and US-China #tradewar remain the largest downside risks to trade in #AsiaPacific. Intraregional developments are also reshaping Asia-Pacific’s trade landscape. READ our #trade trends & outlooks reports to find out more: https://t.co/XyuODwcqoz pic.twitter.com/UbVyLx42BZ
— United Nations ESCAP (@UNESCAP) January 3, 2020

Tariff war-related toll could reach $117 billion in the Asia-Pacific region

ESCAP earlier estimated the tariff war-related toll on gross domestic product (GDP) could reach as much as $400 billion worldwide and $117 billion in the Asia-Pacific region. These projections are materializing and could increase unless current efforts to reduce trade tensions are successful.

“For the Asia-Pacific region, the challenge is to increase trade and deepen economic integration to support sustainable development. Looking ahead to 2020, the agreement reached between China and the United States is welcome and should reduce policy uncertainty,”
United Nations Under-Secretary-General and Executive Secretary of ESCAP Armida Salsiah Alisjahbana.

She further underscored the importance of the multilateral trading system to underpin future trade growth.

The new guarantees provided by the implementation of the Phase-I deal reached between China and the United States might boost investor and consumer confidence enough for trade in the region to grow by about 1.5 per cent in 2020.

This growth would be felt more in developing economies, which could see a 1.9 per cent and 2.7 per cent growth in exports and imports respectively in 2020. However, country-level forecasts vary widely and uncertainties are high.

In trade in commercial services, the region again outperformed the rest of the world in 2019.

Relatively slower growth is expected in 2020, with transport services, other business services and goods-related services expected to be the most affected sectors.

The mid to long-term prospects for trade in services – in particular ICT and business services – remain bright, supported by technological advances.

Commercial services trade in Asia and the Pacific continue to be dominated by a relatively small number of economies, namely China, Japan, India, Singapore, Republic of Korea and Hong Kong, China – accounting for over 70 per cent of total commercial services trade in the region.

Increasing business opportunities associated with digital technologies may lead to a further concentration of trade opportunities in those economies.

The ESCAP trade briefs serve as a complement to the Asia-Pacific Trade and Investment Report 2019. They provide in-depth analysis of performance and trends in 2018-2019, and the outlook for 2020 at regional and country levels, with a special emphasis on the impact of escalating trade tensions within and outside the region.

Read the Asia-Pacific Trade in Goods Trends and Outlooks: https://www.unescap.org/resources/trade-goods-outlook-asia-and-pacific-20192020

Read the Asia-Pacific Trade in Services Trends and Outlooks: https://www.unescap.org/resources/trade-commercial-services-outlook-asia-and-pacific-20192020

Trade

Thailand, the world’s 6th biggest exporter of fruits

Export value of fruit in the first 10 months of this year reached three billion U.S. dollars, making Thailand the 6th largest fruit exporter in the world.