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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%

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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.

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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.

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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