The export sector reported a 22.5 percent shrinkage in May 2020 to a 4-year-low of 16 billion U.S. dollars, resulting from the COVID-19 pandemic that has affected the global economy.
“The export value in May was recorded at 16.28 billion U.S. dollars, down by 22.50 percent year-on-year, and the import value was at 13.58 billion U.S. dollars, down by 34.41 percent,” said Pimchanok Vonkorpon, director-general of the commerce ministry’s Trade Policy and Strategy Office (TPSO).
Overall Thai export during January to May 2020 totaled 97.899 billion U.S. dollars, down 3.71 percent year on year, while import was at 88.808 billion U.S. dollars, falling 11.64 percent year on year, leaving a trade surplus of 9.0906 billion U.S. dollars for the first five months, the TPSO report said.
The Bank of Thailand worsened the export contraction outlook for 2020 to 10.3% from 8.8% previously forecast, while lowering foreign tourist arrival numbers from 15 million to 8 million this year.
Vaccine shortage could derail Thailand’s economic recovery
As much of the Asia-Pacific region is gearing up for a 2022 reopening and recovery, Thailand is now lagging behind many countries in vaccine procurement and sluggish vaccine campaign threatens the country’s economic recovery.
China’s new three-child policy highlights risks of aging across emerging Asia
Thailand’s (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster increase than China’s – which will pressure public and private savings through higher taxes and social spending, reducing innovation and productivity gains.
Population aging in China (A1 stable) and other emerging markets in Asia will hurt economic growth, competitiveness and fiscal revenue, unless productivity gains accelerate, according to a new report by Moody’s Investors Service.(more…)
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