Thai exports fell by 7.94 per cent to US$20.21 billion in August from a year earlier, the Commerce Ministry said on Wednesday, a smaller than expected drop, according to Reuters.
The Trade Policy and Strategy Office (TPSO) has indicated that the Thai export sector has improved for two consecutive months in August, after less-than-stellar months caused by the COVID-19 pandemic.
Reuters had forecast a drop of 12.05 per cent, after July’s exports fell 11.37 per cent year on year. The August figures signal a recovery after exports hit a low point with a 23.17 per cent drop in June.
In January-August exports contracted 7.75% from a year earlier, while imports tumbled 15.31%.
The recovery in August was driven by shipments of food, household appliances and Covid-19 protection such as rubber gloves, the global market for which has grown 125.9 per cent in the past nine months.
Thailand relaxes COVID-19 measures to help revive economy
During the past couple weeks, new infection cases have been down from roughly 20,000 daily cases to 17,000 -19,000. Moreover, the number of daily discharges is exceeding infections, which has led to the conclusion that the situation is improving.
Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.(more…)
Southeast Asia to relinquish its lead over Latin America says Moody’s
While the emerging economies of Southeast Asia have outperformed their counterparts in Latin America for most of the past two decades, their lead will slide in the next few quarters as Southeast Asian governments clamp down to fight the pandemic’s lingering second and third waves.
The Delta surge is casting larger clouds over the global recovery and emerging markets are in the thick of it. Despite the ebbing of the coronavirus variant in India, where it first emerged, its spread in Southeast Asia, Africa, and the Middle East has steepened the road to recovery in these regions.(more…)
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