Exports shrink in October but govt remains hopeful

24-Nov-2020 Intellasia | BangkokPost | 6:02 AM Print This Post

Thai exports saw a wider contraction in October, with the rate dropping by 6.71 percent from the same month of last year after September’s reading registered a drop of only 3.9 percent year-on-year.

The Commerce Ministry reported on Monday that the country’s customs-cleared exports fetched $19.38 billion in October, with imports shrinking 14.32 percent to $17.33 billion, resulting in a trade surplus of $2.04 billion. For the first 10 months of 2020, Thai exports contracted 7.26 percent to $192.37 billion while imports dropped 14.61 percent to $169.70 billion, resulting in a trade surplus of 22.67 billion.

According to Pimchanok Vonkorpon, director-general of the Trade Policy and Strategy Office under the Commerce Ministry, Thai exports to major markets tend to recover in broad areas. Export values in many markets grew more quickly in October, reflecting a gradual demand recovery of trading partners after relaxing pandemic control measures and injecting economic stimulus packages earlier. This aligns with global economic momentum that is beginning to show further signs of recovery, she said.

Exports to the major markets expanded by 4.8 percent led by those to the US markets which rose by 17.0 percent from October last year. However, exports to Japan and the EU contracted by 0.4 percent and 5.3 percent respectively. Exports to South Asia markets rebounded to a 15.6 percent expansion, with those to Australia and Latin America markets also bouncing back to growth of 4.2 percent and 12.9 percent respectively.

Ms Pimchanok said Thai exports have continued a recovery trend and many products are competitive in several markets. The US unofficial election results and Covid-19 vaccine development suggest positive signals for world trade. After Covid-19, Thailand should develop and promote value-added products in order to increase export values and the competitiveness of Thai products in the long term, she recommended.



Category: Thailand

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