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  1. #1
    Thailand Expat misskit's Avatar
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    Dec 2009
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    Chiang Mai

    Oct 2019 exports in red from trade war; lower oil price

    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. Thailandís 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.

    National News Bureau Of Thailand

  2. #2
    The Fool on the Hill bowie's Avatar
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    Jul 2014
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    Exports down 4.5% in October

    Rice farmers harvest in Surin province. The declining export of rice plays a part in the country's 4.5% export drop in October, according to the Commerce Ministry. (File photo by Nopparat Kingkaew)

    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% with a negative outlook, according to the Commerce Ministry.

    Pimchanok Vonkorporn, director-general of the ministry's Trade Policy and Strategy Office, attributed the significant decline to lower oil prices and the economic problems of Thailand's trading partners.

    Crude prices fell nearly 25%, resulting in a 35.4% decline in the value of refined oil exports and a 25.8% fall in the value of oil-related exports, she said on Thursday.
    Noticeable decreases were also seen in the exports of rice, tapioca products, natural rubber, prawns, oil-related products, iron, steel, iron and steel-related products, television sets and TV parts.

    The declines in dollar terms affected most markets such as the European Union (-8.8%), Asean (-9.3%), China (-4.2%), India (-17.2%), Hong Kong (-3.4%), South Korea (-1.1%), Australia (-7.1%), Latin America (-13.2%), and Russia and the Commonwealth of Independent States (-10.8%).

    Meanwhile, export value rose in the United States (48%), Japan (0.5%) and Switzerland (97%).

    Miss Pimchanok said the impacts of China-US trade war might have eased because the exports of computers and parts rose for the first time in 13 months, by 2.74%.
    There were also signs of growth in the exports of sugar, vegetables, fruits, wheat-based products, ready-to-eat foods, garments, cosmetics, soaps, skincare products, furniture and parts, watches and parts, switchboards, and electrical distribution boards.

    In October, imports totaled $20.25 billion (-7.6%), resulting to a trade surplus of $506.5 million.

    In the first 10 months of this year, exports were valued at $207.3 billion, down by 2.3%. Imports were estimated at $199.4 billion, down 4.1%. The trade surplus was at $7.9 billion.

    Miss Pimchanok said exports this month should continue to shrink but the value in December should rise due to its low base of only $19.4 billion in December last year.

    She predicted that 2019 exports would fall by 1.5-1.6%.

    For next year, exports would continue to face high risks because the economic slowdown that was expanding to major trading partners of Thailand, low oil prices and the strong baht, Mrs Pimchanok said.
    Attached Thumbnails Attached Thumbnails Oct 2019 exports in red from trade war; lower oil price-c1_1799109.jpg  

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