19 Mar 2021
Trading
Thailand’s latest export figure in January 2021 grew at a mere 0.3 percent YoY. Excluding gold, exports rose by 6.3 percent YoY, which reflected the recovery of Thailand’s trading partners, thanks to the commencement of COVID-19 vaccinations which have started to rejuvenate global economic activity, contributing to the bright prospects of Thailand’s annualized export growth at 4.5 percent in 2021 (within the projected range of 3.5 – 5.5 percent). Shipments to China and the US performed better than other markets, while overall exports have also shown improvement, especially for key products which have played a major role in economic activity the new normal era, including IT merchandise and surgical gloves, both of which continue to grow from the previous year. Both essential and durable goods matched consumption patterns and made a positive turnaround consistent with surges in purchasing power and prices of commodities. As a result, exports of related products such as refined oil, chemicals and plastic pellets are helping to drive this year’s export growth.... Read more
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24 Jun 2020
The value of Thailand’s outward trade stood at USD16,278 million, shrinking 22.5 percent YoY in May 2020 due primarily to lockdown measures abroad. As a result, Thai exports contracted 3.7 percent YoY during 5M20.... Read more
30 Oct 2019
The US, October 25, 2019, announced the suspension of trade preferences for Thailand under the Generalized System of Preference (GSP), covering 573 items and costing approximately USD1.3 billion, effective over the next six months or April 25, 2020. Items that will no longer be eligible for GSP benefits account for one-third of Thailand’s GSP trade, which totaled USD4.3 billion in 2018. Of the top 30 items (in order of the 8-digit HS Code) exported to the US (which accounted for 53.2 percent of Thailand’s total export value to the US in 2018), only 4 items are eligible for GSP. Therefore, even if some of the 573 items are to be deprived of GSP benefits, Thailand’s outward trade overall to the US will barely be affected.... Read more
21 Aug 2019
Surging gold exports for the second consecutive month helped Thai shipments overall to resume growth for the first time in five months in July 2019. The value of July shipments came in at USD21,205 million, increasing 4.28 percent YoY, driven partly by skyrocketing gold exports for the second consecutive month at 406.92 percent YoY as investors globally increased their holdings of gold, which is considered as a safe haven asset after the global economy experienced heightened risks stemming from the US-Iran geopolitical conflict and unresolved US-China trade dispute. Excluding gold exports, Thailand’s outward trade overall contracted 0.4 percent YoY in July 2019, led by shipments to ASEAN (9) and the EU while exports to major key trade partners, such as Japan, China and the US, reverted to high growth.... Read more
14 Aug 2019
Hong Kong’s protests have escalated to the shutdown of Hong Kong international airport, shaking the reputation of one of the Asian financial hubs. Air transportation for passenger and cargo is disrupted. KResearch views that since the volume of Thailand’s outbound shipments to Hong Kong is small; Hong Kong’s demonstrations are unlikely to have significant impacts on the air cargo of Thai goods’ shipment.... Read more
22 May 2019
Slowing global economy pressures Thai exports in April 2019 to contract for a second consecutive month. The outbound shipment of Thai goods in April 2019 totaled USD18,555.6 million, declining 2.57 percent YoY. Consequently, Thai exports in the first four months of 2019 dropped 1.86 percent YoY, a further decline from the first quarter. The contraction is attributed to slowing economic growth of key trading partners especially China and the European Union. Moreover, high base effect, due to front loading of electronic products and a sharp increase in prices of rice and tapioca in the world market in April 2018 have contributed to the lackluster export performance.... Read more
21 Nov 2018
Thai exports in the first 10 months expanded 8.2 percent YoY, driven by favorable expansion of auto products and parts and equipment, in line with steady global economic recovery. In addition, petroleum-related products rose due partly to higher crude oil prices in 2018 when compared to the levels in 2017. Moreover, the surge is a result of an acceleration of Thai exports to China for manufacturing and exporting to the US before the enforcement of US punitive tariffs against Chinese goods. KResearch views that, typically, Thai exports in October and November are high during the year-end season including Thanksgiving, Christmas and the New Year’s holidays. Therefore, an average monthly value of Thai exports in the remaining two months of 2018 should rise close to or be slightly higher than October’s figure of USD21,735 million, possibly pushing the Thai export value for the whole of 2018 to nearly 8.0 percent.... Read more
21 Sep 2018
The value of Thailand’s outward trade reached THB22.794 billion for August, representing a new record high. However, the August export growth grew at a slower pace at 6.7 percent YoY, due partly to a high 2017 base and 66.6 percent contraction in gold shipments. If the value of gold exports was excluded, our August shipments grew 10.3 percent YoY. Factors contributing to favorable export growth over the past 18 straight months include the upturn in global crude oil prices. In August, global crude oil prices were substantially higher than August 2017. In addition, Thai car, accessories and auto-parts shipments to Vietnam reverted to high growth. Our agricultural exports also improved, including rice and cassava products, because their shipment volume contracted less. ... Read more
22 Aug 2018
Thai outbound shipments to the US and China, however, slowed in July 2018 amid an ongoing trade war between the US and China. The value of Thai exports to the US contracted for the first time in 21 months at 1.9 percent YoY due to a decline in exports of machinery, electronic parts, instant noodles and ready-to-eat food. Thai exports to China grew at a slower pace to 3.6 percent YoY due to a drop in shipments of agricultural/agro-industrial products, timber products and passenger cars.... Read more
20 Jul 2018
Overall, Thai outbound shipments in 1H18 rose 11.0 percent over year. The growth is attributed mainly to the sustained momentum of economic recovery and the cyclical uptrend of electronic products, which are also expected to drive Thai exports in 2H18. The expansion rate in 2H18 however is expected to proceed at a slower rate at 6.8 percent or an average monthly export value of USD21.939 billion. The deceleration is attributable to the higher base last year, coupled with the fact that prices of many commodities are likely to stay at similar levels to those registered in the same period last year.... Read more