The
value of Thai exports in June 2020 stood at USD 16,444 million, shrinking 23.2
percent YoY. As a result, Thai exports contracted by 7.1 percent YoY during the
first half of 2020 due to the severe impact of the COVID-19 pandemic and the
enforcement of lockdown measures abroad, which resulted in weak global demand and
stagnation in some parts
of foreign supply chains and longer transit times for international shipments.
The
contraction of Thai exports in June was led by automobiles, parts and accessories
(-43.1%), rice (-25.6%) and electrical appliances (-15.2%). However, Thai food
exports continued to grow at 6.8%, partly thanks to lockdown measures abroad
which caused stagnation of production activity and supported demand for Thai
food products, both directly from the increased import demand and indirectly as
a substitute for other import sources. Classified by country, China and the
United States were the only two major markets where Thai export value grew
positively, at 12.0% and 14.5% respectively, in June.
KResearch projects that Thai exports in 2020 will
shrink at a double-digit rate, which is more significant than the previously
estimated -6.1%, as the global economy faces increased risk from the impact of the
COVID-19 pandemic that will continue to unravel into the near future, despite
the promising news on the progress of COVID-19 vaccine development. Moreover,
the trade conflicts between the US and its trading partners, including western
countries and China, has become a risk factor that will put pressure on global
and Thai exports for the remainder of the year.
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