24 Jan 2023
Trading
Economic slowdown in Thailand’s trade partners during 2H22 and the high 2021 base caused Thailand’s outward trade in December 2022 to contract sharply for the third consecutive month at 14.6 percent YoY, equivalent to USD21,718.8 million. As a result, Thailand’s overall 2022 export growth stood at only 5.5 percent YoY. ... Read more
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7 Dec 2022
First anniversary of China-Lao PDR railway offers another export channel via Thailand’s borders to promising areas in China ... Read more
24 Mar 2022
China, the US and European Union (EU), which are Thailand’s key trade partners, have announced their net-zero commitments while also implementing various environmental measures to achieve these targets, as follows:... Read more
26 Oct 2021
In September 2021, Thai exports soared 17.1 percent, against the 8.9 percent reported for August 2021, supported by several factors. These include improving COVID-19 situations and economic conditions in many countries, thanks to their higher inoculation rates, plus the depreciating Baht. Additionally, solid growth was seen in Thailand’s outward trade to key trade partners, particular CLMV nations. Thai exports to CLMV resumed growth of 8.2 percent, versus a zero percent growth reported for August 2021. However, shipments to Vietnam were inhibited by the severe COVID-19 pandemic there. Exports to other major trade partners such as the US, Europe and Japan continued to perform well. ... Read more
27 Sep 2021
In August 2021, the COVID-19 situation in many Asian countries became much worse due to the highly contagious Delta variant. As a result, their economic activity and manufacturing sectors were adversely affected, thus pressuring their export performances. Thailand’s exports were not spared by that impact either as they grew only 8.93 percent in August, a decline from the 20.30 percent growth reported for July. ... Read more
23 Jul 2021
In June 2021, Thai exports hit its highest level in 11 years with robust growth of 43.82 percent YoY, above market expectations of 38.1-percent growth. While Thai exports in 1H21 grew 15.53 percent YoY, the level was not high in comparison to the export growth of regional rivals, which generally grew beyond 20 percent in the first six months of 2021. Shipments to key trading partners maintained strong growth at almost every export destination – particularly the United States and Europe, wherein economies are on a firm recovery path as business activity across numerous sectors slowly regains a sense of normalcy, thanks to accelerated vaccination programs. Meanwhile, shipments to other ASEAN countries continued to perform well from the previous month, despite the ongoing pandemic and strict COVID-19 prevention and control measures.... Read more
25 May 2021
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25 Mar 2021
The global economy is projected to recover at a faster rate than prior estimate during 2021. Due to the progress on COVID-19 vaccine rollouts and growth seen in the US economy, buoyed by its massive economic stimulus package, the global economy is set to rebound to its pre-pandemic levels in 2021, and this will benefit Thailand’s outward trade. Recovery signs first seen in the global economy in February helped support Thai exports, excluding gold, to expand by 4.01 percent YoY during this period, yet the overall shipments continued to contract slightly at 2.59 percent. In spite of this, the export value in February 2021 was higher than the February average export value recorded over the past five years. ... Read more
19 Mar 2021
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
23 Nov 2020
Despite indications that the global economy would continue to recover in October 2020, Thai export figures for the month plunged by 6.71 percent YoY to USD 19.37 billion. Regardless, upon exclusion of products related to oil, gold and munitions, exports fell by 4.89 percent YoY, only a slight contraction from September’s reading. All in all, Thai exports over the first 10 months of 2020 shrank by 7.26 percent YoY. Agricultural exports slipped back into contraction at 8.8 percent YoY, after seeing 3.1 percent growth YoY in September – with many agricultural products, particularly granulated sugar, seeing diminished demand. Meanwhile, a majority of industrial exports have improved, especially goods that are related to working from home – for instance, computers and components, and air conditioners, along with personal protective equipment (PPE) against viral transmission, like rubber products. Nonetheless, overall exports still contracted by 4.7 percent YoY.... Read more
24 Aug 2020
Thailand’s outward trade was USD18,819 million, shrinking 11.4 percent YoY in July 2020. Excluding oil, gold and arms shipments, Thai exports, however, contracted 13.0 percent YoY. Gold exports reverted to growth of 37.2 percent YoY in July in line with global gold prices, while industrial product and oil-related shipments continued to shrink, in particular automobiles, airconditioners, plastic pellets, chemical and refined petroleum products in alignment with global economic conditions and sluggish consumption abroad. Thai exports that continued to grow from the previous month include canned tuna, pet foods, rubber gloves, chilled/frozen chicken, semiconductors, transistors and diodes. As a result, Thai shipments during 7M20 shrank 7.7 percent YoY.... Read more
24 Jul 2020
Thailand’s outward trade recorded a steep contraction for the second consecutive month in June 2020. As a result, 1H20 exports shrank 7.1 percent YoY. June shipments were valued at USD16,444 million, shrinking 23.2 percent YoY due to the unfolding coronavirus (COVID-19) pandemic and lockdown measures in many countries, which have in turn weakened global demand and disrupted part of supply chains abroad, making it longer to transport goods from one country to another.... Read more
25 Jun 2020
Border trade is an important product distribution channel for Thailand to neighboring countries (Myanmar, Lao PDR, Cambodia, Malaysia, Singapore, Vietnam and southern China). Border trade shipments represent 30 percent of Thailand’s total export value from all cross-border channels combined. During periods of intense COVID-19 transmission,... Read more
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
22 May 2020
The value of Thai exports for April 2020 stood at USD 18,948.2 million, with continuous expansion for the second consecutive month at a rate of 2.12 percent YoY – contrary to analysts’ earlier projection of a 4.6 percent contraction. The fact that many of Thailand’s trade partners have enforced lockdown measures is likely to present an obstacle to Thai exports in April 2020, with expansion in the latter month influenced by the following four temporary factors... Read more
24 Apr 2020
Thai exports to the US contracted 2.7 percent YoY in 1Q20. Excluding products related to arms and tanks for military drills, which caused our export base to become volatile, our shipments to the US grew 15.8 percent YoY. The increase was supported by the US-China trade war, which helped bolster our key exports, i.e., HDDs and auto tires, to the US. Other Thai shipments that met the needs of American consumers, such as automobiles, auto-parts and canned seafood products, grew at favorable pace, as well. ... Read more
21 Apr 2020
The value of Thailand’s outward trade reverted to growth for the first time in five quarters of 0.9 percent YoY in 1Q20, boosted by favorable gold and electronics shipments. However, oil-related exports were dampened by plummeting crude oil prices. ... Read more
23 Mar 2020
Thai Exports in February 2020 remained a hodgepodge of temporary factors, being supported by consistent growth in gold exports but inhibited by a high base effect as a result of munitions rexports and crude oil prices in the preceding year. Meanwhile, the COVID-19 outbreak continued to affect Thai exports and imports in a limited scope as China was the the only country to announce a temporary lockdown of 18 cities to curb the spread of COVID-19 last month.... Read more
24 Feb 2020
The global economy is experiencing more risks, including the novel coronavirus (COVID-19) outbreak seen in many countries since early 2020. As a result, Thailand’s exports of gold, being a safe-haven asset, skyrocketed 299.6 percent YoY in January 2020, allowing Thai shipments overall to resume growth for the first time in six months of 3.35 percent YoY. Excluding the value of gold exports, Thai shipments overall shrank 1.45 percent YoY, bettering the 2.95 percent YoY contraction projected by analysts. ... Read more
22 Jan 2020
The total value of Thai exports came in at USD246,244.5 million, shrinking 2.65 percent YoY in 2019 while the total import value reached USD236,639.9 million, contracting 4.66 percent YoY. As a result, Thailand enjoyed a trade surplus for the fifth consecutive year of USD9,604.6 million.... Read more
25 Nov 2019
The value of Thai exports reached USD20,757.78 million in October 2019, shrinking 4.54 percent YoY. As a result, 10M19 shipments contracted at a faster pace than that seen during 9M19 of 2.35 percent YoY. The shrinkage in October exports was due to a number of factors, including persistent sluggishness seen in the global economy, the US-China trade dispute and volatility in the value of Thai gold exports, which reverted to a contraction of 22.24 percent YoY after posting high growth, thus serving as an export driver over the past 2-3 months. It was also caused by a high base of 2018 global crude oil prices, which caused the value of our oil-related exports to decline. Excluding the value of gold and oil-related product exports, Thai shipments contracted 1.2 percent YoY in October 2019.... Read more
15 Nov 2019
The latest development at the Thailand-Myanmar border this year is very interesting with the opening of the second Thai-Myanmar Friendship Bridge at the Mae Sot checkpoint in Tak on October 31, 2019. The new bridge was built to ease traffic congestion at the first friendship bridge. Moreover, the authorities have planned to extend the business hours to facilitate the transport activities there. Additionally, the Initial Implementation of Cross-Border Transport Facilitation Agreement (IICBTA) for countries in the Greater Mekong Subregion (GMS) and its addendum, that Myanmar commenced the agreement with Thailand on October 22, 2019, will facilitate transport at the Myawaddy-Mae Sot checkpoint in Tak. Authorized vehicles from each side will be able to cross the border and be granted a permit to stay in the other country for 30 days. Therefore, cargo trucks from Myanmar can cross the Mae Sot checkpoint to two destinations, namely, Laem Chabang Port, Chon Buri, and the border province of Mukdahan. At the same time, vehicles from Thailand can carry goods from the Mae Sot checkpoint all the way to the Thilawa Special Economic Zone (SEZ) in Yangon (extended from Myawaddy originally). This will help Thai companies save time and transport costs and facilitate exports via cross-border trade.... 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 Oct 2019
Thai exports in September fell from the previous month, lower than the consensus of the analysts. The lackluster performance is in line with exports of other countries in the region which were affected by the worse-than-expected global economy and the prolonged trade war between the US and China. Outbound shipments from Thailand in September 2019 declined by 1.4 percent YoY. Although the figure is better than a 4-percent drop in the previous month, it is worse than the market consensus. In September, the value of main Thai farm exports such as rice, rubber and tapioca products contracted at a double-digit rate, dragging on the overall Thai outbound shipments. At the same time, the Thai industrial exports in September bounced back to positive territory, increasing 0.2 percent, driven by the shipments of vehicles, auto parts and components, electrical appliances and gold which continued to expand. Excluding gold consignments, the Thai exports would have contracted 2.8 percent YoY.... Read more
20 Sep 2019
The slowing global economy, persistent trade war and strong Baht caused Thailand’s outward trade to shrink 2.2 percent p.a. during 8M19. The value of August exports reverted to a contraction of 4.0 percent p.a. However, our industrial exports overall to the US continued to grow, including computers, electrical appliances, cars and auto-parts, reflecting positive impact from the trade war as the US needed to import those products to substitute Chinese imports. ... 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 Jul 2019
Skyrocketing gold exports supported Thai shipments to shrink at a slower pace in June 2019. Thailand’s June outward trade reached USD21,409.3 million, representing a contraction for the fourth consecutive month at 2.15 percent YoY. The shrinkage, however, was slower than those reported during the preceding three months due partly to the 317.4 percent YoY surge in gold exports. Excluding gold shipments, Thai exports overall contracted 8.7 percent YoY, led largely by major export categories to all key markets.... Read more
21 Jun 2019
The trade war between the US and China has had repercussions across the globe and slowed down the international trade. In the first two months of 2Q19, Thai exports continued to contract, with the outbound shipments in May 2019 totaling USD21.018 billion, a drop of 5.79 percent YoY. Hence, Thai exports in the first five months of 2019 (January-May) further declined from the first quarter to record a negative growth of 2.7 percent YoY due to a contraction in major export items and lower demands in major export markets. ... 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
22 Apr 2019
The value of Thai merchandise exports reached USD21.44 billion, shrinking 4.9 percent YoY in March 2019. Given this, Thailand’s outward trade overall contracted 1.6 percent YoY during 1Q19, as expected by KResearch. The major factors attributing to the contraction in March shipments, in particular to the US, EU (28) and China, included the anemic global economy. However, Thai exports to Japan grew favorably at 7.4 percent YoY in March, led by electrical appliances and processed chicken products. ... Read more
12 Feb 2019
Thai exports in 2018 rose 6.7 percent YoY, driven mainly by commodity prices. Nonetheless, Thai export growth was significantly lower than those of our neighboring countries. Traditionally, intermediate goods accounted for a majority of the entire Thai export structure, showing that connectivity with value chains in different countries is important for Thai trade. Nonetheless, the exports of intermediate goods from Thailand have shown signs of slowdown and declining share in the total export structure. However, the share of Thai finished products increased. At the same time, the exports of intermediate goods from Vietnam and the Philippines rose at the expense of the market share of Thai exports, especially electronics. This trend shows Thailand’s diminishing competitive edge and less important role in the supply chain of the electronic industry. If the trend continues, it will hurt Thailand’s ability to reap profits from the electronic industry, which has promising growth prospects in the future. ... 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
28 Sep 2018
Over the first eight months of 2018, Thailand’s border trade and transit trade were valued at THB922.312 billion, growing 6.5 percent YoY. Although growth was slower than the 9.8-percent pace reported in 2017, KResearch views that the THB-denominated amount of our border trade and transit trade for the entire year will increase around 7.5 percent, given high oil prices and foreign exchange rates that will likely soften compared to the previous year.... 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
20 Nov 2017
Bilateral trade negotiations with the US are ushering in a new era following President Trump's historic visit to Asia, November 5-14,... Read more
12 Apr 2017
US President Trump's signing of two executive orders on March 31, 2017, marked his first step toward tackling the persistent US trade deficit. Among... Read more
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