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26 Jun 2020

Econ Digest

Global lockdowns caused Thailand’s exports to contract sharply in May 2023, following the region export trend

คะแนนเฉลี่ย
        The value of Thai exports in May 2023 was USD16.278 billion, down 22.5% (or 27.9% if excluding gold exports). This was due to lockdown measures implemented by many countries worldwide to control the spread of COVID-19. The contraction this month was the largest in over 10 years, aligning with export trends in the region such as Japan (-28.3%), South Korea  (-23.7%), and Indonesia (-29.0%). The main cause was the strict COVID-19 control measures, which disrupted global supply chains and weakened global demand due to lockdowns in various countries.

        However, Thai exports to China expanded by +15.3%, making it the only major market showing positive growth. Products with high growth included fresh, chilled, frozen and dried fruits, especially durian (+234.4%), automobiles and components (+204.2%), rubber products (+35.6%). Analyzing overall export categories, agricultural and agro-industrial products are still growing positively, thanks to the increasing demand for certain products such as fruits, cassava products, and canned tuna. Meanwhile, all categories of industrial products contracted, including potential industrial products such as automobiles and components and electronic products.

        Due to the rising risk to the global economy and the strengthening trend of the Thai Baht since April 2023, Thailand’s export outlook faces continued pressure. KResearch maintains its estimate for 2023 exports to contract by -6.1%, but continues to monitor the global economic situation, particularly the potential impact of a second round of outbreak, which could cause exports to contract more than expected.

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Econ Digest