22 Jul 2019
Trading
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
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30 May 2019
The US Department of Treasury issued the report on macroeconomic and foreign exchange policies of the US’ major trade partners on May 28, 2019, which is about a month behind the original schedule. The report does not specifically label any country as a currency manipulator in order to bolster advantages of the US in trade. However, the US has revised the criteria/conditions of the report, resulting in changes on two important issues: 1) the number of the US’ trade partners that has been included in the assessment increases to 21 countries, compared to 12 countries before; and, 2) the criteria on current trade surplus have been tightened. Thailand, however, has not been added to the US Monitoring List as previously feared. ... 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 Feb 2019
The slowing global economy, impacts of the US tariff hikes on Chinese imports, a cyclical downturn in electronic products, low global crude oil prices and the high base of 2018 all pressured Thai exports to shrink for the third consecutive month at 5.65 percent YoY in January 2019. Shipments of other Asian countries, including Singapore, Japan and South Korea, also reported sharp contractions during this period.... 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