BANGKOK (NNT) – Thailand’s export sector performance in September 2019 is recorded at a negative 1.39 percent due to global economic slowdown and Brexit.
The Trade Policy and Strategy Office Director General Pimchanok Vonkorpon has reported Thailand’s export sector performance in September 2019, saying that the sector generated 20.48 million US dollars in revenue, which is lower than expected, requiring the figure in the remaining months this year to be higher than 21 million USD to prevent annual growth to be in negative territory this year.
Despite the figure, export markets have improved for key industries such as motor vehicles and parts, electrical circuits, and air conditioners previously affected by the trade war but now showing growth, as a result of better adjustment by business operators, while products such as radios, televisions, and motorcycles and parts including big bikes, have been star players in the market with notable performances. Farm products such as fresh fruit and vegetables, and frozen or canned foods have also grown well in terms of quantity and revenue.
The figure for exports to key markets continues to show growth, especially the 7.8 percent growth for exports to the U.S., and 6.1 percent growth for exports to China. The gross export value in the first nine months of this year is now recorded at 186.57 billion US dollars, a negative 2.11 percent growth. The office now expects overall export growth this year to be a negative 1 percent, as a result of persistent global economic risks such as the trade war, Brexit, and the strong Thai baht, however Thai exporters are believed to remain strong and able to adjust to the challenges.
The Thai government is going ahead with new Free Trade Area (FTA) negotiations with more countries, to improve competitiveness. It is expected the export sector next year will swing back to a 1-2 percent growth.
The figure for imports into Thailand in September 2019 is recorded at 19.2 million US dollars, a 4.24 percent decrease. Thailand continues to maintain a trade surplus of 1.275 billion USD. The overall figure in the first nine months for goods imports is 179.19 billion USD, with 7.38 billion USD trade surplus.
