Export of Thai gems, jewellery rises despites challenges this year
The value of Thailand's gems and jewellery export was US$11.452 billion (Bt351 billion) in the first eight months of the year, up 45.81 per cent year on year, Deputy Commerce Minister Weerasak Wangsuphakijkosol said.
Of the exports, gold alone accounted for $6.212 billion, recording an increase of 107.16 per cent year on year.
Southeast Asia has been the biggest market for gems and jewellery from Thailand, and export of this commodity to the region has expanded 190.8 per cent. Export of gems and jewellery to Singapore has risen 307 per cent, to Cambodia 137 per cent, and to India by 84.14 per cent, because the Indian middle-class has higher buying power.
However, exports to other markets such as Hong Kong, European Union and the US has dropped. For instance, export to EU has dropped 0.74 per cent.
The export of gems and jewellery is the third biggest earner for the country, and growth in this industry has benefited the Thai economy, Weerasak said.,
Duangkamol Jiambutr, director of the Gems and Jewellery Institute of Thailand Public Organisation, said the export sector will be in a weak position for the rest of the year due to several factors, such as the US-China trade war, protests in Hong Kong and volatility of the baht.
