Exports shrink 7.4% as imports plunge in November last year
Thai exports contracted 7.4 per cent year on year in November last year to US$19.657 billion as imports fell 13.8 per cent to US$19.108 billion from the same period of 2019, said Ghanyapad Tantipipatpong, chairwoman of Thai National Shippers' Council on Tuesday (January 7).
January-November exports last year shrank 2.8 per cent year on year to US$227.090 billion, while imports contracted 5.2 per cent year on year to US$218.081 billion.
The council has maintained its forecast of Thailand's export performance last year at minus 2.5 per cent to minus 3 per cent year on year, based on the baht staying at approximately Bt33 per US dollar.
The council expected zero or a 1 per cent growth in Thai exports this year from 2019.
The forecast was based on the assumption of the average baht value at Bt30.5 per US dollar. The baht was at Bt30.17 per US dollar as of January 6.
If the Thai currency strengthens beyond that level, exports this year may contract by 5 per cent.
Among the positive factors contributing to Thai export growth this year is the Phase 1 trade deal between US and China, expected to be signed on January 15.
On the other hand, risk factors include continuous appreciation of the baht, impact of the drought on farm production and companies depending on farm produce as raw materials.
