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Export of gold surges as demand for safe haven rises amid global downturn

Jul 06. 2020
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Thailand’s export of jewellery and ornaments between January and May this year surged 108.01 per cent year on year to US$9.579 billion (Bt298 billion), according to Deputy Commerce Minister Weerasak Wangsuphakijkosol.

However, if gold shipments are not included, export of jewellery and ornaments have actually dropped 34.8 per cent to $1.984 billion. Shipment of gold, however, has risen 386.1 per cent to $7.595 billion.

He attributed the drop in exports to the Covid-19 pandemic, which has forced several countries to enforce lockdown measures. As a result, consumers have been cautious about spending.

The demand of gold, however, has risen as people are rushing to buy this asset as a safe haven at a time when the economy is sapped. He added that if there is no second wave of Covid-19 infections and countries continue to ease lockdown measures, Thailand's jewellery and ornament exports should pick up in the second half of this year.

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