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Weakening baht bolsters Thai exports in March

Weakening baht bolsters Thai exports in March

MONDAY, April 20, 2020
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Thailand’s exports entered the positive territory in March after contracting 4.47 per cent in February, the Commerce Ministry’s Trade Policy and Strategy Office (TPSO) said on Tuesday (April 21).

TPSO expects exports in the first quarter of this year to not contract as shipments from the country in January and March were high.
“Products that have high demand overseas are food, canned and processed fruit, frozen and processed chicken, jewellery and other accessories excluding gold,” a TPSO official said.
The official added that exports in March this year had entered positive territory due to the weakening of the baht, when compared to the same period last year, which showed a contraction of 5.04 per cent.
“However, it is difficult to forecast the direction exports will take in response to the pandemic,” the official added.
Separately, Somdet Susomboon, director-general of the Department of International Trade Promotion (DITP), said the department was planning to use digital content and online systems to boost export growth, especially in the wake of the Covid-19 pandemic.
“Though it is difficult to forecast international trade as crises may emerge at any time, but we believe Thai exports will be good this year due to the weakening of the baht,” he said. “However, we have to be ready to deal with any situation that may occur.”
Supapat Ongsangkoon, Commerce Ministry’s spokesperson, said that Commerce Minister Jurin Laksanawisit has scheduled a meeting with manufacturers to discuss ways to help the economy recover after the Covid-19 crisis.
“The move is to listen to problems, suggestions and come up with ways to work with the private sector before implementing measures to drive the economy,” he said.
He added that discussions with manufacturers of frozen and processed chicken, such as Charoen Pokphand Foods, Betagro, and Thai Broiler Processing Exporters Association will be held on Wednesday.
“Frozen and processed chicken is a product that consumers need and there is an opportunity for it to expand exports,” he added.
“A similar discussion will be held on Thursday with manufacturers of instant foods, beverage, vegetables and fruits, such as the Thai Frozen Foods Association, Thai Tuna Industry Association as well as farmers from Prachuap Khiri Khan and Samut Songkhram provinces.”
He added that the ministry will hold a discussion with e-commerce businesses operating both locally and overseas on April 27 about allowing farmers, small- and medium-sized enterprises, manufacturers and exporters to sell products online.