Tuesday, September 17, 2019

Thai exports drop by less than that of competitors: Trade office

Sep 12. 2019
Pimchanok
Pimchanok
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By The Nation

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Despite the baht appreciating to Bt31.39 per US dollar as of the end of August, a 2.2 per cent bump over the same period of 2018, Thailand’s overall exports are stronger than those of jurisdictions with weakened currency, including South Korea, the UK, Taiwan and Malaysia, according to the Trade Policy and Strategy Office (TPSO) of the Ministry of Commerce.

TPSO director Pimchanok Wonkhoporn said that although Thai baht continues to strengthen, the impact on the export sector remains minor in comparison to other trade rivals and partners whose currencies have been weakened due to a political situation or international dispute.

“Among our trade rivals and partners, South Korea’s currency depreciated the most at 6.5 per cent,” she said. Next were the EU (6.3 per cent), the UK (6.2 per cent), China (5.3 per cent), India (5.1 per cent), Taiwan (4.0 per cent), Malaysia (4.0 per cent), and Vietnam (2.1 per cent).

“However, Thailand’s exports are still better than these countries,” said Pimchanok. “In the first seven months of 2019, Thai exports shrank by only 1.9 per cent, while South Korean suffered from a 8.9 per cent decrease. Malaysia’s export declined by 4.9 per cent, the UK by 3.5 per cent and Taiwan by 2.9 per cent.”

The director add exports of agricultural products to certain markets continue to grow amid the overall shrinking of exports. For example, overall rice exports declined by 18.5 per cent, but rice exports to the US (13.8 per cent of the market share) increased by 13.9 per cent. Meanwhile, overall corn exports declined by 20.7 per cent, but corn exports to Vietnam (23.2 per cent of market share) increased by 29.2 per cent, she said.

“Products that see a prominent increase in exports are fresh and frozen fruits, which went up by 44.9 per cent. Furthermore, exports of lifestyle products such as cosmetics and skincare, motorcycles and refrigerators also increased by 15.3, 12.3 and 3.3 per cent respectively.”

Pimchanok added that factors other than currency apprecation may affect exports, including market trends and product quality.

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