Thailand and its export problems
Exports from Thailand are suffering from international economic problems. The latest export figures show a decrease of 7,39 percent. One of the causes is attributed to the decrease in oil exports due to maintenance of the oil refineries in the Asean countries, which caused a decrease of 11 percent in 2,7 months.
The director general Pimchanok Vonkorpon of the TPSO, bureau of strategy, reported a loss of 7,39 percent in US dollars. The decrease in this figure was due to lower performing exports, including the aforementioned petroleum and also chemicals with a total value of 29,1 percent.
Exports of agricultural products fell by 3,6 percent, especially tapioca, rice and rubber.
The global economic slowdown has affected exports of these products to key markets such as the US, EU, Japan and ASEAN. This has resulted in the total trade value from January to November of this year ending at a deficit of 2 percent.
However, Pimchanok Vonkorpon said this performance is in line with the global trend, while Thailand continues to maintain its export value better than many other countries.
However, goods imported into Thailand in November 2019 dropped 13,78 percent due to the closure of oil refineries leading to a reduction in crude oil imports.
Thailand as a country has no industry of its own except for the paint industry, which is favorable for the Asian countries. Only in rice exports does it still play a role, although no longer in first place. She has already lost that due to loss of quality and competing neighboring countries. The country is characterized as an assembly country of the surrounding countries of, among other things, cars and computers, but no ships, planes, and the like. However, Thailand will have to make considerable efforts to keep Honda and Mazda assemblies still in Thailand.
It is also interesting to read the editor's post of December 23 with the forecast for the year 2020 as far as the Baht is concerned.
It is already starting to develop more and more as a transition country from which the Chinese in particular will benefit greatly. However, more will have to be invested in this, not only in railway lines, but especially in ports, where there is still room for improvement!
Source:Pattaya Mail
In the field of shipping, Thailand is not at all a favorable transition country. Imports are many times less than exports, resulting in empty containers having to be brought ashore.
The detour via Singapore only costs time and money, but the Chinese apparently already have their plan ready. And the EU countries slept soundly when the Chinese struck.
Greece had a problem and the EU had to sell it like a port. China laughs to death because they could buy it for an apple and an egg. Then even more southern European ports and the EU is responsible for that, and then complain that China has many strategic interests in the world. It's too sad for words.
As wrote a few days ago, it is now becoming a problem that Thailand spends too little abroad.
Trump kept it neatly about non-compliance with human rights, but Thailand will also soon have a sanction worth 1.3 billion dollars on their pants and of course the lowest paid will be affected by it.
The VALUE of imports is almost equal to the value of exports in the year 2015. That is the last year for which an official so-called input-output table of Thailand has been published.
https://stats.oecd.org/Index.aspx?DataSetCode=IOTSI4_2018
The volume of imports may be different from the volume of exported goods, although that is not very likely because people import into the same sectors as they export. Thailand is primarily an assembly country.
Nicely written… Totally wrong policy tormenting trade, export, and farmers' businesses, families…. And so on…