Economy: Thailand's exports shrunk by 4,4 percent
Thai exports are in the doldrums. There was only a small revival in two months of this year, thanks to some windfalls, but exports contracted again in May. The value fell by 4,4 percent on an annual basis, which is a contraction of 1,9 percent for the first five months of this year.
Somkiat Triratpan, director of the Trade Policy and Strategy Office, sees the depreciation of the British pound due to Brexit as an additional additional problem. If the value of the pound falls, the total value of Thai exports will also fall in the next two to three months. The effect will be limited because only 1 to 2 percent of Thai exports go to the United Kingdom.
A possible fall in the value of the euro is annoying but not problematic according to Somkiat. Now only 9 percent of exports go to the EU, compared to more than 20 percent twenty years ago.
If exports remain stable for the rest of the year at $17 billion per month, 2016 is a 'lost' year, but with an export value of $19 to 20 billion, people are satisfied and the export target of 5 percent growth will be achieved, the ministry said. from Commerce.
Source: Bangkok Post
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for the Thailand enthusiasts, figures from the World Bank. All in billions of USD
year 2011 228,8
year 2012 229,5
year 2013 228,5
year 2014 227,6
year 2015 214,4
year 2016 227.6 forecast
for 2016 it is hoped to recover from the decline of 5,7 percent of 2015. So that in itself is not an increase. You could conclude that exports have declined in recent years.
And if you now look at the fact that exports in the first 5 months of this year have already decreased compared to 2015, it looks as if less will be exported than in 2015 .
Perhaps the spoiled rice in the warehouses and last year's drought have something to do with it?
Those agricultural must also count for some billions in that overview.
in terms of rice exports: (in USD billions)
2013 4,4
2014 5,4 (highest ever)
2015 4,6
2016 4,3 forecast
rice export decline from 2014 to 2015 = USD 0,8 billion out of a total decline in export value of USD 13,2. So the reduction in the export value is clearly due to other products.
I also mentioned drought.
By that I meant products such as pineapples and mangoes and whatever other fruit is grown for export.
In the cans of Del Montes, for example.
Incidentally, I once read (if I remember correctly) that the income from tourism is also counted as export.
Tourism is part of the service industry and is part of Gross National Product (GNP), all goods and services produced by a country during a year. They are services provided in Thailand.
Roughly speaking, this GDP in Thailand now consists of:
agricultural products : 10%
industry and other: 45 %
services 45 %
About 70% of the value of GNP is exported.