U.S. tariffs on China goods may cut Thai exports as much as $6.7 billion - ministry

 

FILE PHOTO: A crane is seen at the port of Bangkok, Thailand May 26, 2016. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand's exports could fall between $5.6 billion to $6.7 billion because of new U.S. tariffs on Chinese goods, the Thai commerce ministry said on Tuesday.

 

Such goods cover about 46 percent of Thai exports, ministry official Pimchanok Vonkhorporn said in a statement.

 

The statement did not give a timeframe for the forecast fall in Thai exports.

 

Shipments of electronics and automobiles are expected to decline sharply, Pimchanok said.

 

So far this year, the United States and China have been Thailand's two biggest export markets.

 

(Reporting by Orathai Sriring and Kitiphong Thaichareon)

 

-- © Copyright Reuters 2019-05-14

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Well, good job that the 250 'good people' senators have been appointed. They'll easily be able to sort this mess out with their vast experience of buying army and police positions.

 

You're in good hands, Thailand. You're in good hands. 

They could always revert back to the seventies and start exporting recreational marijuana again! There surely can't be tariffs on that.

It will not do the business of large industrial groups established in Thailand; they will end up with colossal unsold inventories and will have to put tens of thousands of workers out of work ..

 

This may force the Bank of Thailand to realize that the baht is too strong; a weak baht will give hope to potential buyers of these huge stocks otherwise they will rust and it will make a huge dry loss for industrials and therefore their shareholders.

23 minutes ago, webfact said:

Shipments of electronics and automobiles are expected to decline sharply,

Oh no! That can't be allowed to happen. 

In PM Prayut's Eastern Economic Corridor plan he aims to develop the Laem Chabang port in the first year to:

     

• Double container accommodation from 7 million to 18 million twenty foot equivalent units a year.
• Increase automobile exports from one million to three million units a year.
• Become a logistics hub and gateway into South East Asia.

It's always someone else's fault.

10 minutes ago, Phuketshrew said:

It's always someone else's fault.

But tell his boss (the Chinese): it's your fault!
It's impossible

Health insurance seems like a sure fire way to make up the deficit?

3 hours ago, webfact said:

Such goods cover about 46 percent of Thai exports

If true, that is an enormous proportion and the Thais only have themselves to blame that they didn't diversify their export markets more carefully. Sh*t can easily happen when you put almost all your eggs in one single basket. 

5 minutes ago, Misterwhisper said:

If true, that is an enormous proportion and the Thais only have themselves to blame that they didn't diversify their export markets more carefully. Sh*t can easily happen when you put almost all your eggs in one single basket. 

That is why you always ensure you have a mia noi so there are two baskets. 

2 hours ago, Thailand said:

Health insurance seems like a sure fire way to make up the deficit?

or part of it, they have it all figured out

3 hours ago, webfact said:

Thailand's exports could fall between $5.6 billion to $6.7 billion because of new U.S. tariffs on Chinese goods, the Thai commerce ministry said on Tuesday.

and I thought it would be good for Thailand, they could fill in the gap from china parts not allowed into the US but to do they would have to depreciate the baht and unfortunately it appears they are not ready for that, they need to buy more stuff from outside Thailand and for that they need a strong baht

If that happens along with

everything else declining , should we expect for Thai economy to tank? Or it will sail through the crisis once again on the back of imaginary growth 

 1 Free elephant and or parts with every purchase of electronics and or parts /automobiles and or parts...

The empty heads were only just telling us last week that the U.S.-China Trade War would not hurt Thailand in any way.

 

Hub of Numpty's !

9 hours ago, PatOngo said:

They could always revert back to the seventies and start exporting recreational marijuana again! There surely can't be tariffs on that.

Or the 300 million meth pills they have in storage from recent busts, assuming they're in storage.

A good slap for Thailand  to depends on China... Pay back time .. 

18 hours ago, Assurancetourix said:

It will not do the business of large industrial groups established in Thailand; they will end up with colossal unsold inventories and will have to put tens of thousands of workers out of work ..

 

This may force the Bank of Thailand to realize that the baht is too strong; a weak baht will give hope to potential buyers of these huge stocks otherwise they will rust and it will make a huge dry loss for industrials and therefore their shareholders.

Look at the exchange rates for the Baht today against Dollar, Pound and Euro, the Baht has gone crazy, it is surging up like a tsunami.

4 minutes ago, soalbundy said:

the Baht has gone crazy, it is surging up like a tsunami.

Today ...wednesday, may 15 , 2019

 

1 euro = 35,3 baht ...

1 US dollar = 31,4 baht

1 GB pound = 40, 6 baht

Just now, Assurancetourix said:

Today ...wednesday, may 15 , 2019

 

1 euro = 35,3 baht ...

1 US dollar = 31,4 baht

1 GB pound = 40, 6 baht

Bangkok Bank, buy notes,:- USd, 31.07  Pound, 39.74  Euro, 34.67

Here is more bad news for Thai exports.

The EU has just signed a free trade agreement with Vietnam effective 1/6. This is predicted to cause further falls to export growth. In addition it is predicted in another unnamed news source that if the $300 billion US tariffs stay then Thailand's export growth will fall to zero. The PM's Eastern Economic Corridor is looking sicker by the month.

Fat chance of Thailand getting a free trade deal with the EU. They are already on the nose over human rights issues particularly in the fishing industry. Now after a rigged election heaven knows what the EU thinks of a continued military dominated junta/elite rule.

Just now, Cadbury said:

Here is more bad news for Thai exports.

The EU has just signed a free trade agreement with Vietnam effective 1/6. This is predicted to cause further falls to export growth. In addition it is predicted in another unnamed news source that if the $300 billion US tariffs stay then Thailand's export growth will fall to zero. The PM's Eastern Economic Corridor is looking sicker by the month.

Fat chance of Thailand getting a free trade deal with the EU. They are already on the nose over human rights issues particularly in the fishing industry. Now after a rigged election heaven knows what the EU thinks of a continued military dominated junta/elite rule.

still not harming the mighty Baht unfortunately

28 minutes ago, soalbundy said:

Look at the exchange rates for the Baht today against Dollar, Pound and Euro, the Baht has gone crazy, it is surging up like a tsunami.

Could there be a coincidence between the new junta/elite dominated senate being confirmed and the rise of the baht? Surely not?

2 minutes ago, Cadbury said:

Could there be a coincidence between the new junta/elite dominated senate being confirmed and the rise of the baht? Surely not?

Certainly not but sure that foreign and domestic investors welcome the starting of Parliament which will mean the 2020 budget will be determined and funds released for those infrastructure projects. 

You know when Thai economy/country is in a mess when all the girls are jumping ship to work in other Asian countries !

On 5/14/2019 at 6:13 AM, Misterwhisper said:

If true, that is an enormous proportion and the Thais only have themselves to blame that they didn't diversify their export markets more carefully. Sh*t can easily happen when you put almost all your eggs in one single basket. 

Or you could sell to the US direct????

He economy will be devastated-better buy more military equipment ???? is there s a perfect storm?  A large drop in exports and in tourism will certainly be big trouble.  They probably believe China will bail them out, as Cambodia does ????

Edited May 15, 20197 yr by Redline

Well I think it is time that not only the US but other countries start to slap huge import duties/tax on Thai exports - just as they do. What is wrong with our embassies and countries?


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On 5/14/2019 at 7:49 PM, trainman34014 said:

The empty heads were only just telling us last week that the U.S.-China Trade War would not hurt Thailand in any way.

 

Hub of Numpty's !

Thank you Trainman! I thought I had read that some poo-bah had blathered on about it not affecting Thailand. The more announcements, declarations and appeals "they" make, the more the credibility meter swings into the red zone.

Thai exports! What exports?

 

What does Thailand export? Rice! Illegal ivory? Human trafficking..?

 

What manufacturing is there that is Thai owned 100%, researched, developed and completely manufactured?

 

I doubt the Thai economy will feel much of an impact.