US-China trade war a boon for Thai exporters

[webfact]

US-China trade war a boon for Thai exporters

By WICHIT CHAITRONG 
THE NATION

 

Thailand’s exports to the US rose by double digits in the first seven months of the year, partly due to the ongoing US-China trade war, which is making importers turn to Thailand.

 

As of July 30, Thai exports to the US had risen 16.4 per cent to US$18.5 billion (Bt569.31 billion), closely followed by Thai exports to China at $16.3 billion for the same period. In July alone, Thai exports to the US rose 9.8 per cent to $2.5 billion. 

 

Exports to the US accounted for 12.8 per cent of Thailand’s total exports, followed by 11.3 per cent to China from January to July this year, the Commerce Ministry said. 

 

Last year, exports to the US accounted for 11.1 per cent of total exports, compared to 12 per cent to China. 

 

“The growth of Thai exports to the US in the first seven months is high, partly due to the ongoing trade war and also because Thailand offers diversified products that can meet market demands there,” Pimchanok Vonkorpon, director-general of the Trade Policy and Strategy Office, said.

 

Thailand exports many different kinds of products to the US, such as rubber products, autos and auto parts, steel products, electrical home appliances, frozen food and home decorations, she said, adding that the prospect of the US market looks good overall. 

 

Thai exports in July bounced back to 4.28 per cent with a total value of $21.2 billion (Bt652.3 billion), largely from gold exports as a safe-haven asset, the Commerce Ministry said, while exports not including gold and oil products, rose by 1.6 per cent.

 

“These figures provide us with some relief as we are seeing the export sector turn around and we expect a rise in the rest of the year,” Pimchanok said. 

Previously, Orapin Sermpraphasilp, chairperson of the Federation of Thai Industries of the Eastern Region, said she has observed more US importers turning to Thailand as Chinese products are now subject to higher tariff.

 

The National Economic and Social Development Council also said on August 19 that some foreign investors have started relocating factories from China to Thailand in order to avoid high US tariffs. 

 

A series of messages posted online by US President Donald Trump have convinced many investors that he is in it for the long haul where the dispute with China is concerned.

 

Source: https://www.nationthailand.com/business/30375162

 

-- © Copyright The Nation Thailand 2019-08-22

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[BuckBee]

Really !

I remember the report that stated it would have no effect ????

Wait for 2020 baby, the heat will be turned up a notch ...
vietnam combodia and malaysia doing okay but messy junta controlled thailand up a dried out creek thanks to kissing up to chinese too long and doing sweet <deleted> to infrastructure and all long term issues on water management and foreign business support .

It not just tourist down, foreign companies down too, better places go in asia for finances, stability and ease of paperwork/rules .
The fat general has raped the golden goose to point of no easy chance of any more golden eggs ....

 

[Fex Bluse]

First they said it had no effect on them.

Then they said the trade war is seriously hurting Thai exports.

Now they are saying it is helping them.

[bluesofa]

4 minutes ago, Fex Bluse said:

First they said it had no effect on them.

Then they said the trade war is seriously hurting Thai exports.

Now they are saying it is helping them.

I think it depends if there's an 'r' in the month.

[Grumpy John]

Flip flop, flip flop how do we do!  Seems like some in Bangkok are doing nicely thank you very much.  Not so for many peasant workers in the country....or for that matter some company workers from Rayong who now find themselves out of work.  2 have returned to my village in the past 3 months.  Buckbees 'golden eggs' analogue has much merit!

[legend49]

1 hour ago, Fex Bluse said:

First they said it had no effect on them.

Then they said the trade war is seriously hurting Thai exports.

Now they are saying it is helping them.

As usual , no idea.

[Isaan sailor]

So now the US/ChiCom trade war helps exports?  Good.  And now, good luck, Thailand—you now will compete with Vietnam, Taiwan, South Korea and of course, your master, China.

[Paul Henry]

As quoted take out gold and oil Thai exports in July rose 1.6%. Answer to why baht is over valued. This does not equate to a big increase in Thai exports.

[natway09]

It will certainly help if it drags on much longer.

There are some pretty big companies operating in China that are looking

at Thailand very closely along with some who have already committed

[Pedrogaz]

Growth from a very small base. I wouldn't read too much into it as anything permanent.

[RichardColeman]

Finding an accurate and believable story about Thai exports is about the same as finding a virgin in soi 6