Thai exports see 4% drop in August

By Somluck Srimalee
The Nation

 

 

Thai exports dropped 4 per cent in August, representing a loss of US$21.9 billion, largely as a result of imports being front-loaded to avoid US tariffs coming into effect on September 1, the Commerce Ministry reported on Friday.

 

Thai exports thus contracted 2.2 per cent in the first eight months of the year.

 

The ministry is nevertheless maintaining its export target at 3 per cent by using mature markets, expanding into new ones and restoring trade with long-lost partners.

 

Minister Jurin Laksanawisit will soon visit China and India to expand market opportunities for agricultural commodities and aims to unlock obstacles to trade with neighbouring countries.

 

The ministry noted that uncertainty stemming from international trade disputes is having a worldwide impact and also slowing the economies of most of Thailand’s major trading partners, particularly in South and Southeast Asia.

 

A decline in global oil prices is meanwhile suppressing the export of oil-related products, and a global oversupply of agricultural products and the baht’s appreciation both threaten Thailand’s situation.

 

Thai exports to some destinations have expanded, up 5.8 per cent to the US, 18.4 per cent to Australia and 5.3 per cent to the Middle East. But exports to China are down 2.7 per cent, to the Asean+5 countries 24.6 per cent and to the Cambodia-Laos-Myanmar-Vietnam cluster 22.7 per cent.

 

Trade in agricultural and agro-industrial products decreased 4.4 per cent. Rice is down 44.7 per cent, cassava products 25.3 per cent and rubber 7.2 per cent, whereas fresh, frozen and processed fruits are up 26.8 per cent, fresh and frozen chicken 5.6 per cent and wheat products and other prepared foods 13.5 per cent.

 

Industrial product exports dropped 1.9 per cent largely as a result of fewer automobiles going to Australia and elsewhere in Southeast Asia.

 

While oil-related products are suffering, gold is up 377.5 per cent, jewellery and accessories 51.1 per cent, and motorcycles and parts 9.2 per cent.

 

Source: https://www.nationthailand.com/business/30376468

 

-- © Copyright The Nation Thailand 2019-09-20

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44 minutes ago, snoop1130 said:

 

Thai exports dropped 4 per cent in August, representing a loss of US$21.9 billion, largely as a result of imports being front-loaded to avoid US tariffs coming into effect on September

Front loaded .. Do they mean washing machines cos' that's a lot of import washing .. 

Edited September 20, 20196 yr by Justgrazing
Sp

1 minute ago, Justgrazing said:

Front loaded .. Do they mean  washing machines cos' that's a lot of import washing .. 

Quite likely as there's bound to be some laundering of figures going on somewhere.

4 minutes ago, bluesofa said:

Quite likely as there's bound to be some laundering of figures going on somewhere.

They'd be better off with a top loader .. Less bending down when you've got 21 bils worth to do .. 

Edited September 20, 20196 yr by Justgrazing
Sp

1 minute ago, Justgrazing said:

They'd be better off with a top loader .. Less bending down when you've got 21 bils worth of imports to do .. 

Very true, we wouldn't want to offer any opportunity of illegal entry, would we?

What has US tariffs to do with imports, they are taxing stuff going in not stuff going out.

Happy days its not only tourists getting rinsed and mangled in the front loader ????

3 hours ago, snoop1130 said:

Thai exports see 4% drop in August

Oh no! 

But chin up.........the ministry is maintaining its export target at 3 per cent by using mature markets, expanding into new ones and restoring trade with long-lost partners.

There you see, nothing to worry about even though rice exports are down 44.7%.

PM Prayut has everything under control. 

Fact! The economy has gone nowhere since he took over in 2014. It is balancing on the edge and ready to tip. 

 

don't forget they can 'lure' as well.  Markets appreciate a bit of luring.

Oh, they don't?  They think it sounds like someone wants to cheat them?

Shame.

9 hours ago, seeyoujimmy said:

What has US tariffs to do with imports, they are taxing stuff going in not stuff going out.

He's scared to get the same treatment as China got, more tariffs from uncle Donald.

 

That's why they 're buying more weapons from the US...to show that they also import enough from the usa and won't get any sanctions.

No problems, get out the trusty amulet's, it'll be ok in the morning!!

16 hours ago, snoop1130 said:

Thai exports see 4% drop in August

If official sources speak of 4%, the decline will actually be higher

17 hours ago, snoop1130 said:

gold is up 377.5 per cent,

The only commodity that wouldn't be affected by the value of the baht totally skews the figures.

I guess those in the Commerce Ministry never took a course in economics.  When your currency approaches six-year highs vs. the western world—things start to go south.  Tourism and exports for starters.  The SET and world rankings follow.  Good luck Thailand—you’ll need it.

22 hours ago, Justgrazing said:

Front loaded .. Do they mean washing machines cos' that's a lot of import washing .. 

I thought the same - these phrases? 'front loaded, down sized, back stopped, off topic, off yer trolley" - totally meaningless drivel.

 

What's wrong with plain English? 

On 9/20/2019 at 6:18 PM, seeyoujimmy said:

What has US tariffs to do with imports, they are taxing stuff going in not stuff going out.

It is the U.S. importers of Thai products (made as part of the Chinese supply chain) that have been accelerating the import volume (front loading) to beat imposition of new import tariffs. After the effective date of the new tariffs, orders then significantly drop below normal delivery schedules. So front loading distorts Thailand's export value to the U.S.

On 9/20/2019 at 4:58 PM, snoop1130 said:

But exports to China are down 2.7 per cent, to the Asean+5 countries 24.6 per cent and to the Cambodia-Laos-Myanmar-Vietnam cluster 22.7 per cent.

Economy must be flourishing in Asia

On 9/20/2019 at 6:18 PM, seeyoujimmy said:

What has US tariffs to do with imports, they are taxing stuff going in not stuff going out.

I think it has to do with the Thousands of Tons of Steel that are Imported from China, and then Manufactured into finished products, and then Exported under the "Made in Thailand "banner that is trying to avoid the Tariffs.

It's your Baht stupid! 55

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No shortage of Thai exports of the female type in Dubai ,  travels well..

 Better than Guiness..

 

 

 

Edited September 22, 20196 yr by elliss