Export of Thai gems, jewellery rises despite challenges this year

By THE NATION

 

Deputy Commerce Minister Weerasak Wangsuphakijkosol

 

The value of Thailand's gems and jewellery export was US$11.452 billion (Bt351 billion) in the first eight months of the year, up 45.81 per cent year on year, Deputy Commerce Minister Weerasak Wangsuphakijkosol said.

 

Of the exports, gold alone accounted for $6.212 billion, recording an increase of 107.16 per cent year on year.

 

Southeast Asia has been the biggest market for gems and jewellery from Thailand, and export of this commodity to the region has expanded 190.8 per cent. Export of gems and jewellery to Singapore has risen 307 per cent, to Cambodia 137 per cent, and to India by 84.14 per cent, because the Indian middle-class has higher buying power. 

 

However, exports to other markets such as Hong Kong, European Union and the US has dropped. For instance, export to EU has dropped 0.74 per cent.

 

The export of gems and jewellery is the third biggest earner for the country, and growth in this industry has benefited the Thai economy, Weerasak said., 

Duangkamol Jiambutr, director of the Gems and Jewellery Institute of Thailand Public Organisation, said the export sector will be in a weak position for the rest of the year due to several factors, such as the US-China trade war, protests in Hong Kong and volatility of the baht.

 

Source: https://www.nationthailand.com/business/30377002

 

-- © Copyright The Nation Thailand 2019-10-03

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Put a spin on anything in search of convincing the people the economy is healthy. LMFAO.

They is very exciting news. The future is looking bright for the rice farmers! 

Okay, everybody in the manufacturing and agriculture industries, please move into the gold, gems and jewelry industry. This latter industry needs to start contributing 70% GDP growth with tourism and government spending taking the balnce. Maybe concede compensation for closing the Kingsgate gold mine and get it running again?

Pinocchio would struggle with the above story.....Thailand seems to be the only up country in the world on the jewellery front then... de Beers can't do it but where there is a will there is a way in this country...

 

8 hours ago, webfact said:

Export of Thai gems, jewellery rises despite challenges this year

Government propaganda announcements always manage to leave out an element of truth. To quote from a news release on Tuesday.

".....most of the jewellery factory owners have reduced their capacity in response to the slowdown in global trade"

https://forum.thaivisa.com/topic/1126423-exports-fall-across-key-industries

 

Weerasak you actually expect anybody to believe that?

Just another puppet spouting nonsense his bosses told him to spout.