Thai exports to the US are forecast to contract by 9.2% this year

[rooster59]

Thai exports to the US are forecast to contract by 9.2% this year

 

 

Thailand’s exports to US market are forecast to contract by as much as 9.2% this year, due to the COVID-19 pandemic in the United States and the GSP privilege removal for some Thai products, according to the Kasikorn Research Centre (KRC).

 

A 9.2% contraction equates to a fall of about 28.5 billion dollars in export value, the lowest in a decade.

 

KRC said in its research paper that the US economy, hard hit by the pandemic, is expected to shrink by up to 4% this year, and all the measures introduced to curb the spread of the disease have affected the financial security of the American people, meaning that many of them will not be able to afford non-essential imported items.

 

Full story: https://www.thaipbsworld.com/thai-exports-to-the-us-are-forecast-to-contract-by-9-2-this-year/

 

-- © Copyright Thai PBS 2020-05-02

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[mr mr]

surely the ministry has made an honest mistake here and the real numbers will be out in the coming days ?

[kingdong]

The writing was on the wall for years in Thailand with the high value of the baht,but the band kept playing and they kept dancing,up to now............

Edited May 2, 2020 by kingdong

[Damrongsak]

We won't be buying canned bamboo shoots for awhile here in Virginia, USA.  'Tis the season for fresh ones grown locally.  Over the years, my wife has scoped out a number of yards and areas in town with bamboo.  One time, we filled the back of my Toyota pickup truck in one haul - from the property of a youth prison.  Then I think some Lao immigrants discovered it and there hasn't been a shoot since. 

[Kullstar]

And yet they still prop up and strengthen the baht, it seems indestructible at the moment.

Can't lose face though eh boys?

 

Am getting 63 pesos to the pound here and the price of goods, food,  beer ???? is virtually the same. I know where I will be staying with 50% more in beer vouchers ..

 

 

 

 

 

 

[kingdong]

1 hour ago, graemeaylward said:

 and deserves total isolation by the rest of the world!

 

Like china

[kingdong]

1 hour ago, Kullstar said:

And yet they still prop up and strengthen the baht, it seems indestructible at the moment.

Can't lose face though eh boys?

 

Am getting 63 pesos to the pound here and the price of goods, food,  beer ???? is virtually the same. I know where I will be staying with 50% more in beer vouchers ..

 

 

 

 

 

 

Know where i,'ll be going next trip,Vietnam 20 baht for a bottle of beer.

[Chelseafan]

7 hours ago, graemeaylward said:

Whilst I appreciate that Covid-19 will have had some effect on exports to the US, the high baht and the idiot mop head, who acts like a dictator in the US and wants everything to be produced by Americans, is the main problem. and deserves total isolation by the rest of the world!

 

 

7 hours ago, Kullstar said:

And yet they still prop up and strengthen the baht, it seems indestructible at the moment.

Can't lose face though eh boys?

 

Am getting 63 pesos to the pound here and the price of goods, food,  beer ???? is virtually the same. I know where I will be staying with 50% more in beer vouchers ..

 

 

 

 

 

 

Exports to US only account for 10% and the removal of GSP on certain categories will certainly have an effect further down the line but won't show in these figures just yet. The baht continues to hold out because other econmies are in dire straits too.

 

https://tradingeconomics.com/thailand/exports

Edited May 2, 2020 by Chelseafan

[Isaan sailor]

Now we have an overpriced Baht—plain as day.  Thanks China for doing this.  Things don’t look good for Thailand.

[Iron Tongue]

Don't worry!  Increased exports to China will more than make up for this loss!

[Venom]

On 5/2/2020 at 7:26 AM, kingdong said:

The writing was on the wall for years in Thailand with the high value of the baht,but the band kept playing and they kept dancing,up to now............

Not really, if you're following the news you'd know already. In fact the baht is now 32 to 1 or has lost about 6% to the dollar during wu flu. You will see the results when you go to your local grocery store. But no worries as they will continue to increase the deficit so you'll get you wish and continue to see higher prices and less value. ????????

Edited May 3, 2020 by Venom

[hotchilli]

23 hours ago, kingdong said:

Like china

China's silk road will push on west, nothing will stop the spread of the new world order.

[GSFISM]

22 hours ago, Chelseafan said:

 

Exports to US only account for 10% and the removal of GSP on certain categories will certainly have an effect further down the line but won't show in these figures just yet. The baht continues to hold out because other econmies are in dire straits too.

 

https://tradingeconomics.com/thailand/exports

Those that follow the news should know that GSP was pulled due to the government refusal to address child labor, virtual slave labor, slave like working conditions, wages the most frugal can barely survive on. Not only the US is pushing Thailand to reform their labor laws.

Being a US citizen I know that we can not expect all things made in the USA. But we do expect a fair playing field. Trade agreements that are more equal. Corporate tax rates that are competitive, a tax holiday to encourage business and their funds to return to the US.

Do not all western government strive for the same for their citizens?

Yes, Trumps is on tweeter to much, he engages mouth before brain, he should consult and listen to his advisors more. Yet he works day and night wage free. Each pay cycle going to a different charity. I believe he works for the USA and it's citizens trying to do good for both. Yet because it's Trump, not a member of the Swamp, or Deep State, or Good Ole Boys he is met with resistance, trash talk, and general hatred. Domestic and Foreign. 

 

[metisdead]

A post using trolling references to President Trump and a reply has been removed.  If you do not want you post to be removed, please learn to spell politician's names correctly. 

[xylophone]

22 minutes ago, GSFISM said:

Yet he works day and night wage free. Each pay cycle going to a different charity.

Is that to repay the money he stole from the other charities?

 

Trump Pays $2 Million to 8 Charities for Misuse of Foundation
Under a settlement, the president admitted he had used his charity to bolster his campaign and settle business debts.

https://www.nytimes.com/2019/12/10/nyregion/trump-foundation-lawsuit-attorney-general.html 

[Chelseafan]

3 hours ago, GSFISM said:

Those that follow the news should know that GSP was pulled due to the government refusal to address child labor, virtual slave labor, slave like working conditions, wages the most frugal can barely survive on. Not only the US is pushing Thailand to reform their labor laws.

Being a US citizen I know that we can not expect all things made in the USA. But we do expect a fair playing field. Trade agreements that are more equal. Corporate tax rates that are competitive, a tax holiday to encourage business and their funds to return to the US.

Do not all western government strive for the same for their citizens?

Yes, Trumps is on tweeter to much, he engages mouth before brain, he should consult and listen to his advisors more. Yet he works day and night wage free. Each pay cycle going to a different charity. I believe he works for the USA and it's citizens trying to do good for both. Yet because it's Trump, not a member of the Swamp, or Deep State, or Good Ole Boys he is met with resistance, trash talk, and general hatred. Domestic and Foreign. 

 

Slave labor is only a smokescreen. Plays well with the press though. GSP is given to developing countries to help their export market. The EU removed GSP on a lot of product categories two or three years ago as they recognised that the Thai economy was bouyant and had an unncessary advantage over other developing countries. Rightly so too. What it means for consumers is that they end up paying higher prices so retailers source elsewhere.