Thai July exports fall 11.37% year-on-year, smaller drop than forecast

[webfact]

Thai July exports fall 11.37% year-on-year, smaller drop than forecast

By Kitiphong Thaichareon and Orathai Sriring

 

FILE PHOTO: FILE PHOTO: A worker stands next to shipping containers on a ship at a port in Bangkok, Thailand, March 25, 2016. REUTERS/Athit Perawongmetha

 

BANGKOK (Reuters) - Thailand's exports in July dropped by a smaller-than-expected 11.37% from a year earlier, with the U.S. shipments jumping, while most markets remained under pressure from the impact of the coronavirus pandemic, the commerce ministry said on Monday.

 

The fall compared with a Reuters poll forecast for a decline of 17.8% in exports, and against June's 23.17% slide.

 

The ministry still expects exports to fall by 8%-9% this year, Pimchanok Vonkorpon, head of the ministry's Trade Policy and Strategy Office, told a briefing.

 

"Overall exports recovered with a check-mark shape. We are hoping there will not be more lockdowns in other countries which will disrupt trade," she said.

 

Shipments of cars and car parts declined 30.9% in July from a year earlier after June's 43.2% plunge. Gold exports rose 37% year-on-year after a 86% fall in the previous month.

 

Exports to most markets were lower in July, with ones to China down 2.7% year-on-year, but those to the United States jumped 17.8%, helped by electronics and rubber products, the ministry said.

 

While a rise in exports to the United States, accounting for 14.5% of the total in January-July, the largest share, could be scrutinised over trading practices, several shipments, including semi-conductors, were from U.S. companies in Thailand, Pimchanok said.

 

Last month, the central bank said Thailand had not intervened in the baht <THB=TH> for any competitive trade advantage following a media report that Thailand could be added to a U.S. watch list for currency manipulation.

 

In January-July, exports, a key driver of Thai growth, contracted 7.72% from a year earlier, while imports fell 14.69%.

 

Thailand recorded a trade surplus of $3.34 billion in July and $14 billion in the first seven months of this year.

 

(Editing by Ed Davies)

 

-- © Copyright Reuters 2020-08-24

 

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[webfact]

Exports in July contract 11.3 per cent but govt reports trade surplus

By The Nation

 

 

Thailand’s exports in July contracted 11.3 per cent compared to the same period last year while total contraction in the first seven months of 2020 was 7.7 per cent, Pimchanok Vonkorpon, the director-general of Trade Policy and Strategy Office, said.

 

Thai exports were valued at US$18.81 billion, down 11.3 per cent year on year (YoY) while imports were valued at $15.47 billion, contracting 26.38 per cent YoY, resulting in a $3.34-billion trade surplus in July.

 

Pimchanok said that during the first seven months of the year, exports were valued at US$113.16 billion, down 7.72 per cent YoY, while imports were valued at $119.118 billion, down 14.69 per cent YoY, resulting in a $14.04-billion trade surplus.

 

One of the key factors for the positive trade outcome is the export potential of food, processed agricultural products and products for working from home while Covid-19 related goods are also in demand.

 

Negative factors include the second wave of Covid-19 outbreak in several countries and trade wars, but the Ministry of Commerce believes that exports could continue to average $18 billion a month, which could mean an 8 or 9 per cent contraction YoY.

 

Source: https://www.nationthailand.com/news/30393429

 

-- © Copyright The Nation Thailand 2020-08-24

 

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[hotchilli]

18 hours ago, webfact said:

while most markets remained under pressure from the impact of the coronavirus pandemic, the commerce ministry said on Monday.

No mention of the Baht strength then?

[Isaan sailor]

Thailand likes to have a strong currency, or so it seems.  High unemployment, devastated tourism and weak exports don’t seem to matter.  Sabai Sabai.

[RichardColeman]

20 hours ago, webfact said:

Negative factors include the second wave of Covid-19 outbreak in several countries and trade wars, but the Ministry of Commerce believes that exports could continue to average $18 billion a month, which could mean an 8 or 9 per cent contraction YoY.

Another clown that seems to be completely missing the obvious fact that these figures are based primarily on orders made 'pre-pandemic' , and exports will continue to decline and businesses shut until this nonsense is over

[sawadee1947]

22 hours ago, webfact said:

smaller drop than forecast

Because of purchase of those subs? ????