Thai exports to fall 10% this year, import slump a worry - shippers

[snoop1130]

Thai exports to fall 10% this year, import slump a worry - shippers

 

 

BANGKOK (Reuters) - Thailand's exports could fall by 10% this year due to the impact of the coronavirus pandemic and a persistently strong baht <THB=TH>, a Thai shipping association said on Tuesday, warning that a slump in imports was also a worry.

 

Exports should not decline 15% as previously feared because of July's improved shipments, but tumbling imports will likely be a drag, Ghanyapad Tantipipatpong, chairwoman of the Thai National Shippers' Council, told reporters.

 

"We expect exports to fall by up to 10% this year... and hope shipments will increase in the fourth quarter," she said.

 

"But we are worried that steady falls in imports will weigh on manufacturing and an export recovery".

 

In July, exports, a key driver of Thai growth, fell a less than expected 11.37% from a year earlier, while imports declined 26.4%.

 

The baht was at 31.38 per U.S. dollar at 0740 GMT, but that is still much stronger than the 33 per dollar needed to help exports, Ghanyapad said.

 

-- © Copyright Reuters 2020-09-08

 

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

- Follow Thaivisa on LINE for breaking COVID-19 updates

[RichardColeman]

8 hours ago, snoop1130 said:

"But we are worried that steady falls in imports will weigh on manufacturing and an export recovery".

The only things Thais are exporting are things that were either ordered and made prior to all this madness, or orders being made from existing stock. I would imagine Thai companies are not ordering raw materials as there simply are no orders in the pipeline. 

There will be no face saving fourth qtr recovery - it will get worse, not better

[sammieuk1]

Up goes the Baht on this great news more bad news urgently needed ???? 

[Soikhaonoiken]

The slump in exports was well before this pandemic, its all due to the strong Baht, and as for the decline in imports, Thais don't have the money to be buying expensive imported goods.... 

[pegman]

2 hours ago, Soikhaonoiken said:

The slump in exports was well before this pandemic, its all due to the strong Baht, and as for the decline in imports, Thais don't have the money to be buying expensive imported goods.... 

Exactly, these guys are dreaming in technicolour or cooking the books. Vehicle exports fell off a cliff well before COVID 

[Isaan sailor]

Let it burn.  Exports are toast—burnt toast.  And the government gives its tacit approval to an overpriced Baht.

[fulhamster]

4 hours ago, Soikhaonoiken said:

 Thais don't have the money to be buying expensive imported goods.... 

99% of Thais don't

[hotchilli]

8 hours ago, RichardColeman said:

The only things Thais are exporting are things that were either ordered and made prior to all this madness, or orders being made from existing stock. I would imagine Thai companies are not ordering raw materials as there simply are no orders in the pipeline. 

There will be no face saving fourth qtr recovery - it will get worse, not better

A family owned local auto manufacturing business I know of is suffering badly.

The marketing manager that I know well says business is down 50 % from last year.

If thing don't improve in this coming quarter she says drastic changes will be made, which are being discussed behind closed doors now!

[Scot123]

9 hours ago, RichardColeman said:

The only things Thais are exporting are things that were either ordered and made prior to all this madness, or orders being made from existing stock. I would imagine Thai companies are not ordering raw materials as there simply are no orders in the pipeline. 

There will be no face saving fourth qtr recovery - it will get worse, not better

Exports of gold, silver and gems is distorting the crash but crash it is.

[Scot123]

1 hour ago, hotchilli said:

A family owned local auto manufacturing business I know of is suffering badly.

The marketing manager that I know well says business is down 50 % from last year.

If thing don't improve in this coming quarter she says drastic changes will be made, which are being discussed behind closed doors now!

I think that is closer to the truth nationally.