Thailand’s exports drop for 7 straight months, 5.5% year-on-year

[snoop1130]

 

Thailand’s exports for the first seven months of this year dropped by 5.5% year-on-year to US$163.3 billion. Imports fell by 4.7 % year-on-year to US$171.5 billion. This has resulted in a trade deficit of US$8.2 billion, according to the Ministry of Commerce.

 

In July alone, exports dropped by 6.2% year-on-year to US$22.1 billion, while imports also dropped by 11.1% year-on-year to US$24.1 billion, resulting in a trade deficit of about US$1.97 billion.

 

Export contraction in July was attributed policy interest rate hikes in several regions and the tightening of credit extensions by financial institutions. Moreover, slow economic recovery in China is affecting the purchasing power of Chinese people, according to the Commerce Ministry.

 

Full Story: https://www.thaipbsworld.com/thailands-exports-drop-for-7-straight-months-5-5-year-on-year/

 

-- Thai PBS 2023-08-25

 

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[observer90210]

Not only in Thailand.

 

Major economic slowdown in Europe and the west within the nations who gave in to the US sanctions against Russia. However the american sanctions have a knock off effect globally, causing a major slowdown in most economies.

 

Add the Chinese crisis that enhances the problem, and it leads to a world with people basically having or wanting to spend less money out of doubt or due to lack of demand that leads to slower production-sales and exports...

[Tropicalevo]

Is it any surprise?

The wonderful 'solve all problems' EEC and fast train to China via Laos seem to be only working one way. For Chinese exports.

You sold your country to Xi PM.

[hotchilli]

9 hours ago, Tropicalevo said:

Is it any surprise?

The wonderful 'solve all problems' EEC and fast train to China via Laos seem to be only working one way. For Chinese exports.

You sold your country to Xi PM.

It is a global issue, but in S.E.Asia Thailand is going to find out the hard way that exports are going to be tough to sell, especially against cheap Chinese exports flooding every market.

[IAMHERE]

Going to get worse when the recession gets going. I wonder if they can break down who isn't buying so much this year from Thailand. 

[sammieuk1]

There are some nut house prices for imports here I'm hoping reciprocal actions by countries receiving exports is the root cause ????

[Ben Zioner]

13 hours ago, observer90210 said:

Major economic slowdown in Europe and the west within the nations who gave in to the US sanctions against Russia. However the american sanctions have a knock off effect globally, causing a major slowdown in most economies.

Could you please clarify that you are not blaming the US for this situation. "Major economic slowdown in Europe due to  the  Russian  invasion of Ukraine" would have been clearer.

[Paul Henry]

They will continue to decline due to the highly over valued Thai Baht! Lets hope the new Government takes the steps to fix the fomer Goverments self interest.

[spidermike007]

It will likely get worse, as the worlds financial markets are due for a major correction. And it is quite possible the Thai baht has been over valued too. 

 

We will soon find out if building apartments somehow equates to running a large economy. 

Edited August 26, 2023 by spidermike007

[Cake Monster]

5 hours ago, hotchilli said:

It is a global issue, but in S.E.Asia Thailand is going to find out the hard way that exports are going to be tough to sell, especially against cheap Chinese exports flooding every market.

It is not just Chinese Exports that Thailand has to compete with now

Other Nations in the SE Asia Bloc are producing cheaper now than Thailand

[retarius]

Thanks Prayut, you really brought back happiness to the Thai people didn't you?

[jacko45k]

4 hours ago, Cake Monster said:

Other Nations in the SE Asia Bloc are producing cheaper now than Thailand

Wife's brother complaining less work in the Bangkok plant and more going to Vietnam.

[Cake Monster]

1 hour ago, jacko45k said:

Wife's brother complaining less work in the Bangkok plant and more going to Vietnam.

I see it here on a daily basis

The missus has a few apartments she rents out to the Factory workers, and few of themhave any Overtime now, and some are being laid off

[observer90210]

On 8/26/2023 at 5:41 AM, Cake Monster said:

It is not just Chinese Exports that Thailand has to compete with now

Other Nations in the SE Asia Bloc are producing cheaper now than Thailand

Not to mention retail global giants in the garment industry who are massively producing in Bangladesh or Burma. Ok they are mainly the Penny style stores but it does confirm that China also needs to compete with other Asian nations producing cheaper stuff. And Penny's is not all that bad with those 5 €uro T shirts !!

 

Same for India that mainly in only attracting upmarket brands  and for long has dropped the 5 $ or 5 €uro international fast-fashion garment production.

 

In fact now one can get better bargains in Spain compared to the swanky hi-so Thai malls that have gone totally jet-set in their prices.

Edited August 27, 2023 by observer90210

[BayArea]

On 8/26/2023 at 1:04 AM, jacko45k said:

Wife's brother complaining less work in the Bangkok plant and more going to Vietnam.

Agree and it doesn't help matters when well known Thai conglomerates are investing in Viet Nam more and more. They see Viet Nam as the next economic power house in the region and have less confidence in their own Thai economy.

[3NUMBAS]

china and russian economies are in a downturn so its a knockon effect

Edited August 27, 2023 by 3NUMBAS