Thaivisa News Posted March 26, 2015 Share Posted March 26, 2015 Bangkok: – The Commerce Ministry has adjusted the economic report, conceding to the contraction of exports for two consecutive months due to the slowing down of the world economy. The growth of exports has contracted 4.8 per cent for January and February. Commerce Minister Chatchai Sarikalya said major exporting countries, including Thailand, see lowering demands in key markets. India’s exports have dropped 13 per cent, followed by Indonesia (11.9 per cent), Singapore (8.5 per cent), Australia (8.4 per cent) and the United States (5.1 per cent), Chatchai said. In January, the country’s exports declined by 3.46 per cent and last month saw the drop of more than 6 per cent. The downward trend in Thai exports has been attributed to the slow recovery of world economies, the lowering commodity price and the drop in oil price. The ministry is expected to revise downward the projection for the April exports because the major economies are still experiencing demand weakness. The country’s earnings from exports amount to US$17.2 billion in January and US$17.5 billion in February. The lower-than-expected recovery of the world economy is attributed to the country’s weak exports for this year. In another development, the Commerce Ministry has instructed the Internal Trade Department to continue the “Blue Flag” campaign designed to cushion the impacts of rising prices for consumer’s products. The campaign is a market intervention scheme for participating stores and the department’s mobile sale units to sell essential goods at discounted prices. This has triggered complaints from independent retail vendors, saying the campaign has undercut prices and undermined their livelihood. Responding to the complaints, the campaign has been adjusted to focus on remote areas and to relocate “Blue Flag” booths away from retail vendors. Link to comment Share on other sites More sharing options...
chooka Posted March 26, 2015 Share Posted March 26, 2015 Didn't realise that Australia manufactured or exported anything these days, thought everything was shutting down and moving off shore. 2 Link to comment Share on other sites More sharing options...
asiamaster Posted March 26, 2015 Share Posted March 26, 2015 And how about the drop of the Euro? Europe is a major export market for Thailand. Link to comment Share on other sites More sharing options...
Popular Post hobobo Posted March 26, 2015 Popular Post Share Posted March 26, 2015 Could it be that the Baht is seriously overvalued? Drop the Baht by 10 percent and watch exports grow again - and tourists flock back! 10 Link to comment Share on other sites More sharing options...
sfokevin Posted March 26, 2015 Share Posted March 26, 2015 Given that all the other neighboring countries experienced close or more than double digit declines I question the happiness math of the Thai 4.8% figure... 1 Link to comment Share on other sites More sharing options...
bruceybonus Posted March 26, 2015 Share Posted March 26, 2015 Could it be that the Baht is seriously overvalued? Drop the Baht by 10 percent and watch exports grow again - and tourists flock back! But then all the luxury goods would go up in price. The upper echelons of society would be most aggrieved! Link to comment Share on other sites More sharing options...
shirtless Posted March 26, 2015 Share Posted March 26, 2015 Car exports were up as of the tv report yesterday good news before bad Thainess at its best Link to comment Share on other sites More sharing options...
butch333 Posted March 26, 2015 Share Posted March 26, 2015 it's just the beginning , let's see when the européan community will adopted the same incomes taxes for the thai goods as the thai-customs are doing for the the européans goods . let's see if many farangs will invest in thailand , and buy land make houses buy cars and motorbikes but on the name of their GF of course . 1 Link to comment Share on other sites More sharing options...
anon467848 Posted March 26, 2015 Share Posted March 26, 2015 The country’s earnings from exports amount to US$17.2 billion in January and US$17.5 billion in February. In January, the country’s exports declined by 3.46 per cent and last month saw the drop of more than 6 per cent. You just know that the "books are cooked" when they don't report correctly.... How can February's earnings be greater than January when it dropped to more than 6% compared to 3.5% in January Link to comment Share on other sites More sharing options...
topt Posted March 26, 2015 Share Posted March 26, 2015 The country’s earnings from exports amount to US$17.2 billion in January and US$17.5 billion in February. In January, the country’s exports declined by 3.46 per cent and last month saw the drop of more than 6 per cent. You just know that the "books are cooked" when they don't report correctly.... How can February's earnings be greater than January when it dropped to more than 6% compared to 3.5% in January Quite easily if they are comparing it to the same month last year or any other comparison which is not specified Link to comment Share on other sites More sharing options...
Paul Henry Posted March 26, 2015 Share Posted March 26, 2015 If you do not want to recognise you have a problem you cannot fix it. Its always easier to look at others rather than in the mirror. Week after week we see figures being produce that keep contradicting themselves. Link to comment Share on other sites More sharing options...
Eric Loh Posted March 26, 2015 Share Posted March 26, 2015 A smart leader will find more ways to stimulate the domestic economy to made up for the export losses which will persist for a while longer. Thailand depend too much on export which is almost 70% of GDP. More fiscal policies needed to expend domestic consumption. Thailand is a big enough country to have the domestic economy sharing half of the GDP. Link to comment Share on other sites More sharing options...
elgordo38 Posted March 26, 2015 Share Posted March 26, 2015 Didn't realise that Australia manufactured or exported anything these days, thought everything was shutting down and moving off shore. Canada and the United States ditto. Only thing that will bring the jobs back is 3D printing and Robotics plus cheap energy in North America which is already there. The shale oil fiasco in the states suckered in all the major players who ran to the bank for huge loans and now these loans are coming due. They thought the oil musical chairs story would continue indefinitely but unfortunately they all got greedy producing more and more oil and it fell on its behind. Everybody rushed into shale oil and killed The Golden Goose. One only needs to look to the past to see the boom and bust cycles on oil. I hear that OPEC tried to get Russia and Mexico into a quota deal to raise the price of oil but they said nyet nada. Ah well the pain continues. Link to comment Share on other sites More sharing options...
Srikcir Posted March 26, 2015 Share Posted March 26, 2015 "The [blue Flag] campaign is a market intervention scheme for participating stores and the department’s mobile sale units to sell essential goods at discounted prices." Good luck with that approach. Same approach as what the Venzuelan government did when oil prices collapsed a decade ago. The result was a run and hoarding of essential products like toilet paper. Now Venzuela has implemented a complex ID system to prevent people from overstocking items, then reselling them for profit. Link to comment Share on other sites More sharing options...
Srikcir Posted March 26, 2015 Share Posted March 26, 2015 There is more bad news to come. The KReaearch Center predicted on 2015-03-24 no growth for exports this year, down from 3.5 % projected earlier. Leave it to the government to nickle and dime their downward predictions to try to control panic. PANIC PANIC PANIC PANIC Link to comment Share on other sites More sharing options...
rethaier Posted March 26, 2015 Share Posted March 26, 2015 Didn't realise that Australia manufactured or exported anything these days, thought everything was shutting down and moving off shore. Don't forget the iron ore they have not yet found a way to move that offshore. Link to comment Share on other sites More sharing options...
phoenixdoglover Posted March 26, 2015 Share Posted March 26, 2015 (edited) Why are articles like this permitted, and why would the Commerce Ministry report this? Don't they know that this bad news likely will cause conflict in Thai society? Has not the PM made clear that this sort of wanton criticism will not be tolerated? And finally, will the PM take part in Songkran festivities this year, if at least to give his adoring subjects a glimpse of his splendid clothes? Edited March 26, 2015 by phoenixdoglover Link to comment Share on other sites More sharing options...
phoenixdoglover Posted March 26, 2015 Share Posted March 26, 2015 "The [blue Flag] campaign is a market intervention scheme for participating stores and the department’s mobile sale units to sell essential goods at discounted prices." Good luck with that approach. Same approach as what the Venzuelan government did when oil prices collapsed a decade ago. The result was a run and hoarding of essential products like toilet paper. Now Venzuela has implemented a complex ID system to prevent people from overstocking items, then reselling them for profit. Yes, the "Blue Flag" campaign raises a big Red Flag. Link to comment Share on other sites More sharing options...
emilymat Posted March 26, 2015 Share Posted March 26, 2015 Could it be that the Baht is seriously overvalued? Drop the Baht by 10 percent and watch exports grow again - and tourists flock back! I'm afraid that would involve too much 'loss of face' to the General. Sorry, but true in my view. Link to comment Share on other sites More sharing options...
UDONJIM Posted March 26, 2015 Share Posted March 26, 2015 The world economy is slowing toward recession. Twenty six countries, including in S.E. Asia have devalued their currencies. I've said before on TV that it's only a matter of time before Thailand has to devalue the baht and I hold to that opinion. Link to comment Share on other sites More sharing options...
metisdead Posted March 26, 2015 Share Posted March 26, 2015 Posts containing comments and links to an external site containing comments on the Royal family have been removed. Linking to external sites which break these rules will be treated as if you yourself posted them. Link to comment Share on other sites More sharing options...
Thai at Heart Posted March 26, 2015 Share Posted March 26, 2015 Could it be that the Baht is seriously overvalued? Drop the Baht by 10 percent and watch exports grow again - and tourists flock back! Better call Bernanke then Link to comment Share on other sites More sharing options...
Cake Monster Posted March 27, 2015 Share Posted March 27, 2015 It,s simple really ! Thailand is very quickly becoming non- competetive in a world that is now demanding more " bang for the buck ", along with more value added product. A very simple concept, that Thai business appears to have very little, ( if no ) grasp of. Link to comment Share on other sites More sharing options...
morrobay Posted March 27, 2015 Share Posted March 27, 2015 Thailand is a big enough country to have the domestic economy sharing half of the GDP. Thats going to be a problem with the skyrocketing Thai household debt approaching 90% GDP. There is going to be a baht devaluation - one way or another. Link to comment Share on other sites More sharing options...
zierf1 Posted March 27, 2015 Share Posted March 27, 2015 Could it be that the Baht is seriously overvalued? Drop the Baht by 10 percent and watch exports grow again - and tourists flock back! Definitely overvalued against the Ringgit. Thailand looks like an old ripoff now. Link to comment Share on other sites More sharing options...
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