Thai exports continue to slump further after Brexit

[webfact]

Thai exports continue to slump further after Brexit



BANGKOK, 7 July 2016 (NNT) - The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has revised its export growth forecast to 2% contraction, after Britain made the decision to leave the European Union (EU).

The JSCCIB revised its forecast after the Brexit referendum triggered volatility in global financial markets. Thai exports, which already shrank 1.9% in the first five months of the year, are expected to worsen during the remainder of 2016. The committee revised export growth for this year from to 2% growth to -2 to 0%.

Despite negative signs in the export sector, the JSCCIB has maintained its overall economic growth forecast for the country at 3%. It said the Thai economy will continue to be driven by government spending, tourism and increasing auto sales.

The JSCCIB also hoped the US decision to upgrade Thailand to Tier 2 on its Trafficking in Persons report, along with the country’s efforts to stop illegal, unreported, and unregulated fishing will eventually promote export growth.

-- NNT 2016-07-07

[Reigntax]

Yes, blame it on Brexit even though as yet, nothing has changed and ignore the real issues.

Strange how most other SE Asian countries are not having the same problem.

I suppose, unlike Thailand, they are not the centre of the universe and unable to accurately forecast like the superior economic brains gifted to the junta.

[NongKhaiKid]

I'm presuming the phrase ' superior economic brains gifted to the junta ' is a euphemism for ' making things up as they go ' which is the hallmark of much that happens here.

[neverdie]

Yesterday as I left the house I stubbed my toe. This nasty stubbing happened due to Brexit and I'm not happy about it.

[MaiChai]

Probably the latest floods in Bangkok are due to Brexit.

Whatever happens in the world Thailand must be part of it rather than not related at all.

I do recall the world was heading into more of a recession before Brexit happened. But what would i know?

[NongKhaiKid]

I'm sure many in LoS will be praying the Brexit negotiations take forever so they have that very handy excuse around for a long time.

[streetsweeper]

The sky isn't falling!

It is the earth that is rising!

Thai logic may well be the model for future comic book series in which comments from the bystanders on the streets cast cynical observations about their super-heroes.

[Thechook]

Damn foreigners again

[maewang99]

The big headlines stories are scary. But there is still plenty of good things going on. If you read yesterday that 20 year Japanese debt went negative for the first time ever... even for Japan..... you would think the world is ending. It's not. Neither Is Thailand.

[kingalfred]

What a nonsense news report.

[thai3]

Thailand 'braced' for Brexit, that may never even happen

[Rob8891]

Last week the headlines were that Brexit would have little or no effect. Sneaky Brexit! You upset Thailand.

Stop keeping the baht artificially high, you clowns....make your exports more attractively priced and pull in more western tourists.

[daveAustin]

99.99% of Thais on Brexit: <deleted> is Brexit?

[NongKhaiKid]

Thailand 'braced' for Brexit, that may never even happen

Even if it does happen it can, supposedly, take up to two years to complete all negotiations and formalities.

LoS is rarely prepared for anything so I can't imagine them being in the ' brace position ' for a couple of years.

' Uncertainty over Brexit ' will simply be a convenient cover all excuse likely to become overworked.

[kalbo123]

Did I not read just before the English referendum that a possible Brexit would have no effect on the Thai economy as the export to GB is only 1-2%?

[gandalf12]

It is sad when business is tilted in your favour and you still can not get growth

[chainarong]

The Exports were slumping before Brexit so it is immature to think that as exports continue to slump it is because of Brexit, next you'll be saying the flood waters rising around BKK are caused by the drought...................................................... ..

[Srikcir]

Exports were contracting before Brexit for the last five months cummulating in a 14%+ decrease and continue to contract after Brexit. While Brexit may cause additional contraction, it obviously is not the root cause. It's also clear that contraction has continued despite government spending and increased tourism. So far as car sales are concerned, domestic sales have fallen short with Toyota recently cutting its employee roll by 40%.

When JSCCIB predicts bad economic news, things are getting really bad. Just compare to the July 4th prediction by The Thai Chamber of Commerce that the nation will end the year 2-3% up on exports.

[cumgranosalum]

I see the BRexiteers are still in denial......

[Caveat Emptor]

Oh No, just had a horrible thought, will we now see a Tourism Ministry and TAT campaign to welcome everyone from Brexit as tourists ?

[cumgranosalum]

Oh No, just had a horrible thought, will we now see a Tourism Ministry and TAT campaign to welcome everyone from Brexit as tourists ?

they are already here - have you not seen the fat, skinhead English expats hugging their Changs outside the Family mart?

[Thian]

I get tired of all guessed consequences of the Brexit.

What exports is Thailand talking about?

If the E-European workers all have to leave the UK there will be loads of new jobs for the Brits. And working people go on holiday and have more to spend.

Also the Brits want their own fishingindustry back, maybe that might harm Thai fishexports i don't know but what produce are they talking about?

[kingalfred]

I see the BRexiteers are still in denial......

the Remainiacs are the ones who don't get it. Along with the EU that denies it's a failure and that will hasten its demise !

[Winniedapu]

I really don't understand this clownshow.

First they say the Thai economy won't be affected by the Brexit.

Then they say it will be affected, but slowly and not yet.

Now they imply that Brexit has already affected the Thai economy. even though Bexit was less than one week ago, but that (presumably due to Humpty's amulets), the Brexit effect will be gone in time for a magical recovery in the Thai economy to show 3% growth year-on-year.

It's really hard to keep up with these clowns, but I suppose that's 'Thainess' for you...

Winnie

[cumgranosalum]

I get tired of all guessed consequences of the Brexit.

What exports is Thailand talking about?

If the E-European workers all have to leave the UK there will be loads of new jobs for the Brits. And working people go on holiday and have more to spend.

Also the Brits want their own fishingindustry back, maybe that might harm Thai fishexports i don't know but what produce are they talking about?

Some people say Brexiteers aren't dim - but it is difficult to agree with this when you see a post like this one!

"If the E-European workers all have to leave the UK there will be loads of new jobs for the Brits." - 3 out of ten for schoolboy economics.

"Also the Brits want their own fishingindustry back" - you can't have a fishing industry with no fish.

[Thaddeus]

Why is there no picture of someone in uniform pointing to the UK on a map?

No.... wait.

[dageurreotype]

The big headlines stories are scary. But there is still plenty of good things going on. If you read yesterday that 20 year Japanese debt went negative for the first time ever... even for Japan..... you would think the world is ending. It's not. Neither Is Thailand.

Indeed they are. Anyone would think the pro establishment corporate owned mainstream media who frenziedly cherry picking anything remotely negative regards Brexit (A Brexiter Ate My Hamster), had an agenda http://blogs.spectator.co.uk/2014/02/the-millions-in-eu-funding-the-bbc-tried-to-hide/

[elgordo38]

Yes, blame it on Brexit even though as yet, nothing has changed and ignore the real issues.

Strange how most other SE Asian countries are not having the same problem.

I suppose, unlike Thailand, they are not the centre of the universe and unable to accurately forecast like the superior economic brains gifted to the junta.

From plus 2 to minus 2 sure gives them a lot of leeway. The new normal for the word good is "things were bad but not as bad as we expected" equals good now. Its all double speak, spin, voodoo economics, new normal is (bad) tomorrow will be a better day kind of mentality prevailing today among ringmasters of the game now before us. Popcorn anyone? What happened to the tigers jumping through hoops of fire? Wish we could substitute politicians for tigers.

[Thaddeus]

Yes, blame it on Brexit even though as yet, nothing has changed and ignore the real issues.

Strange how most other SE Asian countries are not having the same problem.

I suppose, unlike Thailand, they are not the centre of the universe and unable to accurately forecast like the superior economic brains gifted to the junta.

From plus 2 to minus 2 sure gives them a lot of leeway. The new normal for the word good is "things were bad but not as bad as we expected" equals good now. Its all double speak, spin, voodoo economics, new normal is (bad) tomorrow will be a better day kind of mentality prevailing today among ringmasters of the game now before us. Popcorn anyone? What happened to the tigers jumping through hoops of fire? Wish we could substitute politicians for tigers.

They found out that tigers can eat conjurers sometimes.

[RandolphGB]

The problem isn't Brexit, it's that Thailand has the highest Ex-works charges in Asia. The Gmnt is protectionist in its outlook. They started a crackdown on customs documents at the beginning of this year making it harder to export.