Thailand’s jewelry exports grow by 67.12% in first half of year

[webfact]

Thailand’s jewelry exports grow by 67.12% in first half of year

  

BANGKOK, 15 August 2016 (NNT) - The President of the Gem and Jewelry Institute of Thailand (GIT) (Public Organization) has disclosed that Thailand’s jewelry exports grew by 67.12 percent in the first half of the year. 

GIT President Siriphol Yodmuangchareon revealed that the export of gems and jewelry has stabilized well, in keeping with the economic conditions. 

The exports' value in the first half of the year totaled 8,174 million dollars US, a 67.12 percent growth compared with the same period in the previous year, he said. 

As for the impact of BREXIT, importers from the United Kingdom and the European Union (EU) might delay their orders so that entrepreneurs can adapt to the change and seek new markets to compensate for lost sales expected in the EU.

 

-- nnt 2016-08-15

[taichiplanet]

Gems are booming in Australia too according to an article yesterday. One producer saying due to interest from countries like China.

http://www.abc.net.au/news/2016-08-14/rubyvale-queensland-gem-mine-cashing-in-on-boom/7730206

 

[chainarong]

Might be a great idea just to round that number off at 67.15% , 12 is never a good number , makes people suspicious, something like 99.............................................. 

[Srikcir]

4 hours ago, webfact said:

The exports' value in the first half of the year totaled 8,174 million dollars US

Or about 16 billion baht projected for 2016. That's a nice success for the jewlery industry.                                                                                                                   

But in terms of GDP and GDP growth such revenues have almost nonexistent impact on the Thai economy. Tourism alone is expected to exceed 2.4 trillion baht for 2016 or about 10% of GDP. Growth of the jewelry industry isn't going to help revive the Thai economy.

Edited August 15, 2016 by Srikcir
formating

[Brer Fox]

35 minutes ago, Srikcir said:

Or about 16 billion baht projected for 2016. That's a nice success for the jewlery industry.                                                                                                                   

But in terms of GDP and GDP growth such revenues have almost nonexistent impact on the Thai economy. Tourism alone is expected to exceed 2.4 trillion baht for 2016 or about 10% of GDP. Growth of the jewelry industry isn't going to help revive the Thai economy.

Given that this success story is all about export sales you are quite correct. Particularly when it should be taken into account the monetary value all the imports of precious stones and metals before it is reprocessed and exported.

 

Thailand imports nearly all it's raw precious stones which are  then cut and polished and re-sold.

 

The NET profit value of jewellery exports is the important figure not the gross sales figures.

 

Export income is very valuable to any country but more so if it is 100% sourced from within that country.

[pennine]

Has anyone estimated the annual value to the Thai economy of expat spending?

[Srikcir]

13 hours ago, Brer Fox said:

more so if it is 100% sourced from within that country.

And that is where the value of Intellectual Property can significantly contribute to a country's GDP. For example: IP industries account for over 34% of total U.S. GDP and 74% of all U.S. exports. IP industries account for about 39% of total E.U. GDP and 90% of all EU exports. 

Edited August 15, 2016 by Srikcir
formating