Recently, the Commerce Ministry of Thailand has reported that the custom cleared exports, which contributed $ 19.15 billion in December 2019, has gone down by 1.28% in the month of January 2020.
It was for the fifth time that the outbound shipments had fallen by a considerable figure. However, as opposed to November 2019, the figures have improved. In November, there was a fall of 7.39%. In the month of October, the exports had fallen by 4.5%, it was 1.4% in the month of September and 4 % in the month of August,
TPSO, or the Trade Policy and Strategy office has stated that as far as the Thai exports gross value is concerned. , it was 246.244 billion U.S dollar in the year 2109; which was a decline of 2.65 percent as compared to the previous year’s figures. It is the China-US trade war, which is believed to be one of the reasons for such a decline.
When it comes to Thai exports to China, it has declined by 3.8% and has come down to 29.2 billion dollars. It has been observed that the companies are buying fewer parts for the production hubs which are used for Chinese goods. There has been a drastic decline in the shipment of rubber products, by 15% and the computer parts and peripherals have experienced a downslide by 9%
In the year 2019, Thailand’s export to the USA has increased by 11.8%, up to 31.3 billion dollars in the year 2019. On the other hand, as far as exports to China are concerned, it has declined by 3.8%; which is a staggering amount of 29.1 billion dollars. In the year 2019, Thai exports were dominated by its trade partnership with the US; whereas China played a very insignificant role.
In the month of December, there has been a significant change, where the number of exports to both US and China experienced a growth of 15.6 and 7.3% respectively. The exports to the Middle East and Taiwan got strong, resulting in and increase of 16.2% and 11.4% respectively.
Read more about the Export-Import Industry in Thailand
- 10 Key Steps to endure your Startup success in Asia
- Top 10 Reasons to start a business in Thailand
- How to tackle initial Business Startup Challenges
- Local Knowledge – The Key to a successful business
- How to revive a business when it is slow