Exports Bottom Low, But on Recovery Path, Minister Says

Phuket Airport on May 14, 2020.

BANGKOK (Xinhua) — The Thai Ministry of Commerce on Monday released the latest data, indicating that Thai export figures have hit bottom low, and with no local COVID-19 cases for nearly three months and businesses resuming, it is on its path to recovery.

Comparing to the same period last year, Thailand’s July exports dropped 11.37 percent to 18.8 billion U.S. dollars and imports fell 26.38 percent to 15.47 billion U.S. dollars, according to the data released by the ministry’s Trade Policy and Strategy Office.

Exports in June fell 23.2 percent, the worst since July 2009, said Pimchanok Vonkorpon, director of the Trade Policy and Strategy Office at the Ministry of Commerce, adding “so if you compare June (23.2 percent) and July (11.37 percent), that means that Thai export figures are picking up and gradually recovering.”

Pimchanok said that several items have been on a steady rise, including food items such as tapioca, frozen chicken and pork, canned tuna and animal feed, as well as furniture, electrical appliances, household items, health-related products, such as rubber gloves, and speculative items such as gold.

Pimchanok said she believes that Thai exports for the next five months are expected to increase gradually, especially farm products and food.

However, Thai exports are expected to contract 8 to 9 percent to 220 billion U.S. dollars compared to last year, that is only if Thailand can keep the export value at 18 billion U.S. dollars per month, Pimchanok said.