Export- Import Bank of Thailand (EXIM Thailand) revealed exports in February 2020 amid the epidemic of a new strain of the corona virus. That affects the economy at large. Thailand will be directly and indirectly affected. Especially the tourism industry Consumption and investment Including exports
With the latest on 23 March The Ministry of Commerce announced the February 2020 export figures, a 4.5 percent contraction which is better than many sides expected. In addition to receiving the merit from gold exports that have expanded by 180 percent Major export markets of Thailand, both China The European Union, the United States, the Middle East, South Korea and Japan, which account for almost 50 percent of Thailand’s total export value. There was a contraction less than expected. With interesting issues as follows
The Chinese market contracted by 2 percent as some exports were affected by the epidemic. Especially the export of fresh fruit and cassava products that contracted high due to the closure of checkpoints / ports Meanwhile, oil-related products continued to contract from the slowing Chinese economy. However, the contraction was less than what many had expected. Fearing that exports to China may contract as high as the announcement of the closure of the city And may affect purchasing power and supply chains Due to the supporting factors from the easing trade war Resulting in products that had been pressured by the aforementioned factors to expand well, such as tires and engines. Computers and components, etc.
The EU market grew by 1.2 percent, with the Italian and German markets that have a large number of infected people still grow slightly. From air conditioners and combustion engines. However, it has been noted that The number of Thai exports to the EU as a whole is still expanding. This may be because in February the Super Spread has not occurred in Europe, so if you may have to wait to assess the impact of March’s export numbers again.
The United States market contracted by 37 percent due to the high base of exports in the past year. From exporting arms back after training Cobra Gold. However, when subtracting those numbers Will find that the United States market returned to growth by 18.3 percent from the original support factors that many Thai products to replace Chinese products more from the trade war, such as computers and components, rubber products, semiconductors. Iron ornaments etc.
The South Korean market contracted by just 1.5 percent in contrast to the number of people infected in South Korea in February, the fastest speed in the world. But South Korea is still able to control the situation quickly The important export products are rubber products, air conditioners Paper and paper products, etc.
The Japanese market contracted by 11.1 percent. Thai exports to Japan in February were still mainly industrial products such as automobiles, machinery, computers and components. Which has been affected by the Japanese economy as a whole since the pre-epidemic period, however, food products which are essential for living can still expand. Especially processed chicken Which is the number one agricultural product in Thailand exported to Japan
The Iranian market grew by 25.9 percent due to the export of rubber, automobiles, canned fruits that still grew at a high rate. As well as the Middle East market as a whole Still expanding 16.4 percent, however, exports to the region may not reflect the impact of the current situation. As the number of people infected in the Middle East began to accelerate at the end of February. May need to consider the March export numbers again Especially in the main export markets in the region, including Saudi Arabia, Qatar, Israel, etc., with the number of people infected more rapidly.
Although overall Thai exports in the first 2 months of 2020 will contract by only 0.8 percent, Thai exports for the rest of 2020 will still face a lot of risk factors. Especially the situation of the epidemic of new species of corona virus Which is not yet known when it will be terminated And still not able to clearly assess the impact But recent export numbers can be partially reflected that Thai exports More flexible than before Due to the diversification of products and improved export market distribution
by Thanathas Akkhachotkawanich -March 29, 2020