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Thai exports in October 2020 remained negative 6.71%, resulting in the first 10 months of Thailand’s negative 7.26%, if less oil, gold weapons, Thai exports were less negative according to the world trend. Ready to streamline exports during the last quarter of this year
Today (23 November 20) Ms Pimchanok Von asks for a blessing, Director, Office of Trade Policy and Strategy (OTP), Ministry of Commerce. Reveal the big picture, Thai exports in October 2020 were valued at USD 19,376.68 million, a contraction of -6.71%, while imports valued at USD 17,330.15 million, contracted -14.32 %, resulting in a trade surplus of USD 2,046.53 million.
In the first 10 months of 2020 (Jan -14.61%, resulting in a trade surplus of 22,670.21 million dollars.
Reflecting the recovery of Thai international trade Following the direction of the world economy that has improved After countries gradually reduce travel and transportation restrictions As a result, the manufacturing sector began to return to normal. This can be seen in the global manufacturing PMI, which has improved above 50 for the fourth month.
Additionally, financial and fiscal relaxation has been implemented in many countries. To help continually heal and restore the economy. As a result, demand for the product improved. Many Thai export products expanded well. It corresponds to the recovery of the economy of the main trading partners, especially in the markets of the United States and Australia.
For products that have expanded well Remains the same product group that has continuously grown into 3 main groups
1) Food products like palm oil, pet food. Fresh, Chilled and Frozen Pigs Seasoning Food
2) Products related to work from home (Work from Home) and appliances such as computers and components Furniture and spare parts Microwave oven Electrical appliances that provide heat Refrigerators and freezers Washer Air conditioning And solar cells
3) Products related to infection prevention and epidemic reduction, such as rubber gloves that have been continuously expanding since the epidemic. Causing the demand for rubber in the world market to also increase which has a positive effect on the price of Thai rubber during this period.
Export markets, US and Australian markets Continues to expand While many markets have recovered again. Especially India, Holland and Mexico, as well as other markets that have a significant share of Thai exports. The rate of contraction was significantly lower this month, including Hong Kong, Germany and the United Kingdom. Meanwhile, Thai border trade, particularly CLMV countries, is still affected by the resumption of the virus.
As for the year 2021, we are confident that the export trend will expand positively. In particular, there is a vaccine available to prevent COVID. Will keep the demand for Thai export products good
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