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Trade reveals 4 groups of Thai export products COVID crisis grows
On 24 October 2020 at 18:25
Trade deepens in Thai export products, the rising star Grow against the world trend, respond to the New Normal trend, expect Thai exports in 63 year to be less than 7%, next year will gradually rebound.
Ms Pimchanok Wonkhaphon, Director of the Office of Trade Policy and Strategy (OTP), said that exports this year faced many risk factors, including drought, trade war, baht currency, especially the coronavirus epidemic. -19 That disrupted the global supply chain from a lockdown measure like never before. The global economic slowdown affects revenues, businesses and public spending. Also, people’s behavior has changed. Keep your distance to prevent epidemics AND be more careful with spending
The EPPO has studied and analyzed Thai exports which accounted for the share of exports in the first nine months of this year. It was higher than the average of the last three years (2017 – 2019), reflecting the competitiveness of the export product group in Thailand. And grow in line with the needs of consumers in the future It can turn the crisis into an opportunity It was found that the growth of export products against the world trend And it is a product that responds to the new normal flow, can be divided into 4 groups as follows
Group 1 foods and processed foods
Products that did well include fresh foods, canned foods, soft drinks, and fruit juices.
- Fresh foods, including chilled and frozen chicken, grew 21.68 percent (China, Hong Kong, Singapore) and refrigerated and frozen pork increased 642.90 percent (expansion in Hong Kong and Myanmar).
- Canned foods, including canned tuna, increased 9.11 percent (US, Peru, Egypt, Canada, Saudi Arabia), canned shrimp increased 10.20 percent (growth in US, South Korea, Australia, Mexico, UK), canned squid. Grew 88.24 percent (expansion in Japan, United States, Cambodia, Australia, Singapore, Taiwan) Canned sweet corn Grew 13.25 percent (growth in all major export markets, such as Japan, South Korea, Taiwan, Philippines , United States). It grew 37.76 percent (growth in all major export markets such as the United States, Japan, South Korea, Canada, Australia)
- Mixed fruit juices grew 25.13 percent (expansion in Taiwan, Cambodia, US, China) and non-alcoholic beverages. It grew 4.02 percent (expansion in China, Singapore, Lao People’s Democratic Republic, Myanmar, Cambodia
Group 2 Infection and Outbreak Prevention Products
Including rubber gloves, soap
- Rubber gloves grew 61.34 percent with continued growth in almost all markets. Especially the US, UK and China
- Soap rose 27.74 percent (growth in Australia, CLMV countries and the United Kingdom).
Group 3: Appliances and to work from home (Work from home)
Most of them are kitchen appliance products. Home appliances and furniture
- Kitchen appliances, including refrigerators (grew 2.6 percent in the US, Japan, Australia) and microwave ovens (32.06 percent growth in the US, Japan and Canada)
- Household appliances, including speakers (expanded 81.53 percent, expanded in the US UK Netherlands) Fan (expanded 1.26 percent, expanded US, China, Canada) Computer ( 3.33 percent expansion, US and China expansion)
- Furniture (11.83% growth, expansion in the US, Vietnam, South Korea)
Group 4 vehicles
It’s a motorcycle (17.85 percent growth, expansion in China, Japan, Belgium)
Ms. Pimchanok added that the overall picture for Thai exports continued to recover. This is in line with the improvement in the world economic and trade situation. In the midst of the coronavirus outbreak that began to control the situation well in many countries. As a result, steps began to be taken to relax and control the trip. The growth rate of Thai exports and imports decreased, respectively. It shows the potential for business adaptation for both exporters and importers. This is a good sign for the Thai economy compared to the past.
Compared to the country in the region, Thai exports are still contracting less than many countries, and 2020 exports are expected to decline by no more than -7.0 percent and gradually recover in 2021.
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