Exports contracted by -2.1%YOY in June, or -8.7% without Gold

The value of Thai exports in June 2019 fell by -2.1%YOY. With the exclusion of gold, exports dropped further by -8.7% YOY (Gold export in June grew by 317.4%YOY).

With the exception of military arms and weapons reshipment to the USA in February, Thai exports value has shrunk continuously for the past 8 months, and the first half of 2019 showing a decline of -4.4%YOY.

Key products experiencing negative growth are still products within China’s supply chain which are involved in the US’s trade barriers for instance, computers – parts and components (-15.5%YOY), chemicals and plastics (-19.3%YOY) and electronic integrated circuits (-20.6%YOY). Moreover, other categories of export products have taken a hit as well, for instance rice, (-34.6%YOY), plastic resin pellets (-17.6%YOY) electronics (-5.9%YOY), rubber products (-9.2%YOY), and sugar (-19.4%YOY). While the product with positive growth in June is rubber, turning from contraction to grow by 11.8%YOY from exporting to the China (+48.7%YOY) and the US (+10.4%YOY).

Exports shrunk across all major markets especially exports to China which declined at  -14.9%YOY as well as exports to CLMV countries which dropped by -9.3%YOY with a decline of exports to Cambodia (-12.5%YOY, decline mainly from motorcycle exports), Laos (-6.6%YOY, decline mainly from refined fuel exports), Myanmar (-18.0%YOY, decline mainly from machinery exports) and Vietnam (-4.5%YOY, decline mainly from plastic resin pellets exports). However, exports to India managed a growth at 8.1%YOY.

Import Value shrunk by -9.4%YOY with a decline of all categories, especially imports of fuel products – with a contraction as…

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