Thai exports drop worse than expected, corruption up

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Thai portExports from Thailand in June fell 3.38 per cent from the same month last year to $19.10 billion, the country’s commerce ministry said on July 26. This is far worse than the expectations by economists of a 1.6 per cent increase.

The biggest fall occurred in trade with China, to where 17 per cent less value was shipped. China is Thailand’s largest market, accounting for 11 per cent of all the country’s exports.

The overall decline extended the slump in May 2013 when exports where down 5.3 per cent. The ministry admitted that it would not meet its target of 7 to 7.5 per cent export growth in 2013. Exports in the first six months of 2013 were worth $113.3 billion, up a meagre 0.9 per cent from the same period last year. In the whole year, exports might grow just 3 per cent, nearly the same as the expansion rate in 2012.

In addition to China, other markets showing weak demand were the Netherlands, the UK, Belgium, France, Italy, the US and Japan, the ministry said.

At the same time, Thai people are of the opinion that corruption in the country is on a massive rise. 74 per cent of 2,400 respondents surveyed in the public and private sectors by the University of the Thai Chamber of Commerce
said they believe corruption grew more severe in Thailand in June 2013 compared with 63 per cent in December 2012.

The respondents identified the government’s controversial rice pledging scheme as providing the biggest opportunities for corruption. According to the university, corruption causes a damage of up to $12 billion for the economy annually.

Furthermore, this past week the Thai baht, government bonds and stocks dropped over concerns that plans to push forward an amnesty bill for those accused of crimes during the 2010 crackdown on political protesters will trigger renewed tensions. The benchmark SET Index fell by the most in six weeks.

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Reading Time: 2 minutes

Exports from Thailand in June fell 3.38 per cent from the same month last year to $19.10 billion, the country’s commerce ministry said on July 26. This is far worse than the expectations by economists of a 1.6 per cent increase.

Reading Time: 2 minutes

Thai portExports from Thailand in June fell 3.38 per cent from the same month last year to $19.10 billion, the country’s commerce ministry said on July 26. This is far worse than the expectations by economists of a 1.6 per cent increase.

The biggest fall occurred in trade with China, to where 17 per cent less value was shipped. China is Thailand’s largest market, accounting for 11 per cent of all the country’s exports.

The overall decline extended the slump in May 2013 when exports where down 5.3 per cent. The ministry admitted that it would not meet its target of 7 to 7.5 per cent export growth in 2013. Exports in the first six months of 2013 were worth $113.3 billion, up a meagre 0.9 per cent from the same period last year. In the whole year, exports might grow just 3 per cent, nearly the same as the expansion rate in 2012.

In addition to China, other markets showing weak demand were the Netherlands, the UK, Belgium, France, Italy, the US and Japan, the ministry said.

At the same time, Thai people are of the opinion that corruption in the country is on a massive rise. 74 per cent of 2,400 respondents surveyed in the public and private sectors by the University of the Thai Chamber of Commerce
said they believe corruption grew more severe in Thailand in June 2013 compared with 63 per cent in December 2012.

The respondents identified the government’s controversial rice pledging scheme as providing the biggest opportunities for corruption. According to the university, corruption causes a damage of up to $12 billion for the economy annually.

Furthermore, this past week the Thai baht, government bonds and stocks dropped over concerns that plans to push forward an amnesty bill for those accused of crimes during the 2010 crackdown on political protesters will trigger renewed tensions. The benchmark SET Index fell by the most in six weeks.

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