InfoQuest, (May 29, 2019) -- In the first four months of 2019, Thailand fetched 458.5132 billion baht-worth border and cross-border trade volume, up 2.61 percent, according to Mr. Adul Chotinisakon, director general of the Department of Foreign Trade (DFT), the Ministry of Commerce of Thailand.
The export value was 256.41901 billion baht, up 1.43 percent, while the import value hit 202.09419 billion baht, up 4.15 percent, leading to a surplus of 54.32482 billion baht.
Thailand's border trade volume with its four neighboring countries topped 369.36544 billion baht, up 0.05 percent. The export value reached 208.71426 billion baht, down 3.01 percent, and the import stood at 160.65117 billion baht, up 4.33 percent, hence a trade surplus of 48.06309 billion baht.
The country's total cross-border trade volume with China, Vietnam and Singapore totaled 89.14776 billion baht, up 14.75 percent. Exports were worth 47.70474 billion baht, up 26.77 percent, and imports 41.44301 billion baht, up 3.45 percent, resulting in a surplus of 6.26173billion baht.
Malaysia has remained the biggest border trade partner of Thailand with two-way volume amounting to 185.25252 billion baht, dropping by 0.70 percent. Of the total, exports represented 88.59176 billion baht, down 8.78 percent, and imports reached 96.66076 billion baht, up 8.08 percent. Myanmar came the second with the trade volume of 65.90078 billion baht, up 2.83 percent; Laos the third with 64.51934 billion baht, down 9.73 percent; Cambodia the fourth with 53.6928 billion baht, up 14.09 percent.
China secured the position as the largest cross-border trading partner of Thailand. The trade value topped 38.94062 billion baht, surging by 59.89 percent, with exports making up 16.12295 billion baht and imports 22.81767 billion baht, up 75.13 percent and 50.62 percent respectively. It was followed by Vietnam with 26.63931 billion baht, down 1.94 percent and Singapore with 23.56783 billion baht, down 9.94 percent.
The trade war between China and the U.S. weighed on the global economy, including Thailand and its neighbors, said Mr. Adul.
There was a slowdown in exports of Thai and Malaysian border trade. It was mainly due to the impact on the exports of natural rubber and rubber products amid the prolonged China-U.S. trade frictions and the hit on the overall trade from reduction in rubber production caused by stormy weather in Thailand. However, the import of capital goods, such as computer parts and circuit boards, experienced a growing trend, which is likely to contribute to the export of such products in the future.
The two-way border trade between Thailand and Laos also saw a slide. The contraction was attributed to the increasingly growing investment from China to Laos, and thus resulting in a slowdown in exports of diesel products, automobiles, equipment and components, steel and agricultural products from Thailand to Laos. And Myanmar continued to import capital goods and consumer goods for infrastructure construction from Thailand. As for the trade with Cambodia, Thailand’s exports such as drinks, motorcycles, cars and vehicle tire parts increased.
If the country can make timely adjustment and see the trade war crisis as an opportunity to expand the border trade, the DFT believes that the Thai border and cross-border trade are able to achieve sustained growth. Notably, the trade volume between Thailand and China maintains high increase rate, mainly in fresh, frozen and refrigerated fruit and dried fruits, and coupled with the trade measures China has leveraged against the U.S., Thailand will boast the chance to export more products to China to replace the imports from the United States, such as pork products.
Source: InfoQuest, by Phana/ Nisarat / Rachada, translated by Xinhua Silk Road
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