Exports in march plunged by -23 %


Thai exports in March fell 23.1 percent from a year earlier to $11.56 billion, according to Commerce Ministry data on Tuesday. Imports dropped 35.1 percent in March from a year earlier to $9.46 billion following a 40.3 percent fall to $8.16 billion in February. (Forbes)

Like forecasted in february (-25 %), the thai exports in march plunged by 23,04 %, compared to march 2008.

It was impossible to use again the anomaly of february (gold exports to Switzerland and Hong Kong).

I was expecting actually a lower total. In any case, wait for the details that will be published on april 30 by the Bank Of Thailand. Then we will be able to find out if there is any anomaly.

The fall of import is still very impressive. It gives little hope for an improvement of exports (a lot of exports use imported raw materials, parts etc.) ….

7 Responses to “Exports in march plunged by -23 %”

  1. 1 Pete 21 April 2009 at 6:21 pm

    Thai exports in Mar-09 to Madagascar worth Bt7.74bn (vs. Bt169.7m in Feb-09), driven mainly by iron/steel products is looks pretty interesting. May be another one-hit wonder.

    There’s also a strong increase of nearly Bt10.0bn in exports to China MoM.

  2. 2 ThaiCrisis 21 April 2009 at 7:05 pm

    Pete, how do you have the details ?
    Are you an insider ?

    Madagascar could clearly be the smoking gun. As for China, no surprise, there was indeed an increase of trade in march (their imports increased).

    In any case, I can “feel” a political will to “boost” the figures… It was the case before, when we were breaking record after record (peak exports for thailand = july 2008)… But now of course, the reasons are different.

    The Confidence Game.

    For that matter it’s hilarious to see the global campaign that started at the G20 in London… I mean soon the pope himself will speak about “first signs” and “green shoots” (the very nice expression used by Obama). All of them. I’m following politicians in France… also… exactly the same speech…

    People could argue : if they are all speaking in the same way, then it must be true. That’s the problem : it’s not. Many indicators show that the trend is worsening (wait for the next “stress tests” drama for the US banking system)…. But politicians and authories try, desesperatly, to sell the “first signs” theory.

    It shows that they are desperate.

  3. 3 antipadshist 21 April 2009 at 7:11 pm


    may be it is off topic…

    but I can’t find the old post about ATM withdrawal limits.

    so, I thought I’d comment here.

    from Bkk Post today:

    “new surcharge to be levied on foreign ATM cards at a usurious 150 baht per transaction… This works out to over $4.25 at today’s exchange rate and is one of the highest ATM fees in the world. This fee is already being levied by Bangkok Bank, Siam Commercial Bank and, I am sure, the rest are soon to follow. This increased fee was authorised by the Thai Bankers Association and was effective April 17.

    First dual pricing, then airport closures, and now the world’s highest ATM fees. Thailand, just amazing.”

    I can confirm this – in fact it has been so already quite for a while ! when I tried few times to ask bank clerks about it – they say, no, our bank doesn’t charge anything.

    well, perhaps I have to add what seems is not mentioned in the above article: the best part is – that after withdrawal, the slip which ATM gives shows “0” (zero) Fee !

    that’s what got my attention.

    so far I couldn’t find out the end of it.

    till today I’ve read it on Bkk Post.

  4. 4 George P Tuckeer 22 April 2009 at 7:27 am

    Pete, I too would be interested in knowing where you got the details. It would be interesting to know what exactly the products exported to madagascar were and how that compares to exports to the country in earlier months and same time last year. Remember Madagascar is going through street protests and upheaval in the past few months and hard to imagine their imports are on the rise.

  5. 5 George P Tuckeer 22 April 2009 at 7:29 am

    The ATM charge: I had predicted earlier that foreign residents would be an easy target. Wait and watch. The government, in an effort to plug the deficit hole will find ways to skin foreign residents. Foreign residents aren’t going to protest in the streets and don’t have a vote (except with their feet).

  6. 6 John 22 April 2009 at 1:42 pm

    I remember the long rows of people selling gold in the beginning of this year because of the high price, but also because people need the money. I hear the surplussus are traded in China Town and end up eventually in Hong Kong and Switzerland.

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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.

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