The Commerce Ministry reported this week that Thai exports have fallen 7.94% to about 20.21 billion US dollars for the month of August 2020, although have improved for the past two months prior after a major fall due to impacts from the Covid-19 pandemic.
This drop is less than that predicted by many organizations, TPN notes.
Reuters, for instance, predicted a drop of 12.05%. The drop of 7.94% shows a better than expected recovery after a low-point of a 23.17% drop in June, 2020.
According to the Commerce Ministry of Thailand, the recovery is being driven by several factors, especially medical supplies such as rubber gloves being exported overseas. Food items also remain strong, including items such as durian fruit and, believe it or not, crickets.
Exports improving is likely a sign of relief for many in the Thai Finance Industry as one of Thailand’s other major economic factors, the foreign tourism industry, has been heavily impacted and seen no recovery due to borders to Thailand being closed to general tourists until the pandemic situation improves. Unfortunately, that sees no sign of doing so in the near future.