According to Kirati Ratchano, the esteemed permanent secretary for the Commerce Ministry, as of July, the overall value of border trade was reported to be a staggering 131.23 million baht. This figure, however, paints a complex and dynamic picture of the situation of trade in the country.
A deeper dive into the data reveals something a little more intricate. As it turns out, of the total border trade for July, exports made up 75.43 million baht. This however, marks a decrease of 12.96% when compared with the same period in the previous year. Meanwhile, taking a look at the import side of things, imports recorded a value of 55.80 million baht, which also slipped by 18.74%. Such a decrease in numbers reflects the current challenges that face Thailand’s trade scenario.
That said, Kirati also pointed out that despite this drop, Thailand’s trade balance is still in the positive, with a surplus ringing in at 19.63 million baht. This shows that while the country is importing less, it is still managing to export more than it imports, thus maintaining a healthy trade balance.
Further stratification of the data shows interesting insights when the entire border trade situation with neighbouring countries such as Laos, Malaysia, Cambodia, and Myanmar in July is considered. In this case, the total value amounts to a sizeable 72.32 million baht, which is again a decrease of 14.70% from the same time last year. Examining these figures closely, it can be seen that exports were valued at 45.12 million baht and imports were valued lower, at 27.20 million baht.
Lastly, when we shift our focus to the goods moved to other countries by land during July, such as with China, Vietnam, and Singapore, we should note that the total value stood at 58.91million baht. This depicts a 16.48% decrease from last year’s figures. A breakdown of this value shows that exports were evaluated at 30.31 million baht and imports were slightly lesser, calculated at 28.56 million baht.
What these figures demonstrate is the complex interplay of economics. Even amidst a dip in the figures, the country of Thailand remains resilient, ensuring a healthy surplus while limiting imports. As industries recover and global economy shifts back on track, there is anticipation for a potential rebound in these numbers.
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