Thai exports shrank less than expected in 2020
Thai export contracted 6.01 per cent to US$231.468 billion last year, better than the previously forecast decline of 7 per cent, the Commerce Ministry said on Friday.
Imports last year dropped 12.39 per cent to $206.991 billion.
Exports in December alone last year surged 4.71 per cent to $20.082 billion, the first rise in eight months and the highest growth in 22 months, due to recovery in demand for industrial products.
Imports in December expanded 3.62 per cent to $19.119 billion.
Despite fresh waves of Covid-19 in many Thai export markets, goods transport had not been badly disrupted since countries had imposed zoned restrictions rather than national lockdowns, said Pimchanok Vonkorpon, director-general of the ministry’s Trade Policy and Strategy Office.
The ministry forecasts exports will grow 4 per cent this year to $240.727 billion, with a chance of 5-per-cent expansion to US$243.042 billion, thanks to the global economic recovery.
Positive factors include limited lockdown restrictions and the availability of Covid-19 vaccines.
Among negative factors for Thai exports is the strengthening baht and shortage of goods containers.
