The COVID-19 pandemic has significantly impacted global economies, and Thailand has not been spared. While many sectors grappled with challenges, some of Thailand’s manufacturing industries discovered silver linings amidst the turmoil. The Office of Industrial Economics of Thailand’s data highlights that between April and September 2020, certain sectors managed to navigate the pandemic-induced shifts effectively. Here’s a closer look at Thailand’s top five exports during this period:
1. Pharmaceutical Industry
In 2018, pharmaceutical exports peaked at 27,880.6M USD, marking a six-year high. However, 2019 saw a dip to 25,443.8M USD, a decline of approximately 8.7% from the previous year. The situation worsened in 2020, with exports plummeting to 19,824.8M USD, a staggering 28.89% decrease from 2018. This sharp decline can largely be attributed to the global economic downturn triggered by the COVID-19 pandemic.
2. Computers and Computer Equipment
2018 recorded computer products and equipment exports at an estimated 19,044.9M USD. The subsequent year, 2019, witnessed a decline to 16,983.8M USD. However, 2020 brought a slight resurgence with exports valued at 17,416.1M USD. Despite this increase, when compared to 2018, there’s still an 8.5% decline.
3. Gems and Jewelry
This sector showcased a contrasting trend. In 2018, exports for gems and jewelry stood at 11,549.9M USD. Remarkably, 2019 saw a significant surge of 21%, reaching 14,064.5M USD. The upward trajectory continued into 2020, with exports valued at 17,056.5M USD, marking a 32.2% increase from 2018.
4. Rubber and Rubber Articles
Thailand’s rubber products have consistently been a notable export, maintaining stability over the years. In 2018, rubber exports were valued at 10,588.1M USD. A slight dip occurred in 2019, bringing the value down to 10,414.6M USD. However, 2020 saw a rebound to 11,240.3M USD, a 5.8% increase from 2018.
5. Plastics and Plastic Articles
The plastics sector experienced a continuous decline in exports. 2018 recorded plastic exports at 9,887.2M USD. By 2019, there was a 13.9% decrease, and 2020 saw exports drop to approximately 7,406.29M USD, a 25% decline from 2018. This reduction can be attributed to the growing global awareness of environmental concerns, leading to decreased demand for plastic products.
In conclusion, while the pandemic posed significant challenges, it also highlighted the resilience and adaptability of certain sectors within Thailand’s export industry. The data underscores the dynamic nature of global trade and the importance of agility in navigating such unprecedented times.
Author : Warda Wayayok
Source : Thailand Trade Report