Thai exports fall

Floods & global economic slowdown push exports down (to EU -23.6%, to Japan -10.7%, to US -3.8%).

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INTERNATIONAL TRADE

Exports drop as global economy stalls

16/03/2012
Phusadee Arunmas

Thai exports fell by 6% year-on-year in January, with shipments likely to remain negative in the first quarter, according to the Commerce Ministry.

The decline was largely the result of lingering impact from last year's floods and weakening global demand.

Exports in January totalled US$15.7 billion, down by 6% year-on-year, while shipments in baht terms fell by 2.5% to 489 billion baht.

Demand in key export markets, especially the US, Japan and the EU, remains weak because of the global economic slowdown, said Deputy Commerce Minister Poom Sarapol.

Rising oil prices are also hurting demand for Asian products. Fallout from the floods is still affecting the manufacturing sector and curbing shipments.

''Exports fell in almost all products because several factories have yet to fully resume production,'' said Mr Poom.

''This is particularly the case in the agricultural sector and agro-industry, as well as in industrial manufacturing.''

Agricultural and agro-industry shipments fell by 4.6% year-on-year, while those of industrial products fell by 13.5%. 

Shipments to Europe tumbled 23.6%, while sales to Japan fell by 10.7% and exports to the US declined by 3.8%. 

Mr Poom said exports would improve in February, but the figures are expected to contract by one or two percentage points from the same period last year.
Imports saw a 4.2% drop in January from a year earlier to $16.9 billion.

Key imports were fuel oil, machinery and parts, and electric machines.

The country had a trade deficit of $1.12 billion in January against a $2.13-billion deficit in December.

The ministry is maintaining its full-year export growth target of 15%, with exports rising to $263 billion.

Thailand's full-year exports grew by 17.2% last year to US$229 billion despite the massive floods in the fourth quarter.

Exports in baht terms totalled 6.89 trillion baht, up by 11.7% from 2010.

(Source: Bangkok Post, INTERNATIONAL TRADE, Exports drop as global economy stalls, 16/03/2012, Phusadee Arunmas, link) 

International Trade Vocabulary

international trade - the buying and selling of goods and services between countries, across international borders (See Wikipedia)
trade - the buying and selling of goods การค้าขาย

stall - when a process or activity stops moving forwards, advancing and making progress
economy stalls - when the economy or some part of the economy stops growing and shrinks
global economy stalls
global - throughout the world ทั่วโลก

exports drop as global economy stalls

year-on-year - a period this year (month, quarter, half year) compared to the same period last year
negative - 1. less than zero; 2. bad ที่เป็นด้านลบ
remain negative - continue being less than zero
likely to remain negative
first quarter - the first three months of the year on a company or government calendar (used for budgeting and performance reporting)
shipments likely to remain negative in the first quarter

Thai exports fell by 6% year-on-year in January, with shipments likely to remain negative in the first quarter, according to the Commerce Ministry.

lingering - lasting of a long time, to continue for a long time, to last for a long time (more than is expected or necessary) อย่างอ้อยอิ่ง ที่อ้อยอิ่ง ยืดเยื้อมานาน
impact - an effect or influence ผลกระทบ
lingering impact
demand - the need and desire to buy goods and services by households and businesses
global demand - the need and desire to buy goods and services by households and businesses around the world
weakening global demand - less need and desire to buy goods and services around the world
shipments in baht terms - the value of goods send from one place to another (shipped) in Thai baht (not US dollars, Chinese Yuan, etc)

The decline was largely the result of lingering impact from last year's floods and weakening global demand.

Exports in January totalled US$15.7 billion, down by 6% year-on-year, while shipments in baht terms fell by 2.5% to 489 billion baht.

key - important คนสำคัญ
key export markets - import places that buy a lot of export goods from other countries (such as the US)

Demand in key export markets, especially the US, Japan and the EU, remains weak because of the global economic slowdown, said Deputy Commerce Minister Poom Sarapol.

fallout - negative effects; the bad things or effects (damage, harm) that happen after a big event
fallout from the floods - the bad things that happened after the floods, negative effects of floods
sector - a part of the economy ภาคเศรษฐกิจของประเทศ (public sector = government, private sector = all businesses, household sector = families and consumers, banking sector,...) (See Wikipedia)
manufacturing sector - all the factories that produce goods in the economy
curb - reduce or stop
curbing shipments - reduce shipments

Rising oil prices are also hurting demand for Asian products. Fallout from the floods is still affecting the manufacturing sector and curbing shipments.

resume - start again; to begin again after stopping for a period of time ดำเนินต่อไปใหม่, กลับมาอีกครั้ง
resume production - start producing goods in the factory again
fully resume production
have yet to fully resume production

''Exports fell in almost all products because several factories have yet to fully resume production,'' said Mr Poom.

This is particularly the case in

''This is particularly the case in the agricultural sector and agro-industry, as well as in industrial manufacturing.''

tumbled - fell
improve - to becomebetter ดีขึ้น
figures - statistics, numbers describing the economy 
expected - believe will happen คาดว่า (จะเกิดขึ้น)
contract - reduce in size, grow smaller, shrink หดตัว
fuel oil - "Oil has many uses; it heats homes and businesses and fuels trucks, ships and some cars. A small amount of electricity is produced by diesel, but it is more polluting and more expensive than natural gas. ...The market for home heating using fuel oil, called heating oil, has decreased due to the widespread penetration of natural gas." (See Wikipedia)

Agricultural and agro-industry shipments fell by 4.6% year-on-year, while those of industrial products fell by 13.5%.  Shipments to Europe tumbled 23.6%, while sales to Japan fell by 10.7% and exports to the US declined by 3.8%. Mr Poom said exports would improve in February, but the figures are expected to contract by one or two percentage points from the same period last year. Imports saw a 4.2% drop in January from a year earlier to $16.9 billion.  Key imports were fuel oil, machinery and parts, and electric machines.

deficit - when money spent (going out) is greater than money received (coming in)
trade deficit - the difference between exports and imports (exports - imports) when the value of a country's exports are less than its imports (See Wikipedia)

The country had a trade deficit of $1.12 billion in January against a $2.13-billion deficit in December.

ministry - a government department dealing with an area of activity กระทรวง
target - a goal, the amount you are planning to achieve เป้าหมาย
full-year export growth target

The ministry is maintaining its full-year export growth target of 15%, with exports rising to $263 billion.

massive - very large in size, amount or numberใหญ่โต มหาศาล
massive floods

Thailand's full-year exports grew by 17.2% last year to US$229 billion despite the massive floods in the fourth quarter.  Exports in baht terms totalled 6.89 trillion baht, up by 11.7% from 2010.