Cross-border trade drops by over 9% in first half
Thailand's cross-border trade fell by 9.18% year-on-year in the first half, attributed to lockdown measures and the slowing economies of neighbouring countries.
The Foreign Trade Department reported overall cross-border trade, including transit trade, totalled 627 billion baht for January to June, with Malaysia the biggest partner by value.
Transit trade involves the passage of goods through more than one country.
Of the total figures, exports were 365 billion baht, down 8.6% year-on-year, while imports shrank by 9.98% to 262 billion, resulting in a trade surplus of 103 billion.
Border trade with four neighbouring countries amounted to 370 billion baht, down 13.7% year-on-year. Of the total, exports stood at 219 billion baht, down 11.9%, and imports were 262 billion, down 9.98%. Thailand maintained a trade surplus of 68.1 billion baht.
Two-way trade with Malaysia totalled 109 billion baht (down 26.8%), followed by trade with Laos (92.3 billion, down 7.09%), Myanmar (86.7 billion, down 13.7%) and Cambodia (82 billion, up 2.27%).
Transit trade, mainly with Singapore, Vietnam and southern China, fell 1.70% in the first half to 257 billion baht.
Transit trade with southern China and Singapore went up by 16% and 13.7%, respectively. Transit trade value was 110 billion baht with southern China and 41.7 billion baht with Singapore.
Transit trade value with Vietnam and other countries fell by 23.9% and 16.8% to 29.9 billion and 75.5 billion baht, respectively.
Keerati Rushchano, director-general of the Foreign Trade Department, said Covid-19 and lockdown measures to curb its spread dealt a heavy blow to trade and tourism as well as the overall economy, both in Thailand and neighbouring countries.