The Thai Economy

Thai Economy
Thailand's exports slumped by more than a quarter in May - a record fall - as demand for Thai goods overseas continued to drop during the downturn. Exports fell by 26.6% compared with a year earlier, to $11.7bn (£7.1bn). Imports dropped by 34.7% to $9.3bn.
"Exports to key markets were all lower due to weak demand and intensifying competition," the government said. The Thai economy, which is suffering from its worst recession in decades, is heavily dependent on exports. And analysts believe the country's exporters, which account for more than 60% of Thailand's entire economic activity, will continue to suffer.
"It is less likely there will be a strong rebound in Thai exports in the near future as demand for imports of raw materials has not picked up yet," said Suara Wilaipich at Standard Chartered Bank.
Tourist visitor numbers are down from 15 million per year to 12 million per year, a 20% reduction. Actually I realise that this figure is a government target, the actual figure is much worse with tourist numbers in June only one quarter of last years numbers.
The Thai economy has been hit hard by the global economic downturn but also by political unrest at the end of 2008.
Despite the general problems of the economy Thailand remains the biggest exporter of prawns in the world, many going to USA, EU and other Asian countries.