Thai auto exports remain strong and "decoupled" so far
With
all the talk of a global recession one would expect Thai
automobile exports to be down. So far, the impact of the global financial crisis on Thai auto exports has been minimal.
"Overseas orders have not declined."
Decoupling?
The destination of exported vehicles helps explain why auto exports are still growing strong.For example, "no vehicles from Thailand are shipped to the United States where the financial crisis is most severe. "
Thai auto exports may be a successful example of so-called "decoupling" where an economy lessens its dependence on exports to the US, the market that fueled export-driven growth in Japan, South Korea, and now China:
Shipments
elsewhere grew
impressively. Auto exports to Australia, accounting for
25% of the total, grew 12% while those to Asia accounted for 24% and
grew by 51% due mainly to car market growth in Malaysia and Indonesia.
The Middle East accounts for 17% of exports and they grew by 17%, while Central and South America, which hold a 12% share, saw exports jump 91%.
Europe, where financial crisis is also severe, still imported 3% more Thai vehicles during the period. Europe accounts for 12% of the total.
The Middle East accounts for 17% of exports and they grew by 17%, while Central and South America, which hold a 12% share, saw exports jump 91%.
Europe, where financial crisis is also severe, still imported 3% more Thai vehicles during the period. Europe accounts for 12% of the total.
In the near future the European Union will start using a low duty for auto imports from Thailand under the so-called Generalised System of Preferences (GSP) as it has in the past. When this happens, exports to Europe are expected to increase, especially pickup trucks.
First nine months of the year: So far so good
Auto exporters won't know the full long-term impact of the financial crisis until they receive future orders in December or January.Forecasts rose from 770,000 to around 791,000 vehicle exports for the year, based on high exports in the first nine months of the year.
Compared to last year (year-on-year) auto exports rose 21% year-on-year to 600,000 vehicles during the first nine months.
(Source: Bangkok Post, SANTAN SANTIVIMOLNAT, business, 03-11-08, link)
Vocabulary:
a recession - a period of reduced economic activity, a phase of the business cycle with falling business activity (See Wikipedia) ภาวะเศรษฐกิจถดถอย
impact - effect ผลกระทบ
the impact of X on Y - the effect of X on Y, how X changes Y ผลกระทบที่มีต่อสิ่งหนึ่ง
the impact of the crisis - the effect of the crisis ผลกระทบจากวิกฤตการณ์
the long-term impact of Y- the effect that Y has over a long period of time ผลกระทบระยะยาว
the full impact of Y - all the different ways that Y changes things over long periods of time ได้รับผลกระทบทุกด้านในระยะยาว
vehicles - machines with an engine used to carry people or goods from place to place ยานพาหนะ
decoupling - the idea that "European and Asian economies, especially emerging ones, have broadened and deepened to the point that they no longer depend on the United States for growth, leaving them insulated from a severe slowdown there, even a fully fledged recession" (See Wikipedia and read recent article on the end of decoupling)
the dependence of X on Y - the need that X has for Y in order to survive or succeed การอาศัยหรือขึ้นอยู่กับสิ่งใดสิ่งหนึ่งเพื่อความอยู่รอด (ในที่นี้หมายความว่า รายได้ส่วนใหญ่มาจากการส่งสินค้าออกไปอเมริกา)
lessens its dependence - change so that X does not need Y to survive ลดการส่งสินค้าออกไปยังอเมริกาเพื่อลดความรุนแรงที่จะเกิดจากปัญหาภาวะเศรษฐกิจในอเมริกา
export driven growth - trade and economic policy that generates industrialization and growth in an economy thtrough the development of export industries, characteristic of the development of the national economies of the Asian Tigers: Hong Kong, South Korea, Taiwan, Singapore, and China in the post World War II period, opposite of Import Substitution Industrialization (ISI) (See Wikipedia on on the industrial policies of South Korean president Park Chung Hee) การเติบโตในส่วนของตลาดสินค้าส่งออก
grew impressively - grew by a large amount that made you admire it เติบโต หรือเพิ่มขึ้นอย่างมากมาย
low duty for imports - low tax paid on imports into a country การเก็บอากรสินค้าขาเข้าต่ำ
Generalised System of Preferences (GSP) - an exemption from tariffs for developing countries, an exemption from the rules of the World Trade Organization (WTO) that obligates WTO member countries to treat the imports of all other WTO member countries no worse than they treat the imports of their "most favored" trading partner (See Wikipedia)
<
