Trade Analysis
Thailand Gem and Jewelry Import-Export Performance Jan - March 2020
Thailand's export value of gem and jewelry products from January to March 2020 under Chapter 71 of Harmonized Tariff Schedule surged 71.85 percent (65.17 percent in Thai baht) from USD 3,166.96 million (THB 99,930.57 million) in the first 3 months of 2019 to USD 5,442.28 million (THB 165,058.21 million). It was the second most significant export product with an 8.68 percent share of Thailand's gross exports. However, with an exclusion of unwrought or semi-manufactured gold export value, the export value of gem and jewelry products totaled at USD 1,563 million (THB 47,357.71 million), a 20.18 percent decrease (23.38 percent in Thai baht) from the same period of the previous year.
Thailand’s Gem and Jewelry Import-Export Performance 2019
Overall, Thai gem and jewelry export value rose 30.91 percent, while import value declined 23.07 percent. Unwrought or semi-manufactured gold dominated imports and exports. Thailand's gem and jewelry export value excluding unwrought or semi-manufactured gold grew 6.34 percent from the previous year. The country's export value in 2020 is likely to decline from that of 2019 due to global economic recession, trading partners' trade barrier measures, and surging Thai baht.
Thailand Gem and Jewelry Import-Export Performance Jan - Sep 2019
Thailand's gem and jewelry import value from January to September 2019 was at USD 9,035.39 million (THB 286,104.93 million), a 30.31 percent shrinkage (32.13 percent in Thai baht) year on year. The decline was due to a 48.47 percent slump in the imports of unwrought or semi-finished gold, the leading product with over 50 percent share, as prices of unwrought or semi-finished gold constantly surged and reached the average price of USD 1,511.31 per ounce in September. Furthermore, imports of rough and polished diamonds, and colored stones: rough stones, polished precious and semiprecious stones still grew.
Thailand Gem and Jewelry Export Performance (Jan-Jun, 2019)
Thailand's gem and jewelry import value from January to June 2019 was at USD 5,645.54 million (THB 180,652.67 million), a 20.72 percent decrease (20.46 percent in Thai baht) year on year. The decline was due to a 33.96 percent slump in the imports of unwrought or semi-finished gold, the key product with over 50 percent share, as prices of unwrought or semi-finished gold constantly surged and reached the highest in 18 months at USD 1,409 per ounce in June. Colored stone exports went up by 6.48 percent. Thailand's imports of rough stones and polished semiprecious stones rose.
Thailand’s Gem and Jewelry Export Performance (Jan-Mar, 2019)
Thailand's gem and jewelry export from January to March 2019 fell by 1.18 percent with the value of USD 3,166.98 million compared to the value of USD 3,204.72 million of the same period of 2018. It was the third most important export product with a 5.11 percent share of Thailand's gross export value. However, excluding gold export value, Thailand's actual export value of gem and jewelry was at USD 1,958.15 million with a 6.02 percent slip year on year.
Thailand’s Gem and Jewelry Import-Export Performance 2018
In general, Thailand's gem and jewelry export value fell by 6.62 percent, while its import value went up 5.08 percent. Unwrought or semi-manufactured gold still dominated imports and exports. Nevertheless, Thailand's export value of gem and jewelry products excluding unwrought or semi-manufactured gold increased 6.96 percent from the previous year. A positive factor from smoothly recovered global economy and decreasing prices of raw materials stimulated demand for gem and jewelry products. However, risk factors emerging since 2018 such as trade war, Brexit, fluctuation of economy and currencies in emerging markets may drag growth of the world's economy in 2019 and could weaken Thailand's export.
Thailand Gem and Jewelry Export Performance (Jan-Sep, 2018)
Thai gem and jewelry export value from January to September 2018 declined 13.84 percent (19.47 percent in Thai baht) to USD 9,181.10 million (THB 292,928.91 million) from USD 10,655.49 million (THB 363,767.89 million) during the same period of 2017. The category was Thailand's third most influential export product with a 4.84 percent share of the nation's overall export. However, excluding gold export value, Thailand's actual export value of gem and jewelry product was at USD 5,882.35 million (THB 187,872.70 million), with a 6.64 percent increase from the same period of last year (a 0.43 percent decline in Thai baht).
Thailand Gem and Jewelry Export Performance (Jan-Jun, 2018)
Thailand's gem and jewelry export from January to June 2018 grew by 0.62% (declined by 8.78% in baht) to 6,326.68 million US dollars (199,434.12 million baht) from 6,287.40 million US dollars (218,637.71 million baht) in the same period of 2017. As the third most important export product, gem and jewelry accounted for 5.03% of Thailand's overall export. The increase in its export value was driven by growth in several main product items. If unwrought or semi-manufactured gold was excluded, the export value of Thai gem and jewelry stood at 3,863.98 million US dollars (121,791.96 million baht), up 7.48% year-over-year (down 2.41% in baht).
Thailand’s Gem and Jewelry Export in the First Quarter of 2018
Thailand's gem and jewelry export from January to March 2018 decreased by 12.59% (or 21.09% in baht) to 3,253.24 million US dollars (103,193.47 million baht) from 3,721.84 million US dollars (130,765.49 million baht) in the same period last year. Gem and jewelry was Thailand's third most important product, accounting for 5.18% of its overall export. The decline was largely caused by a dramatic drop of 32.07% in unwrought gold, which accounted for 36% of the export in this category. Excluding unwrought gold, the export value of gem and jewelry was at 2,093.00 million US dollars (66,284.83 million baht), increased by 3.93% from the same period last year (decreased by 6.20% in baht).
Thailand’s Gem and Jewelry Import-Export Performance 2017
Thailand's overall gem and jewelry export value decreased 9.92 percent whereas its import value surged 75.19 percent. Unwrought or semi-manufactured gold was the dominant product in terms of export and import. However, a 2.15 percent increase from the previous year was seen in Thailand's export value of gem and jewelry excluding unwrought or semi-manufactured gold. The export value of 2018 is likely to increase from that of 2017 owing to positive economic factors and global trading's gradual recovery. Consequently, purchasing power has partially bounced back. Moreover, the government has been implementing strengthening measures for Thai business operators to be ready for becoming the world's gem and jewelry trading hub within the next 5 years. While the industry may sustain risks from the US unclear trading policies, European political situation, international conflicts, natural disasters, and terrorist threats. These factors will inflict consumer confidence. In addition, the Thai baht is likely to strengthen and consumer behaviors have also changed.
Thailand Gem and Jewelry Export Performance (Jan-Sep, 2017)
Thai gem and jewelry export value from January to September 2017 decreased 8.51 percent to merely USD 10,662.58 million from USD 11,658.89 million during the first 9 months of 2016. The category was the third most important export product with a 6.08 percent share of Thailand's overall export. The decline in the export value was resulted from a 16.85 percent drop in unwrought gold's export value, accounting for an approximate 48 percent share. Thus, without gold export value, the true export value of gem and jewelry was at USD 5,523.16 million. It was a 0.91 percent increase from the same period of the previous year
Thailand Gem and Jewelry Export Performance (Jan-Jun, 2017)
Thailand's gem and jewelry export value from January to June 2017 shrank by 22.99 percent to USD 6,294.53 million. The export value earned in the first half of 2016 was USD 8,173.91 million. Gem and jewelry was the third most significant export product with a 5.54 percent share of Thailand's gross export. The continued drop in the export value was due to a 40.91 percent decline in unwrought gold export value, which accounted for an approximate 43 percent share. Excluding unwrought gold, the actual export value of gem and jewelry was USD 3,602.21 million, a 0.43 percent decline from the same period of the previous year.
