Thailand’s export value is expected to increase by up to one percent this year, as weak global demand weighs on trade, the Thai National Shippers’ Council (TNSC) said yesterday.
According to the TNSC, this year’s export value has been downgraded to indicate a potential contraction of 0.5 percent to a growth of 1.0 percent, as high production costs hampered competitiveness for Thai exporters.
Despite the weak Thai baht continuing to support shipments, trading partners’ economies remained highly uncertain and recovered slower than expected, the TNSC said in a statement.
The council expects the export value to increase 0.6 percent in the third quarter from a year earlier, before jumping to 12 percent year-on-year in the final quarter, TNSC chairman, Chaichan Chareonsuk told a news conference.
According to the latest data from the commerce ministry, the country’s export, a key growth driver, declined 5.1 percent year-on-year, in the first five months of the year and contracted for eight straight months.
In the statement, the TNSC said, it hopes to see a speedy formation of the new government, which will steer the policies driving the country’s exports and economic growth
Source: Nam News Network