Shippers’ council wants new government to be formed quickly to boost Thai exports
It is important for Thai exports that the new government be formed quickly, the Thai National Shippers' Council (TNSC) said on Tuesday.
TNSC chairman Chaichan Charoensuk said Thailand had incurred a foreign trade deficit of 74.11 billion baht in May.
Thai exports in May were valued at 830.44 billion baht, down 2.8% year on year, he explained, adding that imports were valued at 904.56 billion baht, down 1.7% year on year.
Excluding gold, fuel and weapons, Thai exports in May contracted 1.4% year on year, he added.
Chaichan added that Thailand’s overall trade deficit from January to May this year amounted to 268.90 billion baht.
Thai exports in the first five months were worth 3.94 trillion baht, down 2.4% year on year, he explained, while imports amounted to 4.21 trillion baht, up 0.2% year on year.
Excluding gold, fuel and weapons, Thai exports in the first five months contracted 2.1% year on year, he added.
Chaichan expects Thai exports this year at between contracting 0.5% to growing 1% amid uncertainty over the economic recovery of Thailand's trade partners, higher interest rate and production cost, and the impact of climate change on the agriculture sector.
He advised accelerating government formation to drive Thai exports, reducing production costs to boost the country's competitiveness, boosting financial liquidity for entrepreneurs, and enhancing labour skills to meet labour market demand.
