Outlook for Thai exports growth revised downwards
Export growth this year is at risk of remaining at zero percent or lower due to the volatile global economy, which is putting pressure on purchasing orders.
The private sector does not expect Thai exports to expand this year in view of the uncertain global economic conditions affected by geopolitical tensions, which are impacting all sectors including finance, production, exports, raw materials, and energy.
This situation may lead to a delay in purchase orders from trading partners, especially in the European Union market as well as no increase in new export orders. Stringent monetary policies, such as interest rates, are affecting both businesses and consumers, urging caution in spending.
Additionally, volatile weather conditions may impact agricultural produce, resulting in insufficient production for exports. Changes in trade policies of key trading partners, particularly China's self-reliance policy, also pose risks to export growth this year The Federation of Thai Industries (FTI) president Kriengkrai Thiennukul reports that the Joint Private Sector Committee, consisting of three institutions, has adjusted the estimated value of Thailand's exports in 2023 to be within the range of -2.0% to 0.0%, compared to the previous estimate in June of -1.0% to 0.0% as a result of the manufacturing sector facing reduced purchasing orders from trading partners.
