Thailand’s exports expected to contract this year, says shippers' council
The Thai National Shippers' Council has predicted that Thailand's exports this year would contract 1.5% year on year.
Council chief Chaicharn Charoensuk said although Thailand’s exports had started to see a brighter trend, its growth would remain negative because of the contraction earlier in the year.
He said exports in August had started to see growth of 2.6%, for the first time in 11 months, followed by a growth of 2.1% in September.
The council expected growth of between 5% to 7% in the third quarter but it would not be high enough to offset the contraction from January to July, Chaicharn added.
He said goods whose exports had continued to expand were automobiles, rice, sugar, foods, and electric appliances and parts.
The council expected Thailand to see 2% export growth next year due to the weakening of the baht against the US dollar.
Chaicharn said the council had proposed export strategies to the government.
As a first step, the government should tap new markets for Thai exporters in the Middle East, India, Africa, and Central Asia.
He added that the government should also support soft power and support liquidity for exporters as the second strategy.
Under the third strategy, the government should speed up legal amendments to facilitate exports, such as 17 laws related to transhipment, he added.
