A shipment container is loaded onto a truck at the Laem Chabang port in Chon Buri province, Thailand (Photo: bangkokpost)Bangkok (VNA) - The Federation of ThaiIndustries (FTI) is gripped with a fresh worry over the influx of inexpensiveChinese goods following China's reopening, though Beijing's policy is good forthe tourism sector.
Kriengkrai Thiennukul, chairman of the FTI, said Thailand willbarely compete in the international trade arena because enterpreneurs currentlycannot control production costs due to higher energy bills and wages than thosein China.
He stressed that China is seeking marketsfor their products. The country will increase exports after its reopening inorder to boost the economy.
Besides, with the global economylikely to enter a recession this year, many countries need to seek new marketsfor their exports.
The export of Chinese products to ASEAN countriesincluding Thailand will affect the Thai export sector.
Meanwhile, the export sector isfacing many challenges, including the impact of geopolitical conflicts, highenergy costs and the fluctuation of foreign exchange rates.
The FTIsaid the value of the baht against the US dollar should stand at appropriatelevels. If the baht gets considerably stronger, Thai exporters will bear aheavy brunt.
Suchart Chantaranakaracha, vice-chairman of theFTI, said the baht (THB)'s value should stand at 34 per US dollar, but its value hasfluctuated greatly from 38.08 in October 2022 to 32.88 in February 2023.
The Joint Standing Committee on Commerce,Industry and Banking expects the export sector to grow by 1-2% in 2023. GDPgrowth is projected to be between 3-3.5%, with inflation standing at 2.7-3.2%.
The FTI is also worried about a drop in foreigndirect investment to 15% of GDP, down from 30-35%, as this would hit growth.The government needs to find ways to increase the country's competitiveness inorder to attract more foreign investors./.
