Illustrative image (Photo: NNT)The TSNC attributed the low prediction to uncertainty over the Russia-Ukraine conflict,a shortage of raw materials and volatility in their prices, as well as higherlabour costs.
TNSCChairman Chaichan Chareonsuk said the group has been closely following andevaluating the impact of the Russia-Ukraine conflict and the trade andfinancial sanctions imposed by the US and EU, which are expected to greatlyimpact the global and Thai economies, especially in terms of rising productioncosts due to higher prices of raw materials and energy.
Purchase orders from Thailand's key trading partnersare expected to slow because of the conflict, he said.
"As long as the fighting remains limited between the two countries and theforeign exchange rate stays stabilised at an average of 33 baht to the [US]dollar, the council expects Thai exports to grow at 5 percent for the wholeyear," Chaichan was quoted by the Bangkok Post newspaper as saying.
Exports are likely to increase by 8 percentyear-on-year in the first quarter, up from 5 percent in the earlier projectionand by 2 percent to 4 percent in the second quarter, he said.
In 2021, Thailand's exports jumped 17.1 percent. In the first two months ofthis year, the country’s exports rose by 12.2 percent to 44.7 billion USD, withimports surging 18.7 percent to 47.1 billion USD, resulting in a trade deficitof 2.4 billion USD./.
VNA
