The Thai National Shippers' Council (TNSC) on September 5 downgraded its export forecast for this year to a contraction of 1% from its previous forecast, which ranged from a contraction of 0.5% to a 1% increase, citing weak global demand.
Containers of goods at a port in Bangkok, Thailand. (Photo: AFP/VNA)
Bangkok (VNA) - The Thai National Shippers' Council (TNSC) onSeptember 5 downgraded its export forecast for this year to a contraction of 1%from its previous forecast, which ranged from a contraction of 0.5% to a 1%increase, citing weak global demand.
TNSC chairman Chaichan Chareonsuk said that the country'sexports will definitely fall into negative territory this year, possiblyby -1% or more, due to many risks and persistent problems.
According to him, Thailand still faces numerousexternal negative factors in the remaining months of this year, including theglobal economic slowdown which is affecting the economies of keytrading partners, resulting in reduced demand for goods and services and highinterest rates worldwide.
Rising raw material costs, particularly higher oil prices,are raising production costs in various industries, while changes in weatherpatterns may affect agricultural production and transportation, he said.
The TNSC also called on the new government to expedite animprovement in the country's competitiveness in international trade throughsupport in reducing costs, improving efficiency, and creating tradeopportunities.
According to the latest data from the Commerce Ministry,Thai exports dropped for a 10th consecutive month in July.
The customs-cleared value of Thai exports fell by 6.2%year-on-year in July to 22.1 billion USD, while imports contracted by 11.1% to 24.1billion USD, resulting in a trade deficit of 1.97 billion USD.
In the first seven months, exports decreased by 5.5% to 163 billion USD, whileimports dropped by 4.7% to 172 billion USD, resulting in a trade deficit of 8.28billion USD./.
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Containers of goods at a port in Bangkok, Thailand. (Photo: AFP/VNA)
