Thai shippers see slight export growth in 2023

Thailand’s exports are expected to expand one to two per cent this year, the country’s shippers’ council said on Tuesday.

This expectation is weighed down by slowing global demand and high production costs, the shipper’s Council added.

As main driver of economic growth, exports are subject to the strengthening of the Thai baht.

This is because shippers are losing their capacity to compete on price.

This is so, particularly with trade partners and competitors with weaker currencies, Thai National Shippers’ Council (TNSC) Chairman Chaichan Chareonsuk told a news conference.

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Exports are projected to fall 3.7 per cent year-on-year in the first quarter before recovering to a 0.7 per cent drop in the second quarter.

It will show gains in the second half of this year, according to a statement issued by the TNSC.

The TNSC also urged the central bank to maintain the Thai baht’s stability and interest rates at appropriate levels, Chaichan said.

Despite several negative factors, China’s recovery boosts global economic activities, meaning more opportunities for Thai exporters, he added. (Xinhua)