The Joint Standing Committee on Commerce, Industry and Banking of Thailand has revised up prediction for the country’s 2017 export growth on the back of brighter local and global economic outlook.
Bangkok (VNA)♉ – The Joint Standing Committee onCommerce, Industry and Banking (JSCCIB) of Thailand has revised up predictionfor the country’s 2017 export growth on the back of brighter local and globaleconomic outlook.
The committee forecasted an average growth rate of 1-3percent in 2017, higher than its previous projection of 0-2 percent. With rising exports, the JSCCIB also expects GDP to grow 3.5– 4 percent this year. Recovered global economy, stable oil price and exchange rateand better weather situation are drives for the positive outlook. However, Thailand is also predicted to face new factors thatmay affect demand and exports and cause an adverse impact to the economy. Regarding exports, Thailand and Sri Lanka have recently reacheda free trade agreement (FTA) in a bid to increase their bilateral trade valueto 1.5 billion USD by 2020. The terms of the agreement are being studied andshould be finalised during 2017. According to trade minister Apiradi Tantraporn, Sri Lanka hopesto attract Thai investors especially those specialising in rubber, car partsand electronics. Sri Lanka is Thailand’s fourth largest trade partner inSouth Asia while Thailand stands at the fourth place in Sri Lanka’s maintrading partners in ASEAN, behind Singapore, Malaysia and Indonesia. Their annual trade value stands around 520 million USD. Thailand’s major exportsto Sri Lanka include textiles, automobiles and parts, sugar, plastic pallets, rubberand chemicals. From Sri Lanka, Thailand imports gems and jewellery, and goldand silver bars.-VNA
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Illustrative image (Source: Bangkok Post) 
