Thailand’s exports forecast to drop 10 percent in 2020
Thailand’s exports are expected to drop 10 percent this year, deeper than the previous forecast of 8 percent, according to the Thai National Shippers' Council (TNSC).
Bangkok (VNA) – Thailand’s exports are expected to drop 10 percent this year,deeper than the previous forecast of 8 percent, according to the Thai National Shippers' Council (TNSC).
The TNSC pointed to factors suchas the strengthening baht and the impact of the COVID-19 on the global economy includingThailand’s trade partners and disrupted logistics systems.
The only positive factor is theincreasing export of agricultural products, food and medical supplies.
According to data released onJuly 7, Thailand’s exports in May dropped 22.5 percent to 16.27 billion USD,while the figure for the January-May period was down 3.71 percent to 97.89billion USD.
The central bank of Thailand (BoT) recently said the baht strength couldaffect an economic recovery and it would assess the necessity of implementingmore steps to curb it.
The BoT predicted that Thailand’s economy would contract by a record 8.1percent this year, while a report by Krungsri bank’s research team said the Thai GDP may shrink by as much as 10.3percent this year./.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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Illustrative image (Photo: Internet) 
