Thailand’s exports forecast to drop 8 percent due to COVID-19
Despite the easing of lockdown measures and higher demand in several export categories, Thailand's shipments are still forecast to contract by 8 percent this year, according to the Thai National Shippers' Council (TNSC).
Bangkok (VNA) – Despite the easing of lockdownmeasures and higher demand in several export categories, Thailand's shipmentsare still forecast to contract by 8 percent this year, according to the ThaiNational Shippers' Council (TNSC).
TNSC chairwoman Ghanyapad Tantipipatpong said the pandemichas ravaged major economies, especially Thailand's important trading partnerssuch as the US, the EU and China.
Higher household debt and lower purchasing power areexpected in all countries throughout the world, she said.
More importantly, transport remains inconvenient in manyareas because of the lockdown measures, while the business sector's operatingcosts keep rising, the baht has started to appreciate and global oil prices arehighly volatile because of continuously shrinking demand and escalating conflictbetween the US and Iran, she added.
The Thai Commerce Ministry reported on April 21 that exports unexpectedlyrose 4.2 percent year-on-year in March to 22.4 billion USD, marking the biggestexpansion in eight months and the highest value in 19 months.
For the first quarter of 2020, exports grew 0.9 percentyear-on-year to 62.67 billion USD. Excluding gold, oil and weaponry, exportswere up 1.1 percent in the period.
Pimchanok Vonkorpon, director-general of the Trade Policyand Strategy Office under the Commerce Ministry, said the ministry remainspositive that exports are unlikely to plunge by 8-10 percent this year aspredicted.
Despite challenging global factors such as the COVID-19 pandemic, there are supporting factors for exports during the rest of 2020,including the nation's strength and competency in food and agriculturalindustry and essential goods, China's recovery from the outbreak and bahtdepreciation, she said./.
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Illustrative photo. (Source: AFP/VNA)
