Exporters pen 3% export growth
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Thai National Shippers' Council sees the possibility that Thailand's export revenue may grow at only 3 per cent this year, from the revised projection of 4.92 per cent.
Nopporn Thepsithar, chairman of the exporters' club, said that exports in June contracted for two consecutive months.
"To achieve the 3 per cent target, monthly export revenue in the remaining months must be at least US$20.4 billion. If we can't achieve the target, export growth could be well below 3 per cent," he said.
In June, export revenue contracted by 3.38 per cent from the same period last year on weak demand from major countries like the US, Japan and China as well as weakening agricultural crop prices. In the first six months of this year, Thailand's export revenue grew only 0.95 per cent on year to US$113.3 billion.
He noted that China's slowdown would send a huge negative impact, as the country consumes12 per cent of Thai exports. The council expected exports to China this year to grow only 2 per cent to $24.7 billion, down from 2.4 per cent last year. In the first six months, exports to the country contracted by 3.6 per cent.
