Commerce admits slow global growth to hurt Thai exports
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The Commerce Ministry has acknowledged that slow global growth could cause the Kingdom to miss its export target this year, while the turmoil in Egypt should not have much of an impact on Thai trade.
Permanent secretary Vatchari Vimooktayon said Commerce Minister Niwatthumrong Boonsongpaisan would call a meeting with Thai trade overseas counsel lors early next month to analyse the export situation.
“Although many agencies predict lower-than-target export growth this year, the ministry has not yet lowered its target of 7-7.5 per cent in order to encourage all involved sectors to keep trying hard,” Vatchari said.
She said the ministry would encourage exporters to emphasise emerging markets and Asean.
The comment came after the National Economic and Social Development Board lowered its export-growth projection to 5 per cent from 7 per cent on many negative factors, especially the sluggish world economy.
Vatchari said the political turbulence in Egypt should not be much of a factor as shipments to that country accounted for only 0.4 per cent of total export value.
Egypt is Thailand’s No 35 export market. Shipments to Egypt last year were valued US$964.02 million (Bt30.241 billion), up 25.18 per cent from 2011. In the first six months of this year, they dropped by 2.7 per cent to $458.6 million from the same period of 2012. Major export products from Thailand are cars and parts, fish, rubber products, radios and parts, and refrigerators.
