Export target revised down to zero per cent: TNSC
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Thai National Shippers Council (TNSC) has revised down Thailand's export growth target this year to zero per cent.
The earlier target was 1.5 per cent.
Nopporn Thepsitthar, chairman of the council, siad that Thailand's export competitiveness has been hit in several fronts, including higher labour cost and raw material prices as well as trade barriers. Hurting the competitiveness was also the dollar/baht exchange rate, as Thai baht has remained stronger than the currencies in rival countries.
Thailand's export revenue contracted 6.14 per cent in February to US$17.23 billion. In the first two months, the $34.48 billion value showed a 4.82 per cent decrease from the same period last year.
Exports to China suffered the biggest drop in the two-month period, by 17.4 per cent. That was followed by exports to South Africa, Japan and European Union. Exports to the United States expanded by 5.5 per cent, above the 3 per cent target.
