Monday, September 28, 2020

Exports tipped to shrink 1% this year

Jul 10. 2019
Presenting the revised forecasts are, from left, Kalin Sarasin, chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand; Preedee Daochai, chairman of the Thai Bankers' Association, and Supant Mongkolsuthree, chairman of the Federation of Thai Industries.
Presenting the revised forecasts are, from left, Kalin Sarasin, chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand; Preedee Daochai, chairman of the Thai Bankers' Association, and Supant Mongkolsuthree, chairman of the Federation of Thai Industries.
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By PHUWIT LIMVIPHUWAT
THE NATION

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) on Wednesday forecast that exports this year will contract 1 per cent from the previous year.

The committee had earlier this year projected export growth of 3 to 5 per cent for 2019

It reduced its forecast for GDP growth this year to 2.9 per cent, down from the 3 per cent it estimated earlier this year. 

The trade war between the US and China continues to be a key factor damaging exporters, particular for those in the agriculture and manufacturing sectors, the committee said. 

The strong baht, which has appreciated by 5.7 per cent against the US dollar since January, is another key factor causing exports to drop. The JSCCIB predicts the currency will trade at around 32 to the dollar by the end of the year.

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