Monday, August 10, 2020

Shippers’ council predicts further contraction in exports

Jul 07. 2020
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The Thai National Shippers' Council revised down its forecast for export growth to a 10 per cent contraction year on year from its previous estimate of an 8 per cent contraction due to a number of risk factors, chairman Ghanyapad Tantipipatpong said on Tuesday (July 7).

This revision is based on an exchange rate of Bt31 to the US dollar. The baht stood at Bt31.12 to the dollar on July 5.

The risk factors include continued appreciation of the Thai currency, global economic slowdown which has affected demands by trading partner countries and disrupted logistics systems in export destinations due to Covid-19 related lockdowns.

The only positive factor is the continued expansion of the export of farm and food products as well as medical supplies amid the Covid-19 pandemic.

Exports in May contracted 22.5 per cent year on year to US$16.278 billion (Bt507 billion), while imports dropped 34.91 per cent to $13.583 billion.

From January to May, exports dipped 3.71 per cent to $97.898 billion, while imports fell 11.64 per cent to $88.808 billion.

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