Thailand’s private sector has lowered the country’s export forecast to a 1.8 percent contraction this year due to the slowing world economy, widespread domestic drought and the deadly virus outbreak.
Bangkok (VNA) – Thailand’s private sector has lowered the country’sexport forecast to a 1.8 percent contraction this year due to the slowing worldeconomy, widespread domestic drought and the deadly virus outbreak.
Sanan Angubolkul, Vice Chairman of the Thai Chamber of Commerce (TCC), saidrepresentatives from many trade associations were consulted before the forecastof 242 billion USD for export value was decided, according to local media.
Late last year, Sanan predicted exports would see zero growth at best.
"This year a number of risk factors, particularly the coronavirusoutbreak, widespread drought, the world's economic slowdown and the strong bahtare slowing exports," Sanan was quoted by the Bangkok Post newspaper assaying.
He urged the government and related stakeholders to rein in the country'sforeign exchange rate to stay competitive at 32 baht per dollar.
According to Sanan, the TCC estimates that agricultural exports will drop by0.9 percent this year to 40.1 billion USD, led by rubber, tapioca products andsugar. Exports of rubber are forecast to drop by 5 percent to 3.94 billion USD thisyear, with tapioca products dipping 15 percent to 2.22 billion USD and sugarfalling 16.3 percent to 2.5 billion USD.
Meanwhile, rice shipments are estimated to increase 0.1 percent this year to 4.21billion USD, with food up 2.6 percent to reach 23.3 billion USD.
Besides, industrial exports are projected to drop 2 percent to 193 billion USD.
Sanan said the main revenue contributors to the country remain in the doldrums,especially automobiles and parts, because of lower demand in the world marketand Asia. At the same time, technology changes and ongoing manufacturing baserelocation by foreign firms continue to hit electronics and parts.
Thailand's exports last year fell by 2.7percent from 2018.
According to a Commerce Ministry report, customs-cleared exports for the wholeof 2019 totalled 246 billion USD, with imports dropping 4.7 percent to 237billion USD, generating a trade surplus of 9.6 billion USD./.
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A car factory in Thailand (Photo: Reuters) 
