Thailand’s export growth is forecast to reach 5-7 percent in 2019, said the Thai National Shippers’ Council (Photo: Reuters)
Bangkok (VNA) – Thailand’s export growth is forecast to reach 5-7 percent in 2019, said the Thai National Shippers’ Council (TNSC).
According to the agency, Thailand is currently facing many difficulties caused by the US-China trade war, the UK’s exit from the European Union (Brexit), the increased price of the Thai baht, the volatility in oil prices, and the dim outlook of the global economy.
The Thai Government has said that in order to cope with such adverse factors, it must enhance trade promotion activities in potential import markets such as Africa, the Middle East, and the United Arab Emirates (UAE).
To fully tap into potential opportunities, the Thai Government should also seek to expand trade relations with partner countries and take full advantage of signed free trade agreements (FTA) to promote exports.
Thailand has inked 13 FTAs with its partners, with those connecting it with Turkey, Sri Lanka, and Pakistan hoped to be completed by 2020. The country is also considering the possibility of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) following its upcoming general election.
Thai firms are optimistic about the export prospects of the country in 2019. The GDP is forecast to rise by 4-4.3 percent, while the inflation rate will be controlled at 0.8-1.2 percent.–VNA
The Thai Cabinet recently approved an aid package worth 18.6 billion baht (551 million USD) to help the country’s rubber sector currently affected by falling prices.
Total registered investment in Thailand reached a total of 902 billion THB (28.2 billion USD) in 2018, 43 percent higher than the previous year and beating the set target of 720 billion THB, according to the Thai Board of Investment (BOI).
Thailand fetched 1.4 trillion THB (44.5 billion USD) from cross-border trade in 2018, up 6 percent over the previous year, but falling short of the set target of 1.5 trillion THB.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
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The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
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The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
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Thailand’s export growth is forecast to reach 5-7 percent in 2019, said the Thai National Shippers’ Council (Photo: Reuters) 
