Thailand’s exports may shrink by 8 percent this year but are slightly better than the previous estimate of 10 percent due to a gradual recovery in global demand, the Thai National Shippers’ Council (TNSC) said today, October 6.
Kanyapak Tantipipatpong, the TNSC’s president, told the press that the council predicted that Thai exports will only fall by 8 percent by the end of this year from a previously predicted ten percent as the number of exports and imports has gradually improved since July.
The export value has recovered to 7.94 percent in August from an 11.37 percent fall in July while the import value has slightly increased to 19.68 percent from a 26.38 percent drop in July, according to TNSC’s records.
The consistency of the international demand for food products, electrical appliances, and medical appliances to prevent the spread of Covid-19 manufacturing in Thailand has significantly alleviated the export value as well as the national economic growth during the past four months, Kanyapak added.
However, the country is still facing various continuing obstacles to import and export such as a weak global purchasing power, the strengthening of the Thai baht currency, international logistics issues, droughts, and the shortage of foreign labor.
The president, therefore, has suggested the new finance minister to maintain the exchange rate at a strong level of 34 Baht/USD, to urgently implement economic remedial measures to heal both major private business sectors and local people, as well as to delay collecting various taxes, especially business-related taxes, until the domestic and international economic situations are likely to be resolved.