Thailand’s exports could be severely affected by Russia - Ukraine tensions
The Thai National Shippers’ Council (TNSC) on March 1 said the country’s exports could be severely affected if the conflict in Ukraine prolongs or escalates, expressing its hope for a quick end to the war.
Containers of goods at a port in Thailand. (Photo: AFP/VNA)TNSC President Chaichan Charoensuk said the Russia - Ukraine tensions and the retaliation against Russia will definitely affect the global and Thai economies, and production costs will definitely increase due to the rising prices of oil and raw materials.
The council expects that if fighting does not escalate but ends through negotiations within three months, Thailand’s exports will still grow at 5 percent.
Chaichan said the first quarter will see export growth of 5 percent to 67 - 68 billion USD as Thai exporters have already received orders. However, if the fighting prolongs, exports in the second quarter may drop by 4 - 5 billion USD.
He said the TNSC also believes that banning Russia from the SWIFT international bank link system will have an impact on the global financial system. The impact will be clearer in the second half but Thailand will only be indirectly affected because the country’s trading value with Russia is not high./.
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