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Thailand’s exports forecast to slide 5 percent in 2020

The Thai National Shippers' Council (TNSC) forecast the country’s outbound shipments to drop as much as 5 percent this year, local media reported.
Thailand’s exports forecast to slide 5 percent in 2020 ảnh 1Illustrative image (Photo: Internet)
Bangkok (VNA) - The ThaiNational Shippers' Council (TNSC) forecast the country’s outbound shipments to drop as much as 5 percentthis year, local media reported.

TNSC Chairwoman Ghanyapad Tantipipatpong said the strong baht remains a key risk weighing on exportprospects in 2020, along with drought and the latest US – Iran tensions.

For the first 11 monthslast year, Thai exports fell by 2.8 percent from the same period ayear earlier to 227 billion USD.

The council estimated Thai export growth at 0 – 1 percent to 251.25 billion USD ifthe baht stays at an average of 30.50 to the US dollarthis year, Ghanyapad said.

If the baht strengthensto 29, exports are estimated to shrink by 2.8percent to242.99 billion USD. Exports may shrink by 5 percent to 237.49 billion USD ifthe baht appreciates past 28.50 to the dollar,she added.

Last month,the TNSC predicted that exports, which represent up to 70 percent ofThaland’s GDP, would grow by 0 – 1 percent in 2020 under an exchange rate of 30.50 baht to thedollar.

Its predictionwas much lower than that of the government's National Economic and Social DevelopmentCouncil (NESDC), which forecasts exports to recover to a growthof 2.3 percent while the GDP would grow 2.7 – 3.7 percent in 2020.

Ghanyapad said reiningin the baht is a crucial issue and the Bank of Thailand must speed up tacklingthe problem to make the baht competitive with the currencies of Thailand'scompetitors.

The baht hit a six-year high, reaching 29.88 to the US dollar on December30. The Thai currency strengthened nearly 9 percent last year, compared to ayear earlier./.
VNA
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