Thai Export Dips 10% On The Back Of Strong Baht

Reuters

Thailand’s exports are likely to show a contraction of 10 per cent in the first quarter of this year from a year earlier, bigger than a previous forecast drop of 8 per cent, the country’s shippers’ council said on Tuesday.

“The global economy was slowing and a recovery in China’s economy was not as fast as expected,” said Thai National Shippers’ Council Chairman Chaichan Chareonsuk.

A relatively strong baht was a challenge for Thai exports, the group said. However, the group said the central bank had told them it would closely monitor the baht and ensure it was not too volatile.

The group is forecasting exports, a key driver of Thai economic growth, to rise 1 per cent to 2 per cent this year.

Customs-based exports contracted for a fifth straight month in February, by 4.7 per cent from a year earlier, and the commerce ministry predicted shipments would not rebound until the second half of 2023.

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