Commerce Minister Chatchai Sarikulya remains adamant that exports will grow this year, defying gloomy forecasts of flat growth or a possible contraction by many agencies.
"We will do our best no matter how the results turn out in the remaining three months," he said yesterday after meeting 66 Thai foreign trade counsellors to discuss ways to promote and stimulate exports in specific markets.
Chatchai: Measures to boost shipments
"All foreign trade counsellors have to map out measures on how to stimulate shipments for the rest of the year in each market, and they will be a very vital part to drive exports in the last three months."
While he did not provide an estimated export figure for this year, Gen Chatchai said the focus should be revved up in potential markets, particularly in the Middle East, India and China, with promising products including Thai food, vehicles and auto parts.
He said the ministry was upbeat that exports would grow by 4-5% next year and the government is committed to keeping its focus both on existing key markets and secondary markets such as Russia and Nigeria.
Isara Vongkusolkit, chairman of the Thai Chamber of Commerce, yesterday urged the government to focus on accelerating its economic stimulus package to boost domestic consumption while promoting the quality and brands of Thai products.
The government approved a 364.5-billion-baht stimulus package earlier this month that includes a cash payment of up to 15,000 baht each for more than three million rice farmers. Other measures include expediting payment of 129 billion baht from the fiscal 2015 investment budget across all ministries.
Another 147 billion baht will be spent on projects under the fiscal 2014 budget that are slated to be implemented in the last three months of the calendar year. Some 23 billion baht from remaining Thai Khem Khaeng projects will be spent on repair work under the Education and Public Health ministries and irrigation projects.
The government will also accelerate spending of 24.9 billion baht left over from budgets stretching back to fiscal 2005.
Concerns are mounting that GDP could come in below 2% this year.
"We don't expect the government can do much to stimulate exports for the remaining three months, as we all know that the economies of Thailand's key importers, particularly the United States and European Union, have yet to recover fully as expected," Mr Isara said.
"We are afraid the global economy will continue piling its pressure on Thailand's exports until next year."
Mr Isara said recently in his capacity as chairman of Thailand's Joint Standing Committee on Commerce, Industry and Banking that exports could see flat growth or even a contraction of 1% this year.
Late last month, the central bank lowered its export growth forecast for this year to zero from an earlier projection of 3%, citing weak global demand, Thai manufacturers' limited production capability and low agricultural prices.
The Commerce Ministry late last month reported August exports fell to a 32-month low as the weak global economy brought lower-than-expected demand. Exports slumped 7.4% year-on-year in August to US$18.9 billion following a fall of 0.85% in July, with shipments in the first eight months shrinking 1.36% to $151 billion.
Imports fell for a 14th straight month in August, plunging 14.2% to $17.8 billion.