Exporters have slashed their export forecast this year to flat growth from an earlier projection of 1.5% growth due largely to the slower-than-expected global economic recovery and falling oil and farm prices.
Volatile foreign exchange has also put more pressure on exports, said Nopporn Thepsittha, president of the Thai National Shippers' Council (TNSC), urging the central bank to introduce measures to stabilise the baht.
"Thailand's overall exports still look dim this year, as the world's economy has yet to see signs of recovery, while falling global oil prices affect the shipments of refined petroleum and related products such as chemicals and plastic pellets," he said. "This has in turn affected farm prices."
The Commerce Ministry last week reported exports fell for a second consecutive month in February, down by 6.14% year-on-year to US$17.2 billion, due largely to lower global oil and farm product prices.
Shipments of farm products fell by 12.5% to $2.49 billion, particularly rubber, which decreased by 38.8%.
Other major products including rice, sugar and canned and processed seafood also saw big dips in exports in February.
Industrial product exports including gold and oil fell by 3.7% to $13.8 billion.
Gold exports plunged 66% as traders delayed shipments and shifted their focus to imports for speculative purposes, while oil shipments fell by 6.1% from February 2014.
However, imports edged up 1.47% to $16.8 billion, leading to a trade surplus of $390 million compared with a deficit of $457 million in January.
For the first two months, exports totalled $34.5 billion, down 4.82% year-on-year, with imports down 6.69% to $34.5 billion.
Vice-president Wallop Vitankorn said the TNSC forecast exports will contract by 5% year-on-year in the first quarter but show flat growth in the second quarter, 3% growth in the third quarter and 2% growth in the fourth quarter.
"At the end of the year, shipments are estimated to have flat growth at best," he said.
Thailand's exports dropped by 0.41% last year to $228 billion, the second straight year exports fell after a 0.3% contraction in 2013.
However, there are still good signs for exports, as shipments to several markets including the US, India, Cambodia, Laos, Myanmar and Vietnam in the first two months still managed to grow, Mr Wallop said.
In a related development, TNSC representatives are due to meet with Deputy Prime Minister MR Pridiyathorn Devakula on April 9 to discuss ways to shore up exports.