Exports to fall 10% this year, import slump a worry: shippers

Exports to fall 10% this year, import slump a worry: shippers

Thailand's exports could fall by 10% this year due to the impact of the coronavirus pandemic and a persistently strong baht, a shipping association said on Tuesday, warning that a slump in imports was also a worry.

Exports should not decline 15% as previously feared because of July's improved shipments, but tumbling imports will likely be a drag, Ghanyapad Tantipipatpong, chairwoman of the Thai National Shippers' Council, told reporters.

"We expect exports to fall by up to 10% this year... and hope shipments will increase in the fourth quarter," she said.

"But we are worried that steady falls in imports will weigh on manufacturing and an export recovery".

In July, exports, a key driver of Thai growth, fell a less than expected 11.37% from a year earlier, while imports declined 26.4%.

The baht was at 31.38 per US dollar at 2.40pm, but that is still much stronger than the 33 per dollar needed to help exports, Ms Ghanyapad said. 


Do you like the content of this article?
COMMENT (7)

Witness says forest ranger went berserk before stabbing colleague in deep forest

KANCHANABURI: A witness in an attack involving two forest rangers in a deep forest in Thong Pha Phum district told police that the attacker went berserk and suddenly used a knife to stab a colleague on Thursday before fatally shooting himself.

12:29

City floods to worsen: study

Climate change and unplanned urbanisation will result in a decrease in groundwater resources and intensified flood risk in Bangkok, a study by the Asian Institute of Technology (AIT) has found.

10:00

EEC touts prudence of PPP projects

Four key infrastructure projects in the flagship Eastern Economic Corridor (EEC) are saving the state significant amounts of money because of their public-private partnership (PPP) funding, in addition to offering a net return of more than 200 billion baht for the government, according to the EEC Office.

09:33