The country’s exports are expected to rise by 8% in dollar value in the first quarter from a year earlier, up from 5% previously forecast, due to pre-confirmed orders, the Thai National Shippers’ Council said on Friday.
While exports should continue to grow by 5% for the full year, the broader impacts of an escalation of the conflict between Russia and Ukraine could cut export orders by between $4 billion and $5 billion in the second quarter, the group said in a statement.
Shipments that could be affected include cars and car parts, rubber products and electrical appliances, it added.
Last year, exports, which account for more than 65% of the national economy, were worth US$271 billion. That was in increase of about 17% from the low base of 2020. Shipments to Russia were worth $1 billion, or about 0.4% of the total. Exports to Ukraine accounted for 0.05%, Commerce Ministry data showed.