Shippers revise export forecast upward

Shippers revise export forecast upward

First quarter looks healthy but Ukraine crisis could dent some shipments in second quarter

Shipping containers await handling at Laem Chabang port in Chon Buri. (Post File Photo)
Shipping containers await handling at Laem Chabang port in Chon Buri. (Post File Photo)

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.

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