The Thai National Shippers' Council (TNSC) expects the value of exports to expand by 1-2% this year.
Chairman Chaichan Chareonsuk said the TNSC is maintaining its export growth forecast at 1-2% this year (as of August 2024).
However, the TNSC is cautious about numerous unpredictable factors in the second half, including geopolitical conflicts in Europe and the Middle East, the trade war between the US and China, the US presidential election, the US labour movement, and higher freight and surcharge costs.
Moreover, close monitoring of the Red Sea attacks is essential as the attacks may affect Thai exports to Europe and the Middle East.
There are concerns that China is overproducing items and exporting them to the world market, which results in low-cost products being dumped into Thailand. This also increases the risk that Thai manufacturers will lose market share to Chinese suppliers.
Moreover, small and medium-sized shippers are facing a liquidity shortage for manufacturing meant for exports, Mr Chaichan said.
The TNSC recommended the government support overseas trade promotion activities to enhance the recognition of Thai products globally, as well as restructuring the export sector to help Thai entrepreneurs adapt and remain competitive in the long term.
Exporters should manage annual freight contracts with carriers or freight forwarders to lock in rates, ensuring smooth operations and cost management during the lull and peak season, said the council.
The government should promote foreign investment which supports Thai suppliers.
Vulnerable groups and small and medium-sized enterprises need access to credit in order to expand exports, Mr Chaichan said.