The chairman of the Thai Shippers’ Council looks at exports still weak and advises the government to speed up activities in the second half of the year. The forecast for the year’s exports is between -0.5 -1% and recommends the establishment of a new government. to drive export plans and asked the government to speed up the cost of production which may increase and may be disadvantageous to major competitors such as electricity costs, wages and interest rates, etc.
Dr. Chaichan Charoensuk, President of the Thai National Shippers’ Council (TNSC), jointly held a press conference with Mr. Supap Suwanpimolkul, Vice President and Mr. Kongrit Chantarik, Executive Director. indicates that Thailand’s international trade in May 2023 compared to the same month last year showed that exports were valued at 24,340.9 million US dollars, shrinking by 4.6%, and value in baht terms equal to 830,448 million baht, shrinking by 2.8% (when Minus gold, oil and consumables It was found that exports in May contracted by 1.4%) while imports were valued at 26,190.2 million US dollars, a contraction of 3.4%, and value in baht terms of 904,563 million baht, a contraction of 1.7%, resulting in Thailand’s trade balance. In May 2023, the deficit was 1,849.3 million US dollars or equal to 74,115 million baht.
The overview of Thailand’s international trade in January-May of 2023, compared to the same period last year, found that Thailand’s total export value was 116,344.2 million US dollars, a decrease of 5.1%, and its value in baht was 3,941,426 million. The baht contracted by 2.4% (when deducting gold, oil and military equipment It was found that exports in January-May contracted by 2.1%), while imports were valued at 122,709.5 million US dollars, contracted by 2.5%, and their value in baht was at 4,210,326 million baht, expanding by 0.2%. Thailand in January-May 2023 has a deficit of 6,365.3 million US dollars or 268,901 million baht.
However, TNSC maintains its 2023 overall export work target between -0.5% to 1% (as of June 2023), with the key risk factors in 2023 being: 1) the recovery of dual economies; Major trades remain highly uncertain, such as China, after China’s opening, the economy recovered more slowly than expected, the US Manufacturing Index (PMI) dropped to 46.3 and Europe at 43.6. 2) Global interest rates remained unchanged. remain at a high level, affecting the economic slowdown and the burden of borrowing costs of entrepreneurs. 3) Production costs are still high, such as the cost of electricity, production materials. Affecting Thailand’s competitiveness. 4) Risk from climate change (El Nino) on the agricultural sector in the country.
In addition, TNSC has important recommendations: 1) speed up the process of government establishment; to continuously drive export plans and the overall economy of the country. 3) Accelerate financial liquidity for entrepreneurs in the supply chain (Supply Chains Financing), especially SMEs. 4) Accelerate skills and competencies. labor in accordance with the needs of the labor market as well.-Thai News Agency
Source: Thai News Agency