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Monday, April 22, 2024

Thai Shippers Expect Increased Exports in 2023

The Thai National Shippers’ Council (TNSC) has declared that the country’s exports would expand between 1% and 2% this year, unchanged from prior projections, due to declining global demand.

TNSC Chairperson Chaichan Chareonsuk noted that cargoes, which contribute significantly to economic growth, are also subject to excessive currency fluctuation.

Despite certain unfavorable conditions, the council sees signs of economic revival in China. According to the organization, exports are likely to fall 3.7% in the first quarter of 2023 compared to the same time last year, but they are expected to recover in the second quarter with a 0.7% drop and record increases in the second half of the year.

Exporters are aiming for the baht to linger around 34-35 per dollar in order to boost trade competitiveness and line with other regional currencies, according to Chaichan. Despite a dramatic decline on Monday (6 February), the baht has climbed by 3% versus the dollar in 2023 and is presently trading at roughly 33.6 to the greenback.

The shippers’ group also wants the central bank to keep the baht stable and interest rates at reasonable levels. Customs-based exports are expected to rise by 5.5% in 2022.

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