4-6-2024 (BANGKOK) Amidst the ever-shifting tides of global trade, Thailand’s export sector is bracing for a modest but resilient performance in the current year. The Thai National Shippers’ Council (TNSC), a stalwart voice in the nation’s maritime commerce, has reaffirmed its cautiously optimistic forecast, projecting exports to rise between 1% and 2% by the year’s end.
Chaichan Chareonsuk, the esteemed chair of the TNSC, unveiled this outlook during a briefing on Tuesday, citing the encouraging signs witnessed in the first four months of the year. Despite the challenges posed by a turbulent global economic landscape, the council’s steadfast faith in the kingdom’s export prowess remains unwavering.
“Shipments have been robust in the initial four months of this year, and we anticipate a recovery in production among our key trading partners, barring Japan and China,” Chareonsuk remarked, underscoring the council’s nuanced assessment of the international trade dynamics.
A welcome ally in this endeavour has been the weakening Thai baht, which has bestowed a competitive edge upon the nation’s exports. As the domestic currency loses ground against its global counterparts, Thai goods and services become more attractive to overseas buyers, potentially boosting demand and bolstering the export sector’s fortunes.
Exports, a vital cog in the engine of Thailand’s economic growth, have demonstrated remarkable resilience in the face of global turbulence. In April, shipments surged by an impressive 6.8% compared to the same period last year, fueled by a heightened demand for industrial goods and the ever-popular Thai rice.
This robust performance is a testament to the nation’s unwavering commitment to quality and its ability to adapt to shifting market dynamics. Over the first four months of the year, exports have risen by 1.4% year-on-year, a stark contrast to the 1% decline witnessed throughout the entirety of 2023.
