7-5-2024 (BANGKOK) The Thai National Shippers’ Council (TNSC) has maintained its projection for Thailand’s export value to grow between 1 percent and 2 percent in 2024, citing persistent geopolitical tensions and concerns regarding high production costs. This forecast, unchanged from previous estimates, underscores the challenges facing the Southeast Asian nation’s export sector.
According to a statement from the TNSC released on Tuesday, Thailand’s export is anticipated to reach up to $291.63 billion this year. The council highlighted a forecasted 10-percent year-on-year increase in rubber shipments, driven by rising demand and prices in global markets, as a significant contributing factor to this growth.
Moreover, the TNSC expects the kingdom’s food exports to rise by 2-3 percent compared to the previous year, propelled by increasing demand from emerging markets such as the Middle East. Additionally, automotive product shipments are projected to expand by 2-3 percent, according to TNSC chairman Chaichan Charoensuk.
Despite a 10.9-percent decline in March exports compared to the previous year, the overall export value for the first quarter of 2024 saw a marginal decrease of 0.2 percent, totaling $70.99 billion, as reported by the Thai Ministry of Commerce.
Expressing concerns over the government’s proposal to raise the national minimum wage, Chaichan emphasized the importance of effective cost management for Thai businesses to remain competitive amidst a global economic slowdown. These remarks were made during a news conference addressing the challenges and opportunities facing Thailand’s export sector in the coming year.
