Thailand’s export to see worst performance in 10 years
Despite the weakening baht, the Thai National Shippers’ Council (TNSC) expects export value of the country to contract by at least 8 percent in 2020, with a possibility of double digit contraction looming.
BANGKOK, VNA - Despite the weakening baht, the Thai National Shippers’ Council (TNSC) expects export value of the country to contract by at least 8 percent in 2020, with a possibility of double digit contraction looming.
TNSC’s prediction is in line with that of the Bank of Thailand and the Center for International Trade Studies at the University of the Thai Chamber of Commerce (UTCC), which forecasts exports to contract by 7-8 percent this year. If true, this will be the sector’s worst performance in a decade.
Thailand's export value contracted by 2.7 percent to 246.25 billion USD in 2019. The UTCC expects that number to come down to 228.82 billion USD in 2020, which means that the COVID-19 pandemic could take away 17.42 billion USD from Thai export value this year.
TNSC’s Chairperson Ghanyapad Tantipipatpong said the predictions were based on the baht, as it sat at 30.5 THB per US dollar. The currency was trading at 32.8 THB per US dollar on April 7 morning compared to around 30 THB at the end of 2019.
On April 7, Thailand’s cabinet approved a package of economic measures worth 1.9 trillion THB (58 billion USD) to alleviate the impact of the COVID-19.
Thai Deputy Prime Minister Somkid Jatusripitak said the package will cover all economic sectors for at least the next six months. - VNA