Thailand: Exports may grow 5% amid Ukraine war

Thai exports are expected to rise by 5% this year, compared with a previous forecast of 5% to 8% growth, due to uncertainty over the Russia-Ukraine war, the Thai National Shippers’ Council (TNSC) reported on Tuesday.

According to TNSC’s forecast, exports would increase by 8% in the first quarter from a year earlier and by 2% to 4% in the second quarter. In the whole of 2021, exports jumped 17.1%.

Exports and tourism were the two sectors driving the economy in February, Bank of Thailand senior director Chayawadee Chai-Anant said on Friday.

In February, the value of merchandise exports after seasonal adjustment grew slightly by 0.9% on a month-on-month basis, supported by demand from trade partners.

The export growth was in several categories, such as petroleum-related products and agro-manufacturing products.

Automotive and electronics exports also showed signs of improvement thanks to recovering demand from trading partners.