Thailand: Exports seen rising up to 1% this year

Thailand’s exports are likely to be flat or rise up to 1% this year as global demand has slowed but a weak baht is providing support, the Thai shippers’ council said on Tuesday.

The strong export markets were the United States and Europe, but China was not as active though gradually improving, Thai National Shippers’ Council chairman Chaichan Chareonsuk told a press conference.

Exports, a key driver of Thai growth, could contract between 5% to 6% in the first half of the year from a year earlier, before picking up in the second half, the council said in a statement.

However, exports in the second half of 2023 could expand due to a low base from a year earlier and opportunities in certain sectors, Chaichan said.

The council estimates exports could grow 0.6% and 12% year-on-year in the third and fourth quarters this year, respectively.