TNSC:Thai exports are likely to grow at least 8.5-9% in 2017

BANGKOK, December 6 (TNA) - The Thai National Shippers' Council (TNSC) has projected that the country's exports should now grow at least 8.5-9 per cent year-on-year in 2017 and should further expand by 5 per cent year-on-year in 2018. TNSC Chairwoman Ghanyapad Tantipipatpong told journalists on Wednesday the TNSC's updated projection was based on the fact that Thai exports had grown by 9.7 per cent year-on-year during the first 10 months of this year, totally worth 195.52 billion US dollars, and grew by 13.1 per cent year-on-year in October alone, worth about 20.08 billion US dollars, representing the eight consecutive expansion of Thai exports to the world market. Ghanyapad attributed the growing Thai exports to the expanding international trade and economies of major trading partners, including the United States, the European Union (EU), China and Australia, as well as those in South Asia and Latin America. Besides, the prices of commodities have been increasing, including those of refined fuel, plastic pellets, steel, rubber and rubber products. The TNSC chief cautioned, however, that there are remaining risk factors for the growing Thai exports, including impacts from Washington's tax reform measures and increase in the key interest rate, which may cause more capital outflows and a change in the direction of the Thai baht in the future, as well as impacts from fluctuating world oil prices, the shortage of skilled workers and specialists in specific fields in the Thai economy and rising costs of business operators due to the government's unclear excise tax policy. The TNSC chief pointed out that the implementation of ASEAN-China Free Trade Agreement (ACFTA) could also affect Thai exports to the ASEAN Economic Community (AEC) to a certain extent. The TNSC chairwoman noted that the strengthening Thai currency to 32.67 baht a US dollar now, from 33 baht a US dollar recently, is another worrying factor, urging the Bank of Thailand (BOT) to handle the value of the Thai baht to be in an appropriate level when compared with the greenback and the Thai government to expedite its actions to further strengthen local small and medium-sized enterprises (SMEs) in order to cushion more Thai exports. (TNA)