TNSC:Thailand's export growth may reach 5% as targeted

BANGKOK,June 30 (TNA) - The Thai National Shippers’ Council (TNSC) says that the country's export growth may reach 5 per cent this year, as targeted by the Ministry of Commerce, if the strengthening Thai currency is efficiently handled. TNSC Vice President Visit Limluecha told journalists on Friday that TNSC foresees Thailand's export growth in 2017 at 3.5 per cent on average at the moment, but considers the country's export growth this year may reach 5 per cent, as officially targeted, if the about 5.16-per cent-stronger and fluctuating Thai baht since early this year is efficiently handled. Visit elaborated that Thai exports during the first five months of this year reached 93.27 billion US dollars, or about 7.21 per cent year-on-year growth, and should further expand by about 18.50 billion US dollars monthly during the last seven months of this year, which means the country's export growth this year is foreseen at the moment at about 3.5 per cent year-on-year on average. The TNSC vice president assessed, however, that Thailand's export growth in 2017 may reach 5 per cent, as targeted by the Ministry of Commerce, if the strengthening and fluctuating Thai baht is efficiently handled by the government through supporting measures provided to small and medium-sized enterprises (SMEs), in particular, to relieve their risks from the unstable value of the Thai baht. The TNSC vice president proposed that the official supporting measures include a cut in fees imposed on foreign exchanges, an increase in the amount of the foreign exchanges hedged-fund and the promotion of the use of local currencies in trading with neighboring countries, instead of the US dollar. Besides, the Thai government should postpone the implementation of the new executive decree 2017 on the management of migrant workers with tougher legal penalties against both employers and illegal migrant workers to provide more times for local business firms to practically adjust their employment policy. The TNSC vice president said the Joint Standing Committee on Commerce, Industry and Banking, the main tripartite of the Thai private sector, has already submitted its proposal on the government's postponed implementation of the new executive decree to the the National Legislative Assembly (NLA). The TNSC vice president stressed that Thailand's export growth could reach 5 per cent this year, boosted by the rebounding trend of world trade and economy, citing an updated projection by the US-based International Monetary Fund (IMF) that the world economy should further expand by another 0.1 per cent to reach 3.6 per cent on average in 2017. Meanwhile, updated reports stated on Friday afternoon that the Thai government has decided to postpone the implementation of the new executive decree for another 120 days, as proposed by the private sector. (TNA)