Thai export growth forecast officially revised to 7-7.5% this year

BANGKOK, May 22 (TNA) - Commerce Minister Boonsong Teriyapirom says that his ministry has officially revised the anticipated growth of Thailand's export value this year to 7-7.5 per cent, totally worth 245.59-246.73 billion US dollars, from its earlier projection of 8-9 per cent, due to impacts from the continual baht appreciation since early this year. Boonsong told reporters on Wednesday that his ministry has also changed export growth targets by global regions and planned to raise Thailand's export growth target to the 27-member European Union (EU) from zero per cent to 5 per cent, to India from 10 per cent to 12 per cent, to Australia from 15 per cent to 20 per cent, to the Middle East from 5 per cent to 7 per cent and to Africa from 8 per cent to 10 per cent. According to the commerce minister, Thailand's targeted export growth to the United States and Japan has been maintained at 5 per cent and to China at 8 per cent, but the country's targeted export growth to Latin America has been revised downwards from 15 per cent to 12 per cent. The commerce minister acknowledged that the European economy has been recovering and his ministry has, thus, increased Thailand's targeted export growth to the EU from zero per cent to 5 per cent this year, as Europe’s imports of Thai products have risen by 6.6 per cent over the past three months, compared with its contracted imports last year. The commerce minister noted that authorities concerned are trying to reach foreign buyers with high purchasing power and spending readiness and targeting industrial chains, especially those concerning the production of automobiles, pharmaceutical products and supplementary food, and that his ministry will promote online trade which does not require high pricing and has expanded by as much as 20 per cent. The commerce minister suggested that local business operators take the baht appreciation currently as a good opportunity to import capital goods, covering innovative ones, to improve their production and produce and to expand their investment overseas. (TNA)