TNSC:Thai exports are likely to grow 5% in 2014

BANGKOK, February 5 (TNA) - The Thai National Shippers’ Council has predicted that the value of Thai exports should grow by 5 per cent in 2014. TNSC Chairman Nopporn Thepsitthar told journalists on Wednesday that Thailand's three-month domestic political protesters have not affected the country's exports in December 2013 and even in the first quarter of this year, as local exporters had received advance purchase orders. Nopporn acknowledged although contacts with the government and transport have been obstructed some times, Thai exports can proceed, thanks to the strength of local supply chains. The TNSC expressed his confidence that the value of Thai exports should, thus, grow by 5 per cent this year as targeted on the condition that the global economy expands by 3.5 per cent and the value of the Thai baht stands at 34-36 baht a US dollar. As exports account for 70 per cent of Thailand's gross domestic product (GDP), they should drive the country's GDP to grow by 2-3 per cent this year. However, the TNSC chair said that his estimation excludes the fluctuation of the global economy, especially uncertainty in the US economic recovery, pointing out that there were layoffs at large-scaled retail stores and huge debts in the United States, where the government's quantitative easing measure is reducing, which can affect countries with weak economic fundamentals, like Brazil and Argentina, and the problem may expand afterwards. According to the TNSC chief, he is also monitoring impacts of natural disasters in the United States and China. The value of Thai exports stood at about 18.44 billion US dollars in December 2013, a 1.87 per cent year-on-year increase, but the total value of Thai exports in 2013 amounted to about 228.53 billion US dollars, a 0.31 per cent year-on-year drop.(TNA)