Private sector projects Thailand's export growth at 8% and 5-7% in 2018, 2019

BANGKOK, December 4 (TNA) - Thailand's key private institutions, including the Thai National Shippers' Council (TNSC) and the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), have updated their projections of the country's export growth in 2018 and 2019 at about 8 per cent year-on-year and 5-7 per cent year-on-year respectively. TNSC Chairperson Ghanyapad Tantipipatpong told journalists on Tuesday that TNSC has maintained its projection of Thailand's export growth this year at about 8 per cent year-on-year, based on the assumption that the value of the Thai currency stands at about 33 baht a US dollar. Ghanyapad acknowledged that Thai exports have been particularly propelled so far this year by high purchase orders of Thai products through the e-commerce system and world crude oil prices at a stable level of 60-70 US dollars a barrel earned by major petroleum producing nations, cushioning the country's exports to generally keep expanding since early this year. Based on the TNSC statistics, Thailand's exports during the first 10 months of this year grew by about 8.2 per cent year-on-year, worth about 211.49 billion US dollars, with major importing markets including the United States, Europe and neighboring countries in the region. The TNSC chairperson forecast that Thailand's export growth in 2019 should slow down at about 5 per cent year-on-year due to the uncertainty of world trade, caused mainly by the ongoing trade war between the United States and China. Meanwhile, JSCCIB, comprising of the Board of Trade of Thailand (BTT), the Federation of Thai Industries (FTI) and the Thai Bankers' Association (TBA), also updated its projection at its Tuesday's meeting that the country's exports should expand by about 8 per cent year-on-year in 2018 and by about 5-7 per cent year-on-year in 2019. Kalin Sarasin, Chairman of the Board of Trade of Thailand, told reporters that Tuesday's JSCCIB latest meeting also resolved that the Thai economy should grow by about 4.4 per cent year-on-year in 2018 and by about 4.0-4.3 per cent year-on-year in 2019 respectively, while the country's inflation should move around 0.8-1.2 per cent over the next one year. Kalin stated that JSCCIB cautioned two main external risk factors against Thailand's export and national economic growth next year, including negative impacts from the ongoing US-China trade war and, probably, from the Brexit, the final move of Britain to withdraw from the European Union (EU), whereas internal challenges including the updated situation of the domestic tourism and the prices of farm products, as well as the domestic consumption and investment. Based on the JSCCIB latest resolution, the government's stimulus measures through its welfare programs for low income earners should, however, become positive factors to help boost the national economic expansion in 2019. (TNA)