Thailand's exports likely to grow by 8% in 2018

BANGKOK, June 6.(TNA) - The Thai National Shippers' Council (TNSC) says that the country's exports should now grow by at least 8 per cent year-on-year in 2018, thanks, in particular, to rising purchase orders of Thai food and other farm products from foreign trading partners at the recent "2018 Thaifex-World of Food Asia", organized by the Thai side. TNSC Chairperson Ghanyapad Tantipipatpong told journalists of the promising prospect of Thailand's export growth on June 5, bolstered by the country's exports of about 18.95 billion US dollars in April alone, a jump by 12.3 per cent year-on-year. Ghanyapad stated that the TNSC's latest forecast was backed by many key positive factors, namely a steady demand in Thailand's major, minor and potential importing markets in line with the expanding world economy, observed by the export business index (EBI), which latest stood at the 55.5 level, showing confidence in Thai exports among business operators. Besides, the rising prices of oil, as well as farm products and other oil-tied goods on the world market, boosted by a recent agreement by both the Organization of the Petroleum Exporting Countries (OPEC) and the non-OPEC bloc on a joint move to cut their oil production levels, should benefit Thai exporters, while a feared trade war between the United States and China has faded down following their recent agreement on opening the door for more imported goods reciprocally to ease their trade deficits. The TNSC chief pointed out that the Thai government's policy on promoting and supporting more sales of Thai rice, durian and other farm products through the e-commerce system and the Asia-Pacific Economic Cooperation (APEC) stage has also buoyed up the country's exports, whereas more imports at about 20.23 billion US dollars in April, or 20.4 per cent year-on-year up, mainly comprised of capital goods and raw materials in order to boost the domestic production sector and the national business competitiveness in the future. According to the TNSC chief, risk factors, however, remain against Thailand's growing exports, which need to be closely monitored, including the updated direction of the Thai baht, the favorable level of which should be around 31.90-32.20 baht a US dollar, as well as impacts from a new Sino-US trade deal that could lead to a cut in imports from Thailand and other countries, and from tensions in the Middle East and the United States' sanction against Iran's nuclear programs. Meanwhile, TNSC reported that top five Thai exports during the first four months of this year included automobiles, parts and accessories, food products, computer sets and accessories, as well as rubber and plastic products, while Thailand's top importing markets during the same period included other member countries in the ASEAN Economic Community (AEC), especially Cambodia, Lao PDR, Myanmar and Vietnam or the CLMV group, China, the United States and Japan. (TNA)