15:16 | 07/10/2015 Global Economy
Thailand’s exports in 2015 are forecast to drop at least 5 percent due to slow global economic recovery and fluctuating exchange rates between the baht and other currencies, according to Nopporn Thepsithar, Chairman of the Thai National Shippers’ Council (TNSC).
Thailand’s export prospects through the end of this year remain bleak, as August data showed shipments plunging for the eighth consecutive month, he said.
According to the Thai Commerce Ministry, the value of exports fell sharply by 6.60 percent year-on-year in August to 17.7 billion USD, which was the second largest drop this year after a 7.87 percent reduction in June.
Overall, Thailand’s exports in the January-August period decreased 4.92 percent year-on-year, to 143 billion USD.
The TNSC also predicted September’s export drop would be 8.6 percent with another 9.2 percent reduction in October while the fourth quarter figure would shrink 5.2 percent on a yearly basis.
As part of efforts to improve shipments, the Thai Commerce Ministry has launched trade promotions in 50 major cities in the world, including New York, Tokyo, London, Beijing and Shanghai./.