Economists are forecasting that Thailand’s exports will drop by up to 3.1% for 2019 after June figures fell when compared to the same period last year.
After the Commerce Ministry reported a 2.1% fall in June, the SCB Economic Intelligence Centre projected the country’s exports will drop this year by between 1.6-3.1%.
“Although the US-China trade meeting after the G20 summit in Japan last month was a positive sign, we have to wait for the outcome because both countries are still negotiating for a deal. This ongoing process is still impacting the global economy and Thailand’s export value.”
The ongoing uncertainty comes after Thailand’s exports dropped 4.4% in the first half of the year.
The EIC maintained its forecast of Thailand’s economy growth at 3.1 per cent in this year, driven by domestic consumption and government infrastructure and stimulus spending.
Meanwhile, Kasikorn Research Centre forecast Thai exports to recover in the second half, to remain at the same level as last year, amid positive outcomes in the trade war.