The Thai Chamber of Commerce and Board of Trade are revising down Thailand’s 2019 export growth projections from 3.1% to 2.1%. They say several unfavorable external factors are contributing to the revised outlook.
Thai PBS reports that Mr. Sanan Aung-ubonkul, vice president of TCC and BoT, says that, in order to maintain the 3.1% growth projection, the value of monthly exports from now on would have to average US$21.5 billion.
He says even though the amount of exports so far this year is huge, the average prices were not as good as last year. But he expects that exports will pick up in the second half of 2019.
Mr. Sanan said export growth in products from the agricultural sector was expected to increase 1.6% this year, citing the export projections for the following farm products:
9.5 million tonnes of rice exports (compared to last year’s 11 million tonnes)
5% growth for para rubber exports
Reduction of 10% in tapioca exports
5% growth of food exports
Reduction of 5% to 8% in sugar exports.
The prospects for exports of industrial goods remain healthy. The overall growth projection is 2.3% this year from:
1.4% growth for electronic products
3% growth for automobile exports
1.1% growth for electrical appliances
2% growth for plastic pellets
3% percent growth for jewelry
7% growth for rubber products and car tyres
3% growth for garments
On the other hand, Ms. Banchongchit Aungsusing, director-general of International Trade Promotion Department, said that the department maintains its export growth projection at 8%, adding that export value from now on must average US$23 billion per month.