Thai shippers' council expects 8-pct fall in Q1 exports-Xinhua

Thai shippers' council expects 8-pct fall in Q1 exports

Source: Xinhua| 2023-03-07 20:50:30|Editor: huaxia

BANGKOK, March 7 (Xinhua) -- Thailand's export value is expected to shrink 8 percent in the first quarter of 2023 from a year earlier, weighed down by slowing global demand, the country's shippers' council said on Tuesday.

The forecast, downgraded from a projected 3.7-percent decline the Thai National Shippers' Council (TNSC) made a month ago, came after a more-than-expected drop in Thailand's exports in January.

The Southeast Asian country's exports, a key driver of growth, fell for a fourth straight month in January, down 4.5 percent year on year to 20.24 billion U.S. dollars, as global demand slowed. The reading was worse than a market expectation of a 1-percent fall.

The global economy remained highly uncertain, leading to a potential slowdown in the country's manufacturing sector, while the service and tourism sectors are expected to help drive the economic recovery, TNSC said in a written statement on Tuesday.

It urged the government to regulate electricity tariffs in the next revision, as it is one of the main production costs that impact Thai businesses' competitiveness.