The Thai National Shippers’ Council warned on Tuesday that Thailand’s exports will likely decline further this year, with growth of less than 1% expected amid increasing challenges.
As export growth last year was exceptionally high, TNSC Chairman Chaichan Chareonsuk said that the council expected the shipments in the first quarter of 2023 to fall by as much as 10% year-over-year. The sector is expected to stay subdued into the second quarter, with a contraction of 5% projected, before regaining its pace thereafter as trade partner economies, such as China, the United States, and Europe, could further bounce back to growth during the second half of the year.
The council, however, maintained its projection of 1-2% growth in exports this year while waiting for new board members to revise the outlook.
