May export growth contracts

May export growth contracts

BANGKOK, 29 June 2014 (NNT) – The Thai National Shippers’ Council (TNSC) has reported that Thai exports in May 2014 contracted by 2% and forecast that this year’s export growth might not meet the target.

The council however pointed out that the EU’s measures against Thailand had not yet affected Thai exports.

TNSC Chairman Nopporn Thepsittha said the -2% growth in May had contributed to -1.2% export growth in the first five months of this year. He therefore expressed his confidence that the Thai 2014 export growth would not hit the 3% growth target due to the EU’s measures against Thailand as well as the less-than-expected global economic growth. Other negative factors affecting the Thai exports this year included international political conflicts and natural disasters especially severe drought.

Mr Nopporn reiterated that the EU’s temporary cancellation of free trade talks with Thailand and the U.S.’s downgrading of the country in its human rights watch list had not affected placement of orders for Thai products so far. The council’s chairman however admitted that Thai fishery exports to the U.S. might be affected more than other sectors.

-- NNT 2014-06-29