TNSC lowers Thai export growth target to -2%

BANGKOK, 1 July 2016 (NNT) – The United Kingdom’s decision to quit the European Union has prompted the Thai National Shippers’ Council (TNSC) to revise its growth target for Thai exports down to minus 2 percent.

TNSC Chairman Nopporn Thepsithar pointed out that although Thai exports in May 2016 have a tendency to contract 4.4 percent from the same month last year, an improvement is likely when compared to April. He indicated that exports have begun to move in a better direction, considering a healthy level of market share, a rebound in agricultural product prices and recovery in the imports of raw materials and machinery.

On the other hand, Mr Nopporn admitted the Brexit vote will inevitably cause an impact on the economy and consumer confidence on a global scale and, in turn, weigh down exports.

Therefore, the TNSC has decided to adjust down its previous export growth estimate of 0-2 percent for the entire year to minus 2 percent.

-- NNT 2016-07-01

Only in Thailand's can something GROW at MINUS percent. And Mr Nopporn admits there is more minus growth to come from the effects of Brexit.

What? They can't post this, it's bad news. Hurts the image of Thailand, don't they know this?

Attitude adjustment on the horizon.

Or perhaps it's actually good news in some way?

Winnie

Edited June 30, 201610 yr by Winniedapu

"...exports have begun to move in a better direction..." - away from Thailand!

Only in Thailand's can something GROW at MINUS percent. And Mr Nopporn admits there is more minus growth to come from the effects of Brexit.

He is a spin doctor what do you expect. The new normal is that things are not as bad as we figured which they translate into a good thing. I have been reading some economists reports that the hot money will ebb back into Asia and the SET and this is becoming apparent by how the SET is holding up and the Baht is strengthening. The up coming quarter and first half of the year reports by American companies should prove interesting but numbers can be fudged as the US government has given accountants a lot of latitude when it comes to cooking sorry doing the books. Quote Companies are expected to follow generally accepted accounting ... The use of GAAP (Generally Accepted Accounting Practices) is not mandatory for all businesses. Key words "not mandatory" They have lots of ways of diverting losses bring profits forward you name it. Businesses are looking for sharp boys with sharp pencils while the government through its many reduction/cutback programs is laying off their and brightest and finest in this age of cutbacks a perfect scenario for good accounting practices to go "Out the window"

Brexit will be the new evil, Politicians around the world will take advantage of this excuse.