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[webfact]

EXPORT

Brighter outlook seen for Thai exports

Petchanet Pratruangkrai
The Nation 

 

BANGKOK: -- Thai commercial counsellors from 58 posts in 44 countries foresee negative export growth for Thai shipments this year, due to uncontrollable external factors, weakening economic growth in many emerging markets, and the fact that some Thai businesses have invested in overseas manufacturing operations, resulting in lower shipment value from the Kingdom.

 

However, despite the many negative factors affecting exporters, the Commerce Ministry is predicting a brighter export outlook next year, as it will encourage trade officials to drive growth under the government's new outward investment and export promotion strategies.

Malee Choklumlerd, director-general of the International Trade Promotion Department, said yesterday that despite the gloomy outlook for this year, the government would work more closely with exporters and trade officials with a view to deeper penetration of each foreign market.

"We will no longer [mainly] drive the export trade in goods, but will push both related service businesses and investment, with a view to generating sustainable income" she said.

For this year, the ministry agrees with the private sector that overall export growth is now likely be in a range of minus 2 per cent to plus 2 per cent, resulting in full-year shipments worth between US$210 billion (Bt7.28 trillion) and $218 billion, she added.

Exports to Asean are expected to slow from 7.4-per-cent growth last year to a contraction of 0.8 per cent, with shipment growth to the United States falling from 5 per cent to 1 per cent, exports to the European Union dropping from 1 per cent to between zero and 1 per cent, and sales to Japan from 1-per-cent expansion in 2015 to flat growth this year.

Commerce Minister Apiradi Tantraporn said the Commerce Ministry, trade officials and private enterprises would this Friday map out export targets for next year.

Under the new export promotion plan, the ministry will focus on driving exports of services and goods in specialty market segments, including the ageing group, pet lovers, baby boomers, Hispanics, halal items, the super-rich, and online trading.

Overseas shipments will be promoted in accordance with the "Thailand 4.0" policy, with the emphasis on value-added and innovative products and services.

Ponpimon Petcharakul, Thai commercial counsellor in Hanoi, who represents the Asean market, said Thai exports to Asean would face a year-on-year decline of 0.8 per cent to $54.7 billion in 2016, as the regional grouping was largely comprised of production-based countries that were experiencing sluggish economic growth.

The export sectors most affected and facing a contraction in terms of Asean sales are garments and agricultural products, while some Thai enterprises have expanded their manufacturing to neighbouring countries, which also contributes to lower shipment value from the Kingdom, the counsellor added.

Next year, however, exports to Asean are projected to return to positive territory, expanding 2.5 per cent to $56.05 billion.

Napadol Thongmee, Thai commercial consul in New York, said export growth to the US would slow from 5 per cent last year to 1 per cent this year, despite the US economic recovery and upcoming presidential election, as people still have weak spending confidence. 

For next year, exports to the US are projected to grow by 3 per cent, with sectors that are expected to exceed this level of performance being fishery products - following Thailand's upgrade to the Tier-2 Watch List under the US "Trafficking in Persons Report" - canned fruits, vehicles and parts, and machinery.

Supawadee Yamgamol, Thai commercial counsellor in London, said Thai exports to the EU should grow 1 per cent this year to $22.16 billion, against a contraction of 2.4 per cent last year, due to the weakening of the pound following the country's Brexit vote, which had resulted in higher prices for Thai goods and services sold to the area.

Chitvipa Sukpituksakul, Thai commercial counsellor in Osaka, said exports to Japan were now expected to post flat growth this year, compared to the previous target of 1-per-cent expansion, due to the country's economic slowdown.

However, Thai exports next year are forecast to grow 1 per cent as a result of the Japanese government's stimulus package, she said.

 

Source: http://www.nationmultimedia.com/business/Brighter-outlook-seen-for-Thai-exports-30294661.html

 

-- © Copyright The Nation 2016-09-07

[elgordo38]

The same old "things are bad but" there is a light at the end of the tunnel (Like a near death experience).  Quote However, despite the many negative factors affecting exporters, the Commerce Ministry is predicting a brighter export outlook next year, as it will encourage trade officials to drive growth under the government's new outward investment and export promotion strategies. unquote Thailand the land of predictions. Love the term outward investments and strategies really? Must be the same strategies they are using to remove the huge amounts of garbage piling up in the tourist areas in the south which were documented here on TV in an earlier thread. My old grandmother used to say "believe only half of what you see and nothing of what hear" Wise words indeed.  

Edited September 7, 2016 by elgordo38

[Jimbo2014]

Reminds me of that quote at the start of "1492" before they needed a wide angle lens to capture Gerard Depardieu.  "At the beginning of any journey there is hope".  If economies were fuelled by boundless hope and optimism Thailand would be king of the Asian Tigers.

[Srikcir]

5 hours ago, webfact said:

"We will no longer [mainly] drive the export trade in goods, but will push both related service businesses

Thailand will be exporting human trafficking services?

[Retiredandhappyhere]

Wow, with all this optimism, surely the higher suicide rates reported in an earlier thread will reduce and an unnatural death certainly will not be contemplated by this lot if they believe their own propaganda.

[Balance]

A hope and a prayer.  Maybe they could enlist Sara Palin to help with the application of lipstick to the moo.

[hawker9000]

"Brighter outlook seen for Thai exports"

 

Of course!  Why the end-of-year report has already been written!  And guess what it says?

[joecoolfrog]

Exports are down , but its not our fault , but soon exports will recover though we cant pinpoint how this will happen .

Does anybody on earth actually believe this juvenile nonsense ?

[Brer Fox]

Isn't this the same woman who predicted an annual growth in exports of + 5%? p.a. Given that exports are running at - 2% it appears now that her crystal ball is undergoing a bit of fine tuning and adjustment.

 

If she is now saying that exports will grow by + 3% then it follows that figure converted to reality based on history will mean that exports in the coming year will decline by  - 4%.