Thailand’s export value forecast to grow 1-2% in H2: Thai National Shippers' Council

The Thai National Shippers' Council (TNSC) expects the country’s export value to expand by 1-2% in the second half of this year.

TNSC chairman Chaichan Chareonsuk said the council is maintaining its export growth forecast at 1-2% this year. However, he pointed out some unpredictable factors that could affect Thailand's exports in the second half of this year, such as geopolitical conflicts in Europe and the Middle East, trade tension between the US and China, US presidential election, rising production costs, including increases in the daily minimum wage, energy and electricity prices, higher freight and surcharge costs, and a shortage of containers.

Chaichan also said that small- and medium-sized shippers are facing a liquidity shortage for manufacturing meant for exports.

Meanwhile, in terms of exchange rate, the baht will continue to weaken against the US dollar, falling to 36-37 THB per USD, which increases the competitiveness of exports in foreign markets.

The TNSC recommended the government maintain energy and electricity prices, the daily minimum wage and logistics costs at a suitable level.

The government should support and promote investment in industries with export potential, such as electronic components and electrical appliances, said Chaichan.

Vulnerable groups and small- and medium-sized enterprises need access to credit to expand exports.

The TNSC said that exporters should manage annual freight contracts with carriers or freight forwarders to lock in rates, ensuring smooth operations and cost management during the lull and peak season.

The council proposed supporting overseas trade promotion activities to enhance the global recognition of Thai products, as well as restructuring the export sector to help Thai entrepreneurs adapt and remain competitive in the long term.