Thai shippers predict less than 1.5% contraction in 2023 exports

The Thai National Shippers’ Council (TNSC) expressed confidence in a less than 1.5% contraction in the country’s export performance for 2023. This optimistic outlook comes on the heels of export growth recorded in both August and September and an expectation for continued orders in the year’s final quarter.

TNSC Chairman Chaichan Chareonsuk cited the Commerce Ministry’s latest data, which showed a 2.1% year-on-year increase in exports for September, amounting to US$25.5 billion. Meanwhile, imports saw an 8.3% drop to US$23.4 billion, leaving a trade surplus of US$2.09 billion.

However, the year-to-date figures tell a different story, with a 3.8% drop in exports to US$213 billion and a 6.0% decrease in imports to US$219 billion, resulting in a trade deficit of US$5.83 billion.

Chaichan noted that the ongoing Middle Eastern conflict…