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Friday, June 21, 2024

TNSC lowers Thailand’s export growth forecast due to global economic challenges

The Thai National Shippers’ Council (TNSC) has revised its export growth forecast for Thailand, predicting a 0-1% increase due to negative factors and uncertainty in the US and Chinese economies, as well as ongoing geopolitical conflicts. Despite the downward revision, the group remains confident that Thailand’s exports will not contract this year.

Chaichan Chareonsuk, chairman of the TNSC, stated that the council has adjusted its export growth forecast for the year to between 0-1%, down from the previous projection of 1-2%. This is because of various risk factors in 2023, including the uncertain global economy, political conflicts affecting several sectors, high production costs in Thailand, fluctuating electricity and energy expenses, high inventory levels among trading partners, and potential decreases in agricultural production due to weather…

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