Exports to contract 3-4% this year

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BANGKOK, 30 July 2015 – The Thai Chamber of Commerce (TCC) has expressed concern for the export sector, forecasting a contraction in the latter half of 2015.

TCC Vice Chairman Sanan Angubolkul said that exports in the second half of the year will contract 3-4%. The TCC forecast overall exports to contract 3% in the third quarter, and only 1% in the fourth quarter, in an indication of economic recovery.

Exports have suffered from the low prices of agricultural and industrial products. The private sector has been pushing for more government support in penetrating foreign markets, especially those of neighboring countries.

However, Mr. Sanan expressed optimism that the export sector will rebound at the beginning of next year, when there will be a clearer effect of the baht’s depreciation. Several foreign economies are also expected to improve next year, including the US and China.