Thai exports in Q4 projected to shrink by 1.4% due to flood: UTCC

Wednesday, 12 October 2011 By  MCOT

BANGKOK, Oct 11 -- Thailand’s export growth in the fourth quarter is likely to drop by 1.4 per cent to 17.8 per cent from the earlier projected 19.2 per cent, according to Att Pisanwanit, Director of the Center for International Trade Studies (ITS) of the University of the Thai Chamber of Commerce (UTCC).

Thailand’s flood crisis has caused significant losses to agricultural production.

Flooding, combined with the economic problems in the European Union which impact the global economy, Thai exports in 2011 are  projected to decline by 3.9 per cent to 18.5 per cent from the earlier projected at 23.3 -24.8 per cent.

Concerning flood damage at four industrial estates in Ayutthaya, the initial losses to the manufacturing sector were estimated at Bt79 billion excluding damage to buildings, machinery and investor confidence, which may as high as Bt300-400 billion.

Electric appliances, auto, food and beverage industries are those highly impacted by flooding in Ayutthaya.

Meanwhile, the Bank of Thailand (BoT) reported that 93 branches of 11 commercial banks and one finance company have temporarily closed in the flood hit provinces of Ayutthaya, Nakhon Sawan, Lop Buri, Pathum Thani, Sing Buri, Uthai Thani, Chai Nat and Nonthaburi.

According to the central bank, Bangkok Bank has closed 19 branches, followed by Krung Thai Bank with 13 branches.

Thirteen branches of Thanachart Bank, 11 branches of Siam Commercial Bank, 11 branches of Kasikornbank, 10 branches of the Bank of Ayutthaya, five branches of Thai Military Bank, four branches of CMB THAI Bank, two branches each of Tisco Bank, UOB Bank, and one branch of the Kiatnakin Bank, plus two branches of Siam Industrial Credit were closed.

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