Commerce Minister decreases growth expectations for exports from 4% to 1%

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BANGKOK, 12 November 2013 The Ministry of Commerce has revised down the country’s export growth estimate for this year from 4% to 1%. 

Speaking after a meeting to evaluate the export situation in 2013 and the trend in 2014, Deputy Prime Minister and Minister of Commerce Niwatthamrong Boonsongpaisan said the world market has still been sluggish – thus affecting Thai exports’ opportunities and prompting the ministry to lower the growth estimate.

As the private sector had raised concerns over the competitiveness of Thai exports, the Commerce Ministry therefore lowered this year’s export target from 4% to 1% after seeing only a 0.05% growth in the first 9 months of the year.

However, after a continuation of recovery in the world market in 2014, Mr. Niwatthamrong stated that he expected to see next year’s export growth at 5%.