BANGKOK, 6 August 2015 – The Ministry of Commerce has revised its export target again. This time, it admits the export growth could dip to minus three percent.
Director of Trade Policy and Strategy Office Somkiat Triratanapan revealed that the latest export forecast was attributed to the global economic downturn, which had driven the country’s major customers to cut down on imports. The overall export value is estimated at 220 billion dollars. The projection is based on the assumption that this year’s petrol price would average out at 60 dollars per barrel and the exchange rate of 35 baht per dollar.
However, Mr. Somkiat said prices of agro-products would rise in the second half of the year. Agricultural exports would likely generate 19 billion dollars in revenue. The Ministry of Commerce’s trade campaigns, including the recent roadshow in South Africa and upcoming trade negotiations with European and Asian countries and Pakistan, would pave the way for Thai exporters to penetrate new markets.
This is the first time the Commerce Ministry has revised its export growth prediction down to negative three for the year, claiming its projection is in line with the International Monetary Fund’s July report of stagnant economic expansion in China, Europe and Asia.