Thai exporters worried about EU crisis

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BANGKOK, 28 May 2012  – The Thai National Shippers’ Council (TNSC) has expressed its worries over the European debt crisis, saying it could reduce the Thai export expansion this year. 

As the country has been recovering from the flood devastation last year, the Commerce Ministry recently predicted that the export sector this year would expand by over 15%. However, TNSC Chairman Paiboon Ponsuwanna stated that the global economic crisis, particularly in Europe, the United States, and Japan, is affecting the Thai export sector, possibly allowing the export expansion to be just around 12%.

Despite this year’s expected timid growth in export, Mr Paiboon expects the crisis to die down in 2-3 years. For the time being, he suggests that exporters seek new markets, particularly within Asia, and reduce production costs in order to stay strong in the global competition.