THAILAND's exports declined by 2
THAILAND's exports declined by 2.7 per cent in the first five months of the year compared to the same period in 2018. In May alone export volumes dropped by 5.8 per cent, worse than forecast by the Thai National Shippers' Council. The shipping body has now lowered its 2019 export forecast to a one per cent decrease, down from a one per cent increase on the back of a stronger baht and weaker global demand. In 2018 the nation's shipments increased 6.7 per cent.
'A chance of export growth is very dim, so we expect exports to fall one per cent this year,' said council chairwoman Ghanyapad reported Hellenic Shipping News. 'If we are lucky, exports may be flat.'
It marked the third downgrade in two months. The group's initial forecast was for five per cent growth before it was reduced to three per cent growth in May and one per cent growth in June.
Ms Tantipipatpong said the baht's strength is also a concern given that the currency has appreciated six per cent against the US dollar in the year to date, making it the top performing currency in Asia.
WORLD SHIPPING
