Thailand’s exports to increase slightly by 1% in 2023

Thailand’s exports are expected to increase slightly by up to 1% this year, according to the Thai National Shippers’ Council.

The council said that the global demand for Thai products has been affected by the trade tensions between major economies. However, the weak baht has helped boost the competitiveness of Thai exporters in some markets, especially the US and Europe.

Exports, a major factor in Thai growth, may decline by 5% to 6% in the first half of the year compared to the same period last year before rebounding in the second, the council predicted in a statement.

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The council also predicted that the exports would improve in some sectors such as electronics, automobiles and agricultural products would benefit from the recovery of China’s economy and the low base effect from last year. The council urged the government to accelerate the vaccination program and support the domestic consumption to stimulate the economic growth.