The Thai shippers’ council expected Tuesday that the country’s exports will increase by 1% to 2% this year, amid weakening demand around the world.
The forecast remained unchanged from the previous one.
Chaichan Chareonsuk, chair of the Thai National Shippers’ Council, told a news conference that despite being a significant driver of economic growth, shipments are also threatened by high currency volatility.
Exports are predicted to fall 3.7% year on year in the first quarter before recovering to a 0.7% drop in the second quarter and showing gains in the second half of the year, according to the group.
Chaichan stated that exporters preferred a baht exchange rate of 34 to 35 per dollar, which would help with trade competitiveness and be in line with regional currencies.
The baht dropped sharply against the greenback on Monday, but it is still up 3% so far this year, making it Asia’s best performing currency.