Thai shippers cut 2019 export outlook to a fall of 2.5%-3.0%

FILE PHOTO: A view of the port of Bangkok in Thailand
FILE PHOTO: A view of the port of Bangkok, Thailand May 26, 2016. REUTERS/Jorge Silva

December 3, 2019

BANGKOK (Reuters) – Thailand’s shipping association on Tuesday lowered its 2019 export forecast for the fifth time this year, forecasting a drop of between 2.5% and 3.0% due to global trade tensions and a strong baht <THB=TH>.

In October, it forecast an export decline of 1.5% this year.

For next year, exports, a key driver of Southeast Asia’s second-largest economy, are still expected to rise 0-1%, Ghanyapad Tantipipatpong, chairwoman of the Thai National Shippers’ Council, said in a statement.

“There are no positive factors but risks,” she said, citing the trade war and the strong baht, which has appreciated 7.6% against the U.S. dollar this year, putting further pressure on export competitiveness.

(Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Kim Coghill)