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Thai exports growth forecast drops to 1% due to trade war

This year’s export growth has been reduced to 1% from 3% earlier forecast due to the U.S.-China trade war and a world economic slowdown

National News Bureau of Thailand

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Thailand’s export sector has raised concerns due to a trade war between the United States and China, which has been attributed to a decline in the volume of export cargoes by mercantile ships from this country.

This year’s export growth has been reduced to 1% from 3% earlier forecast. New export markets are being sought and exporters will hold talk with the Ministry of Commerce shortly.

Kanyaphak Tantiphiphatphong, president of the Thai National Shippers Council, said Thailand’s export sector made a combined 18.5 billion dollars in April, accounting for a 2.6% drop from the same period last year.

That was due to the U.S.-China trade war and a world economic slowdown. Thai exports to the Chinese markets have largely dropped for four consecutive months since January.

The Thai National Shippers Council has readjusted this year’s export growth to 1%, compared to 3% earlier forecast. That is obviously lower than the Ministry of Commerce’s projected growth. Though the Thai goods export to China has dropped, that to the U.S. has risen, following an increase in the U.S. import tariffs for Chinese goods.

Thailand was seeking new export markets such as secondary Chinese provinces and India. The Thai National Shippers Council has planned to hold talk on export promotion measures with the Ministry of Commerce.

National News Bureau Of Thailand

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