Thailand's Export Growth Forecast

BANGKOK (Reuters) – Thailand's exports could grow more than 2% this year, surpassing previous forecasts, according to the Thai National Shippers' Council on Tuesday.

"At worst, if Q4 numbers are the same as last year, exports should exceed 2%," stated Chaichan Chareonsuk, chairman of the Thai National Shippers' Council. The council had initially projected a 2% growth.

Exports, which are vital to the economy, increased by 1.1% in September compared to a year earlier. The government aims for a 2% export growth this year, with shipment values expected to reach a record high of $290 billion.

From January to September, exports rose by 3.9% compared to the same period in 2023, with further increases anticipated in the final quarter. However, exporters might encounter some losses due to baht appreciation in Q4, as noted by Chaichan.

At the end of September, the baht hit a 31-month high at 32.125 before gradually depreciating to 33.915, its weakest level in over two months. "The exchange rate in the fourth quarter of 33.5 to 33.8 is considered manageable," Chaichan remarked.