Thailand’s exports are projected to exceed 2% growth this year, surpassing previous estimates, according to the Thai National Shippers’ Council, which made the announcement on Tuesday.
“At a minimum, if Q4 figures match those of last year, exports should still surpass 2%,” stated council chairman Chaichan Chareonsuk.
The council had initially anticipated a 2% growth rate.
Exports, a crucial component of the economy, increased by 1.1% in September compared to the same month last year. The government aims for a 2% growth in exports this year, with the total value of shipments expected to reach a record $290 billion.
In the January to September timeframe, exports rose by 3.9% compared to the same period in 2023, according to data from the Commerce Ministry, with expectations for continued growth in the final quarter.
Mr. Chaichan acknowledged that exporters may face some exchange rate losses in Q4 due to the appreciation of the baht.
By the end of September, the baht had reached a 31-month high of 32.125, before gradually depreciating to its lowest level in over two months at 33.915.
“The exchange rate range of 33.5 to 33.8 in the fourth quarter is considered manageable,” Mr. Chaichan added.
