BANGKOK – The Bank of Thailand (BoT) has indicated that the Thai export growth has a tendency to drop further while a revision of the current growth estimate will be considered in September.
BoT Spokesperson Jirathep Seniwong Na Ayutthaya stated that the central bank is scheduled to reconsider its annual export growth projection on September 25. Following the Commerce Ministry’s latest reduction of its estimate from 1.2 percent to minus 3 percent, he said the BoT’s new figure should fall in the same range.
According to the Spokesperson, the BoT previously set its GDP growth target at 3 percent and export growth target at minus 1.5 percent. However, judging from the downtrend in exports, he indicated a possibility for the GDP to be dragged down as well.
Mr Jirathep cited the slow recovery of the global economy as the main factor against Thai exports. He elaborated that sluggishness in the Chinese market in particular has caused a blow not only to exporters in Thailand but across the ASEAN region. Moreover, the decline in the global prices of commodity products has also brought down export revenue.
