BANGKOK, May 7 – Thailand’s declining export growth should pick up in the second half of this year, according to a Siam Commercial Bank (SCB) forecast.
The bank’s Economic and Business Analysis Centre sees Thailand’s export and economic growth at 7.1 per cent and 5.1 per cent respectively this year.
The rate of Thailand’s economic growth or gross domestic product is 0.12 per cent lower by each 1 per cent of the baht’s appreciation.
The bank reported that Thai currency has surged 6 per cent since early this year, saying that the hardest-hit export products were rice, rubber, seafood, vegetables, fruit, jewellery and accessories, and garments which rely on export by 60 per cent.
The negative impact on Thai exports in US dollars was not severe in the short term as some exporters had earlier adjusted the prices of their products, it said.
The strong baht has put exporters–especially of rice, rubber and garments–in difficult positions due to fierce competition in the global market.
