The University of the Thai Chamber of Commerce (UTCC) predicts that Thailand’s export earnings would be around US$291 billion (10.48 trillion baht) this year, representing a 2.5% increase.
The export growth forecast was likewise based on the condition that Thailand’s inflation rate would vary between 0.5 and 1.55 this year.
Thailand’s exports benefit from five favorable factors:
- The International Monetary Fund’s revised global GDP prediction of 3.1% for this year;
- In 2024, international commerce is predicted to increase by 3.3%, owing to lower inflation rates and economic recovery in the US and China;
- The Thai currency is expected to decrease in value;
- Global inflation rates are likely to fall, lowering interest rates in many countries;
- Several countries are expected to reduce their policy interest rates. The US Federal Reserve, in particular, is projected to reduce interest rates in May.
Semiconductors, transistors, diodes, fresh and frozen fruits, transformers and parts, vehicles and parts, machines, and electronic boards are among the Thai products predicted to develop strongly this year. (PRD)
