BANGKOK- Thailand’s exports are expected to rise 1 percent to 2 percent this year, unchanged from a previous forecast, the Thai National Shippers’ Council said on Tuesday.
Exports, a key driver of the economy, dropped for the first time in three months in June, down 0.3 percent from a year earlier, according to commerce ministry data.
The ministry data showed shipments in the first half of 2024 rose 2.0 percent from the same period a year earlier, after falling 1 percent in the whole of 2023.
“The first half was good amid the storm of geopolitical conflicts and a global economic slowdown,” Chaichan Chareonsuk, chairman of the Thai National Shippers’ Council, told a briefing.
In the first three months of 2024, exports fell 0.2 percent year-on-year, commerce ministry data showed.
Southeast Asia’s second-largest economy grew 1.9 percent last year, lower than 2.5 percent growth in 2022, lagging regional peers as it confronts high household debt and borrowing costs alongside China’s slowdown.
Earlier, the finance ministry reduced its 2024 economic growth forecast to 2.4 percent from 2.8 percent, but said growth could still reach 3.3 percent if the government’s 500 billion baht ($13.5 billion) household stimulus plan launches in the fourth quarter as planned.
The tourism sector, also a important driver of growth, is expected to see 35 million foreign arrivals this year, unchanged from a previous forecast, the business group said.
The government is aiming for a record of 40 million foreign visitors this year. From Jan. 1 to May 5, Thailand received about 12.6 million foreign visitors, up 39 percent year-on-year, with Chinese tourists at about 2.5 million, government data showed.
The business group said a government plan for a minimum wage hike would hurt the economy and investment, and it would send a letter to the labour ministry asking to reconsider the move.
