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Thai commerce ministry forecasts 3 pct export contraction

Xinhua, August 6, 2015 Adjust font size:

Thailand's Commerce Ministry on Thursday revised down its projection for export growth in 2015 to a 3-percent contraction.

The value of Thai exports this year is estimated to total 220 billion U.S. dollars, 3 percent less than 227.5 billion dollars in 2014, director of the ministry's Office of Trade Policy and Strategy Somkiat Trairatpan said.

Somkiat attributed the lowered projection to the global economic downturn and resulting weaker overseas demand.

The latest forecast is based on the assumption that the global oil price this year averages 60 U.S. dollars per barrel and the exchange rate of 35 baht per U.S. dollar, Somkiat said.

The prices of agro-products are expected to rise in the second half of the year, with agricultural exports likely to generate 19 billion dollars in revenue, he added.

The weakening baht will add to the competitiveness of Thai goods in global market and help promote exports in future months, according to the director. Endi