National Shippers’ Council says 2018 exports to grow 5.5%
The Thai National Shippers’ Council (TNSC) believes the export sector could have expanded by no less than 10% in 2017 and has forecast 5.5% growth in 2018.
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The TNSC said November 2017 export value grew to a six-year high of US$21.43 billion or a 13.4% increase on the same period last year. Total export value for the first 11 months of 2017 reached US$216.95 billion, a 10% increase year on year.
Key products included vehicles and car parts, computers and computer parts, and food. Major importers included China, the United States, and Japan.
The export sector in 2018 is expected to grow by 5.5% to around US$230 billion. According to the TNSC, notable industries would include manufacturers of electronic parts, vehicles and vehicle parts, and phone accessories.
The council claims that the key challenge this year lies in the agriculture and food industries, saying the government must encourage farmers to create value-added products, while keeping costs down, and diversifying crops as a way to manage risk.
Other proposals to the government include ensuring the stability of the Thai baht, developing human resources for the manufacturing sector, supporting exports to new markets, and accelerating logistical infrastructure projects to expedite the Eastern Economic Corridor.