BANGKOK: The United Kingdom’s decision to quit the European Union has prompted the Thai National Shippers’ Council (TNSC) to revise its growth target for Thai exports down to minus 2 percent.
TNSC Chairman Nopporn Thepsithar pointed out that although Thai exports in May 2016 have a tendency to contract 4.4 percent from the same month last year, an improvement is likely when compared to April. He indicated that exports have begun to move in a better direction, considering a healthy level of market share, a rebound in agricultural product prices and recovery in the imports of raw materials and machinery.
On the other hand, Mr Nopporn admitted the Brexit vote will inevitably cause an impact on the economy and consumer confidence on a global scale and, in turn, weigh down exports. Therefore, the TNSC has decided to adjust down its previous export growth estimate of 0-2 percent for the entire year to minus 2 percent.
