Thai shippers cut 2019 export forecast to fall 2.5%-3.0%

Thai shippers cut 2019 export forecast to fall 2.5%-3.0%

Thailand’s shipping association on Tuesday lowered its 2019 export forecast for the year’s fifth time. With a forecasting drop of 2.5% and 3.0%, the prediction was made due to global trade tensions and a strong local currency.

In October, the association forecasted an export decline of 1.5% in 2019.

For 2020, exports are still expected to rise 0-1% according to a statement by Ghanyapad Tantipipatpong, chairwoman of the Thai National Shippers’ Council.

“There are no positive factors but risks,” she said regarding the Trade War and the strong Baht, which has appreciated 7.6% against the U.S. dollar this year, putting further pressure on export competitiveness.