Ms. Banjongjit Angsusing, Director-General of the Department of International Trade Promotion, revealed at the seminar "Looking at the World, Looking at Thailand: Export Direction for 2019" organized by the Office of Trade Policy and Strategy (OTP) on February 7, 2019, that the department still confirms its export target for 2019 to grow by 8%, amounting to 272.685 billion USD. This is despite various economic forecasting agencies lowering their export targets for this year due to anticipated impacts from the trade war between the U.S. and China, exchange rate fluctuations, and other factors. However, the department aims to set this target as a working goal, and whether it can be achieved will need further discussions with the private sector. For now, the target remains unchanged.



          "At the end of February, the department will discuss with the Federation of Thai Industries (FTI), the Thai Chamber of Commerce, and the Thai National Shippers' Council (TNSC) to find measures to drive exports by market, as each market has many products with potential. There are also plans to support small and medium-sized enterprises (SMEs) and community businesses to have opportunities for exports, including increasing online sales channels," she added.



          For the export targets by market, for example, China aims for 12% growth, Hong Kong 12%, Russia and CIS 10%, Japan 7%, South Korea 7%, ASEAN 9 countries 8.3%, South Asia 8%, Africa 10%, North America 6.1%, Europe 27 countries 3%, and the Middle East 3%, among others.



          Ms. Kanyapak Tantipipatanapong, President of the Thai National Shippers' Council (TNSC), stated that the overall export picture for 2018 showed that Thailand exported a total value of 252.486 billion USD, growing by 6.7% compared to the same period last year, which is equivalent to an export value in Thai Baht of 8,093,441 million Baht, growing by 1.1% year-on-year. Meanwhile, imports were valued at 249.232 billion USD, growing by 12.5% year-on-year, or equivalent to 8,098,098 million Baht, growing by 6.7% year-on-year.



          In December 2018, Thailand's exports were valued at 19.381 billion USD, contracting by -1.7% compared to the same month last year, while the export value in Thai Baht was 633,803 million Baht, contracting by -1.3% year-on-year. Imports were valued at 18.316 billion USD, growing by 8.2% compared to the same period last year, while the import value in Thai Baht was 606,844 million Baht, contracting by -7.7%.



          In December, the agricultural and agro-industrial product exports contracted by -6.6%. Sugar, fresh chilled and frozen fruits and vegetables, canned and processed products, and fresh, frozen, and processed chicken continued to grow, but rubber exports contracted. Meanwhile, industrial product exports contracted by -0.8%. Products that saw growth included oil-related products, gold, internal combustion engines, steel, and steel products, while products that contracted included computers, semiconductors, transistors, diodes, fax machines, telephones, and wooden products.



          Overall, the export situation in 2018 expanded in the first half of the year but began to contract in the second half due to the impacts of the trade war, currency fluctuations in emerging markets, and the cautious effects of the trade war on countries within the supply chain of the U.S. and China, as well as changes in monetary policies of various countries. Nevertheless, the export situation in 2019 still needs to prepare for volatility, and thus the TNSC forecasts that exports in 2019 will grow at around 5%.

 

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