Thailand's shipping council representing exporters projected in a report released Wednesday that the country's export will contract 8 percent this year. The Thai National Shippers' Council (TNSC) has revised upward its export projection this year to 8 percent contraction from 10 percent contraction previously forecast, said Ghanyapad Tantipipatpong, the council chair. Products in demand include rubber gloves, washing machines, fax machines, telephones and parts, and gold, Ghanyapad said. Demand for Thai products have been on the rise as many countries have eased their COVID-19 lockdown restrictions. Ghanyapad said that demand for basic need products, such as canned food, farm products, processed farm products, have risen, and the coming Christmas and New Year seasons would further boost demand.
Thailand's exports in August amounted to 20.2 billion U.S. dollars, falling 7.94 percent, against imports of 15.86 billion U.S. dollars, dropping 19.68 percent. Exports in the first eight months contracted 7.75 percent, amounting to 153.37 billion U.S. dollars. The council head, however, said that Thai exporters may face some hurdles as global consumer purchasing power remains weak due to the worldwide recession, and therefore suggested that Thai exporters should focus on essential goods that are affordable during a recession. Ghanyapad also said that another hurdle for Thai exporters is the continuous strengthening of the Thai baht, making Thai products more expensive than products of competitors. Other concerns that may affect Thai exports include a shortage of migrant workers and the rise in logistics cost and freight cost.