Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
InfoQuest

​Thai National Shippers' Council upgrades expected growth rate of exports to pct 6-7

May 07, 2021


Abstract : The Thai National Shippers' Council upgraded the expected growth rate of exports this year from 3-4 percent to 6-7 percent.

InfoQuest (May 7, 2021) - The Thai National Shippers' Council upgraded the expected growth rate of Thailand's exports this year from 3-4 percent to 6-7 percent.

I. The global economic recovery continues.

Major trading partners have achieved economic growth, and relevant economic data have improved.

The domestic production index rose to the highest value in the past decade, with the national average reaching 55.

II. Exports saw the highest value. The industrial products embrace expanded production, pushing the exports to the highest in the past 28 months.

III. Crude oil prices continue to rise. The economic stimulus measures introduced by various countries and rapid COVID-19 vaccination have boosted global confidence in economic development, thus reviving oil demand.

IV. The Thai baht continues to depreciate.

Meanwhile, Thailand is still facing some economic risks and difficulties:

I. Insufficient containers and high freight rates.

European routes and the east coast routes of the United States lack containers and stacking places; the west coast routes of the United States are hindered by inland traffic congestion, causing some Inland Ports to temporarily refuse reservations, and only the Base Ports can accept reservations.

Freight rates on many routes remain at a relatively high level, and some routes add surcharges.

The congested Lianchawan Port impairs the whole supply chain and further affects Thailand's overall economic development.

II. The COVID-19 pandemic has not receded, weakening people's purchasing power and hindering economic recovery.

III. Shortage of raw materials.

The shortage of chips has adversely affected the automobile industry and the electronic products industry. Some automobile manufacturers began to delay the production and delivery of some models.

Steel prices have risen in the global market. To curb air pollution, China's steel output has dropped by about 50 percent, which gave rise to a shortage of steel supply and an increase in prices.

IV. Labor shortage. The COVID-19 pandemic makes it harder for foreign workers to enter and leave the country, and many industries have to cut their output due to labor shortages.

Source: InfoQuest, by Tanawat Suayaem/Rachada Kongkhunthian/Sasithorn Simaporn, translated by Xinhua Silk Road

Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.

Scan the QR code and push it to your mobile phone

Keyword: Thailand exports

Reading:

​Baltic Exchange releases weekly shipping market report

Interview: BiH expecting to export dairy products to China to promote development, says trade minister

Foreign trade of Chinese resort city Sanya hits RMB 4.85 bln in Q1

Economic Watch: Int'l businesses eyeing China's resilient consumer market

China's major bicycle manufacturers report output surge in Q1

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial