UTCC:Thailand's export growth should be over 8% in 2018

BANGKOK, August 8 (TNA) - The Center for International Trade Studies (CITS), under Bangkok-based University of the Thai Chamber of Commerce (UTCC), has projected that the country's export growth should now exceed 8 per cent year-on-year in 2018, backed by, among other positive factors, the expanding world economy generally. CITS Director Ath Pisalvanich told journalists of the updated forecast on August 7, saying that Thai exports during the second half of this year alone should stand about 129.99 billion US dollars, or a 5.5 per cent year-on-year expansion. The CITS director acknowledged his center, thus, projected that Thai exports should grow by about 8.1 per cent year-on-year on average in 2018, totally worth about 255.80 billion US dollars, or should be in the 7.3-8.9 per cent year-on-year growth range totally worth 253.98-257.60 billion US dollars, despite a drop from last year's 9.9 per cent year-on-year growth. The CITS director attributed Thailand's continual export growth mainly to the generally-expanding world economy and Washington's decision on extending trade privileges under its Generalised System of preferences (GSP) to Thailand in April 2018, resulting in more Thai exports to the US market ever since. Beside, the Thai baht has been on a depreciating trend against the greenback in the second half of this year, which is beneficial to Thai exporters. The CITS director cautioned, however, that there are remaining risk factors against Thailand's export growth, including impacts from the ongoing trade war between the United States and major trading partners, depreciating currencies against the greenback of rival exporting countries and rising production costs in line with rising world oil prices. The CITS director noted that the rising world oil prices should also, on the other hand, boost the prices of Thai exports. (TNA)