Thailand’s export value foreseen to grow by 12% in 2012

BANGKOK, January 25 (TNA) - The Thai National Shippers’ Council (TNSC) has projected that the country's overall export value would grow by 12 per cent in 2012, while the overall export volume would expand by 9.7 per cent. TNSC President Paiboon Ponsuwanna said that the figures were jointly worked out recently by TNSC and Bangkok-based Chulalongkorn University's Faculty of Economics. Paiboon noted if the government was able to invest as planned, Thailand’s gross domestic product (GDP) would grow by 4.5 per cent in 2012, but if the ongoing Eurozone debt crisis worsened, Thailand’s GDP could be affected and would grow only by 2-3 per cent this year, amid the vulnerable world economy and a possible economic recession in Europe in the fourth quarter of this year. The TNSC chief cautioned that exports of 4-5 Thai industries would likely contract in 2012, namely the jewellery industry, caused by fluctuating world gold prices, urging the Thai government to set its clear targets on the country's continual export growth. Meanwhile, Paiboon proposed that the new Thai Cabinet quickly reduce logistics costs and customs procedures, through the introduction of the so-called Single Window Entry system, as part of Thailand's preparations for the establishment of the ASEAN Economic Community (AEC) by 2015. (TNA)