Shippers cut 2020 export outlook from -8% to -10%Klong Toey port in Bangkok (Bangkok Post file photo)Thailand's exports are expected to shrink 10% this year, deeper than the previous forecast of an 8% drop, due to the coronavirus pandemic and the strength of the baht currency, a shipping association said on Tuesday. In the January-March period, the value of annual exports, a key driver of growth, fell 3.71% in dollar terms and declined 5.18% in baht terms, commerce ministry data showed. The baht gained 0.2% to 31.05 against the greenback at 11.06am It 30.79 on June 24, the strongest since late January. The central bank recently said the baht strength could affect an economic recovery and it would assess the necessity of implementing more steps to curb it. In 2019, the economy saw a 2.65% drop in exports amid global trade tensions and a strong baht.

Source: Bangkok Post July 07, 2020 05:37 UTC