Thailand's exports are forecast to grow by 5% this year, at the low end of a previous forecast of 5-8% growth, thanks to uncertainty over the Russia-Ukraine war, a shortage of raw materials and volatility in their prices, as well as higher labour costs, says a group of Thai shippers.
Chaichan Chareonsuk, chairman of the Thai National Shippers' Council (TNSC), said the group has been closely following and evaluating the impact of the Russia-Ukraine war and the trade and financial sanctions imposed by the United States and European Union, which are expected to greatly impact the global and Thai economies, especially in terms of rising production costs due to higher prices of raw materials and energy.
Purchase orders from Thailand's key trading partners are expected to slow because of the war, he said.
