According to the Thai National Shipper’s Council (TNSC) and the Export-Import Bank of Thailand (EXIM Bank), exports may grow by 5% in 2014 as planned, thanks to the weak Thai baht.
According to President of the TNSC, Nopporn Thepsittha, the export sector has not been affected by the political turmoil that has been ongoing in the past 3 months, given that purchase orders are usually required to be placed well in advance and that the nation’s strong supply chains have high resistance against political effects.
In addition, the weaker baht and the global economic recovery would help Thailand achieve its target of 5% export growth this year, said Mr. Nopporn.
EXIM Bank chairman, Kanis Sukhonthaman, echoed Mr Nopporn’s view, saying the contributing factors to Thailand’s export growth include the rising purchasing power of major global markets such as the U.S. and the expanding economies of Cambodia, Laos, Myanmar and Vietnam (CLMV).
EXIM Bank boasted net profit of 1.3 billion baht in 2013, an increase of 18% year-on-year. The bank’s has outstanding loans of 67.5 billion baht at the end of last year, while its Non-Performing Loans stood at 2.9 billion baht.