The Thai industrial sector expects exports to rise by the end of the year
The Federation of Thai Industries (FTI) expects 10 export sectors to gain momentum if there are no serious disruptions to the COVID-19 spread in the industrial sector that could lead to a shortage of raw materials.
Kriengkrai Thiennukul, vice chairman of FTI, said that of the 10 industries, food and auto exports have a strong correlation with global economic conditions. A stronger world market will increase the demand for food and cars from Thailand. Medical devices, herbal medicines, and nutritional supplements should also have good export prospects as people are concerned about COVID-19 infections and have become more health conscious.
In the food segment, he said market supply and demand, as well as manufacturers’ attempts to contain COVID-19, are critical to the outlook. The growth in the food industry results from higher prices for agricultural products as well as strict measures to protect food processing from contamination, especially from COVID-19.
Mr Kriengkrai said exports are healthy and will continue to grow, adding that trade is the key driver of the economy for the rest of the year. The global economic recovery should also drive the export segment this year, particularly the US and China, as many developed countries have vaccinated a significant portion of their populations against the highly contagious virus. (NNT)