Promotion plan as exports slow

The sluggishness in all sectors has prompted the ministry to draft a special export promotion plan to the new government to ask for a hike in budget and seek ways to maintain growth.

"After meeting many sections of the private sector, including agricultural, agro-industrial and industrial, we found they all had gloomy export growth expectations next year," said Siripol.

However, he said the ministry was still optimistic about overall export growth next year as food and agricultural products - essential goods - will still grow.

Exports are expected to earn US$187.9 billion (Bt6.5 trillion) compared to this year's 18-per-cent growth valued at $179.3 billion.

The ministry has a budget of $7.7 billion.

It plans to ask for another Bt2 billion to promote exports next year.

Despite the slowdown in growth, exports will remain a key economic driver.

The export promotion plans will concentrate on potential new markets in Latin America, Russia, Asia and Africa as countries there would face lower impact from the financial meltdown, compared with developed nations like the US, the European Union and Japan.

Sectors that will have lower export growth this year are automobiles and auto parts, and electronic and electrical appliances.

Siripol said luxury and durable goods would be the first to be affected.

Sectors whose exports would slow next year include jewellery, construction materials, textiles and garment, plastics, rubber, printing products, packaging, leather goods and shoes, travelling goods, cosmetics, medical goods, feed meal, sports and games equipment.