Slump in export projections due to 2011 flooding: NESDB
The reduction in Thailand's 2012 export projection from 15.1 per cent as announced earlier to 7.3 per cent is in line with the data collected by the National Economic and Social Development Board (NESDB) in the first half of this year.
NESDB Secretary General Akom Termpitayapaisith said there is no getting away from the fact that Thailand was severely affected by last yearâ€™s massive floods, which resulted in a three-month suspension of production.
Production in unflooded zones was also affected, as industries relied upon parts and supplies from manufacturers in flooded areas, he said, according to Thai News Agency.
In November and December last year, he added, logistics links were severely hit by the floods and exports could not get up to pace until production restarted early this year.
Akom said the export slump worsened after the European Union's debt crisis.
The outlook in the next six months depends on the performance of government agencies and exporters who must find measures to turn around the situation, especially at the end of the third quarter when containers of goods will be shipped out.
"If we ease some regulations and make it more convenient for exporters to ship out their goods as well as extend assistance to factories in their recovery process, overall exports can improve," he said.
Meanwhile, Deputy Prime Minister and Finance Minister Kittiratt na Ranong took sick leave on Monday and all his appointments were cancelled.
He was scheduled to chair a meeting of the Office of Atomic Energy for Peace at Government House in the morning.