Bangkok: The National Economic and Social Development Board (NESDB) has urged the Bank of Thailand to manage the baht's value in response to intensifying global market competition. The Thai National Shippers' Council (TNSC) has expressed concerns that the baht's recent strengthening could hinder export growth in the year's final quarter, emphasizing the need for the Bank of Thailand to align the exchange rate with regional currencies.
According to Thai News Agency, Mr. Thanakorn Ketsuwan, Chairman of the Thai National Shippers' Council, highlighted after a meeting with Bank of Thailand executives that exports from Asia to the United States have slowed compared to the first half of the year. This slowdown is evident in the Trans-Pacific Eastbound maritime transport market. Despite shipping lines canceling voyages, a significant amount of available capacity remains due to fewer ship bookings before China's Golden Week compared to the previous year. While shipments to other regions are offsetting this, global and domestic trade competition is expected to intensify in the year's final stretch. Thailand's baht appreciation places the country at a disadvantage against key competitors, potentially jeopardizing the opportunity to boost exports.
The Thai National Shippers' Council has proposed seven urgent measures for the government, the Bank of Thailand, and relevant agencies. These measures include regulating the baht to align with regional currency trends, reducing business costs, expediting budget approval and disbursement, and addressing trade logistics issues. Additionally, the council suggests strengthening supervision of imported product standards, reviewing rules of origin for foreign direct investment, and continuing effective policies from the previous government to ensure cost-effective budget management.