June 4, 2019 / 5:49 AM / 2 months ago

Thai shippers slash 2019 export growth forecast to 1% from 3%

BANGKOK, June 4 (Reuters) - Thailand’s shipping body said on Tuesday it had cut its 2019 export growth forecast for a second time in a month, to 1% from 3%, as global demand slows amid mounting trade protectionism.

Exports, a key driver of Southeast Asia’s second-largest economy, declined 1.86% in January-April from a year earlier, customs data showed.

A global economic slowdown had affected consumers’ purchasing power while a prolonged U.S.-Sino trade dispute had disrupted supply chains, Ghanyapad Tantipipatpong, chairwoman of the Thai National Shippers’ Council, said in a statement.

In May, the group cut its export growth estimate for this year to 3% from 5%, while the state planning agency lowered its forecast to 2.2% from 4.1%. Last year, Thai shipments rose 6.7 percent. (Reporting by Orathai Sriring Editing by Jacqueline Wong)

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