The global economic slowdown and the baht being the strongest currency in Southeast Asia are major factors contributing to the country's falling short of its export target.
Following the meeting with Thai commercial attaches around the world, Foreign Trade and Strategy Bureau Director Somdej Susomboon revealed that the country's first-quarter exports increased by 4.26%, totaling USD56 billion, mainly from sales to countries in Southeast Asia as well as new markets, including Russia, South Africa, Brazil and Argentina.
But according to Mr. Somdej, various industries have consequently adjusted their export targets due to the global economic downturn, the strong baht and trade barriers imposed by some countries.
The frozen shrimp industry has lowered its growth target from 10% to 2%.