New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/06/2014 -- Growth Forecast Reduced For 2014
Since BMI's last quarterly report we have reined in our outlook for Thailand. We now estimate 2013 GDP growth at 3.6% (reduced from 4.0%) and are forecasting 2014 growth at 3.8% (down from 4.5% earlier). Two main factors explain this adjustment. First, data for Q313 show that cooling external demand has begun to have an impact on household spending and business investment. Second, an upsurge in political tensions in November/December 2013 has again increased worries over the country's immediate future. Mass demonstrations against the 'red shirt' government of Prime Minister Yingluck Shinawatra by her 'yellow shirt' opponents eventually passed off without major violence. The Prime Minister, defeated in her attempt to pass an amnesty law and reform the Senate (steps seen as designed to prepare the return to Thailand of her controversial brother, former Prime Minister Thaksin Shinawatra) has instead called new elections for February 2014. This means that there will be a short-term pause before the country's prospects become clearer.
View Full Report Details and Table of Contents
BMI's outlook for the ports and shipping sector is for positive volume growth in a 3-7% range. Freight transport infrastructure investment projects and Thailand's increasing role in intra-regional trade should keep the shipping business growing a little faster than the economy as a whole.
Headline Industry Data
- Gross tonnage at Laem Chabang, the country's largest port, set to rise by 5.5% to 48.008mn tonnes in 2014 (faster than the forecast 3.8% GDP growth for the year).
- Box handling at the same port to rise 3.5%, to 6.299mn twenty-foot equivalent units (TEUs) in 2014.
- At the Port of Bangkok, BMI projects that tonnage will grow by 4.2% in 2014, to 20.234mn tonnes, with container handling set to grow by 7.0%, to 1.592mn TEUs.
- We expect the real value of foreign trade to grow by 5.0% in 2014, up from 4.4% the year before. Imports will be up by 5.4%, ahead of exports that will grow by 4.5%.
Key Industry Trends
Port Industry On Alert Over Political Tensions: In early December 2013, all national government services, which included customs and the port authority, were operating normally at ports in Thailand despite rising political tension and riots in the capital Bangkok, according to shipping and logistics firm Gulf Agency Company. However, customs clearance, transportation and other services offered by state-level agencies were likely to be affected by the protests, the firm said.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Transportation research reports at Fast Market Research
You may also be interested in these related reports:
- Hong Kong Shipping Report Q1 2014
- Greece Shipping Report Q1 2014
- Indonesia Shipping Report Q1 2014
- Croatia Shipping Report Q1 2014
- Estonia Shipping Report Q1 2014
- Romania Shipping Report Q1 2014
- Vietnam Shipping Report Q1 2014
- Taiwan Shipping Report Q1 2014
- Saudi Arabia Shipping Report Q1 2014
- China Shipping Report Q1 2014