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Trump Loss Better for Thai Exports, U.S. Economy, Kasikorn Predicts

Laem Chabang Port in Chonburi
Laem Chabang Port in Chonburi

Regardless of who wins the U.S. presidential election, the outlook for Thai exports should improve, but would do better if incumbent Donald Trump loses, Kasikorn Research Center said Wednesday.

The center believes the U.S. economy is bottoming out and was betting that Biden would win and his policies will further stimulate the economy and thus benefit Thai exports. As of early Thrusday, the race remained too close to call with a final winner not expected to be declared possibly for days.

Thai exports to the U.S. next year should grow by 10-12 percent with the export value of US$36.7 to $37.3 billion if Biden wins the election. If incumbent Trump wins, Thai exports still would increase less than 5 percent with the value of about $35 billion, the center said.

The center sees a bright prospect for food exports regardless of who will be the U.S. president.

If Biden wins, demand will rise for luxury goods such as gems and jewelry, automobiles, electrical appliances, furniture, steel, solar panels, computers and electronic parts. Biden emphasized investment in infrastructures and green energy, the research center said.

Improving purchasing power in the U.S. based on the policies of the Democratic Party would increase demand for Thai intermediate products that countries would use to produce their exports destined for American consumers, Kasikorn Research said.