of June 2018), up from 4.1 percent in the previous forecast. However, the growth outlook still challenge with uncertainties on the external front, especially US foreign trade policies and the

contribution in 2019.  With 90 manufacturing sites across 30 countries, and more than 90% in domestic sales, IVL is strongly suited for today’s macro environment to benefit from the trade tensions, supported by

grew by 69.4%. OEM sales also grew by 249.6% YoY, mainly as a result of the trade war between the U.S. and China, which let the Company have more sales orders from the U.S. importers and retailers

which may affect international trade and exchange rate fluctuation. According to the Bank of Thailand data, at the end of December 2017, reported the total numbers of credit card industry amounted to 20.3

driven by global trade recovery and well-performing trading partners’ economies. Also, tourism sector robustly expanded, reflected from an increasing number of international tourist arrivals especially

in trade policies of US and China and global economic, the conflict in the Middle Eastern that impacted global oil price as well as the Baht’s ongoing appreciation. As of November 30, 2019, the

overall 2019 growth at 2.4% the lowest in five years. Exports were hit by trade tensions and the appreciation of the Thai baht had a detrimental effect, which fed through to the domestic economy. The

increased downside risks from external factors such as uncertainty in the U.S. economic policies may affect international trade, the slowdown of the Chinese and the EU economies and etc. According to the Bank

เงิน 78 ลานบาท โดยเงินกูยืมระยะสั้นจากสถาบันการเงินเพิ่มขึ้นจากแพคกิ้งเครดิตและ Trade on Demand เจาหนี้การคาเพิ่มขึ้นจากการซื้อสินคาคงเหลือเพิ่มขึ้นเพื่อรองรับงาน OEM และสินคาซื้อมาขายไปเพิ่มขึ้น

consisted of trade and other payables and long-term loans from bank. Total liabilities were THB 95.34 million and THB 173.10 million respectively. Long-term Loans from Bank As at 31 December 2016, the Group