Economy News
Thailand economy news, business updates, financial markets, and government policies—stay informed on economic developments shaping the nation. Get the latest from The Thaiger, your trusted source for Thailand economic news.
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Thailand is the world’s biggest exporter of durian
Thailand, known for its rich culture and stunning beaches, is also the world’s biggest exporter of the notorious fruit, durian. According to the Trade Policy and Strategy Office, Ministry of Commerce, Thailand has retained its top spot for durian exports, accounting for a whopping 93.3% of the global market share, Pattaya Mail reported yesterday. In 2022, Thailand exported fresh durian…
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Thailand’s struggle with high household debt and political promises
Kavita Wongyakasem, a 48-year-old business owner in Bangkok, struggles daily to keep her household afloat. Running a company that provides services for a major energy firm, she owns a house in Nonthaburi, drives a pickup truck, and sends her two daughters to good schools. But beneath the surface, she is eight million baht in debt and lacks any cash savings.…
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US and Thailand advance energy cooperation in recent discussions
The United States and Thailand have recently agreed to advance energy cooperation during talks in Washington, DC. The Office of the Spokesperson for the US Department of State issued a joint press statement revealing that the discussions took place during the third US-Thailand Energy Policy Dialogue, held from April 18 to April 20. Both nations aimed to deepen their ties…
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Thailand accelerates shift to renewables amid global energy crisis fallout
The global energy crisis has prompted Thailand to accelerate its transition to renewable energy after years of hesitation, joining other countries in adopting wind and solar power to reduce dependency on imported fuels. Thailand’s reconsideration of its renewable energy strategy came after a surge in natural gas prices last year caused by Russia’s invasion of Ukraine, according to Wattanapong Kurovat,…
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Top 5 nationalities investing in Thailand in Q1
Foreigners invested 33 billion baht into Thailand in the first quarter of the year, a government spokesperson revealed today. Investors from Japan invested the most, followed by investors from Singapore and the USA, respectively. A spokesperson for the Prime Minister’s Office and Deputy Secretary-General to the Prime Minister Anucha Burapachaisri revealed that the government approved investment from 174 foreign investors…
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Labour Day celebrations amidst scepticism over political promises
As Labour Day is celebrated in the country today, activists have voiced scepticism over political parties’ campaign promises to increase minimum daily wages to seemingly unrealistic levels. For example, the Pheu Thai Party has vowed to raise the minimum wage to a flat rate of 600 baht, while the Move Forward Party has pledged to increase it to 450 baht…
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Thai government to resubmit subsidy proposal to Election Commission
Thailand‘s issues around electricity costs are continuing. Thailand’s Prime Minister Prayut Chan-o-cha remains determined that the government will resubmit a proposed 11 million baht (US$330 million) subsidy for household electricity bills to the Election Commission (EC) for approval. The proposal, which was approved by the Cabinet last week, was previously rejected by the polling regulator, according to an unnamed source.…
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Pheu Thai party rally focuses on agriculture, digital wallet policy, and appealing for votes in Nakhon Si Thammarat
The Pheu Thai Party held an enthusiastic rally in Nakhon Si Thammarat, featuring prominent members such as Paetongtarn Shinawatra, candidate for prime minister, and her husband Pik Sukhsawat, as well as party strategist Chaturon Chaisang and director Natthawut Saikua. The candidates for MP seats in their respective districts also echoed the party’s policies and called for local support. During the…
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Mitr Phol Group ranks second in global food industry sustainability assessment
Mitr Phol Group, the world’s second-largest sugar producer and a leader in sustainable development within the agro-industrial sector in Thailand, has recently been ranked second globally for sustainable development in the food production industry in the latest Corporate Sustainability Assessment (CSA) conducted by S&P Global. This marks the fifth consecutive year that Mitr Phol Group has been included in the…
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Deputy interior minister criticizes tap water fee hike plan amid rising energy prices
Deputy Interior Minister Naris Khamnurak spoke out against the Metropolitan Waterworks Administration’s (MWA) and Provincial Waterworks Administration’s (PWA) plan to hike tap water fees yesterday. Naris was responding to media reports suggesting both agencies intend to raise bills to counterbalance the higher expenses brought about by rising energy prices. The Deputy Interior Minister emphasised that neither the MWA nor the…
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Thai politician foresees Phuket and Phang Nga as new global business centres
Thailand’s Phuket and Phang Nga provinces, according to an imaginative proposal by Thai politician, Settha Taweesin, could become the new global business destinations and potentially draw in talented individuals from around the world to work in these areas while simultaneously enjoying the natural beauty and tourist attractions on offer. Settha Taweesin, a candidate for prime minister representing the Pheu Thai…
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Democrat Party plan to transform Hat Yai into major economic hub
The Democrat Party in Thailand recently revealed its intentions to rejuvenate its previous plan to turn the commercial district of Hat Yai, located in Songkhla province, into a significant economic centre. This attempt aims to attract more investors to the area. Democrat Party officials mentioned that they are considering the enactment of a special law that would promote the growth…
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Ft set to decrease next month, says Thailand’s ERC
The Energy Regulatory Commission (ERC) is set to reduce the fuel tariff (Ft) next month, following a recommendation by the subcommittee responsible for its calculation. The decision comes in response to concerns regarding the rising cost of living, with water rates also marked for an increase after 23 years of stagnation. As reported by Khomgrich Tantravanich, the ERC’s secretary-general, the…
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Experts unite to oppose govt’s cannabis legalisation
A collective of medical professionals, academics, and civil organisations have released yet another open letter to express their opposition to the government’s decision to legalise cannabis. This marks their seventh open letter on the matter, urging the public to vote for political parties that do not support the removal of cannabis from the list of narcotics, as well as its…
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Chinese ambassador expresses confidence in Belt and Road Initiative benefiting Thailand and China
Chinese Ambassador Han Zhiqiang expressed his confidence yesterday that China’s Belt and Road Initiative (BRI) would foster mutual growth and provide numerous benefits to both Thailand and China. Speaking at a seminar titled “Contemporary China with the World: An Exchange of a New Generation between Thailand and China,” the ambassador highlighted the BRI’s role in guiding and advancing bilateral relations…
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Thailand is the biggest exporter of condoms in the world
Condoms are among five products that Thailand exports more than any other country in the world, according to data from the global trade insights website kidka.com, reports Prachachat. Today, the Ministry of Commerce’s Director of the Trade Policy and Strategy Office, Poonping Naiyanapakorn, revealed that Thailand was the champion exporter of five outstanding Thai products in 2022… Fresh Durian Thailand…
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Thai activists say new electricity rates won’t solve root causes of high prices
A decision by an Energy Regulatory Commission (ERC) subcommittee to reduce electricity rates from May to August has been met with reservations from Thai energy activists and politicians, who argue that the move does not address the root cause of expensive power bills. Yesterday, the subcommittee approved the fuel tariff (Ft) rate adjustment, which considers changes in fuel costs and…
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Thailand’s alcoholic beverage sales jump by 30% during Songkran
Thailand certainly seems to have enjoyed itself after celebrating Songkran for the first time since the Covid-19 pandemic broke out. Thailand’s alcoholic beverage sales jumped by 30% during the Songkran holiday, according to Thanakorn Kuptachit, an advisor to the Thai Alcohol Business Association. Related businesses such as restaurants, entertainment venues, hotels, and event organisers, also got a boost from Songkran.…
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ERC’s tariff cut to benefit households
The Energy Regulatory Commission (ERC) is anticipated to reveal a decrease in fuel tariffs (Ft) from May to August today, resulting in a drop in power tariff rates for households to 4.70 baht per kilowatt-hour unit from the current 4.77 baht per unit. This decision comes in response to public outcry over surges in electricity bills during the summer months,…
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Migrant workers fill gap in Thailand’s tourism and service sectors due to labour shortage
Migrant workers are increasingly filling roles in Thailand‘s tourism and service sectors, due to a chronic manpower shortage, according to Tanit Sorat, deputy chairman of the Employers’ Confederation of Thailand (ECOT). The labour shortage is the result of new Thai graduates choosing freelance jobs and the country’s ageing population. Sorat explained that with many graduates preferring a slower lifestyle over…
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PM Prayut vows to unearth new sources of alternative energy, lower summer bills
Prime Minister Prayut Chan-o-cha has announced that the government is intensifying its efforts to discover new sources of alternative energy in response to complaints about rising electricity bills during the summer months. His statement comes in reaction to social media outrage and calls for the government to take further steps to reduce people’s energy expenses. He said… “It is crucial…
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PPRP pledges to boost economy with soft power promotion in upcoming General Election
The Palang Pracharath Party (PPRP) has pledged to enhance the promotion of soft power as a key driver of the economy if the party is victorious in the upcoming General Election. Charnkrit Dejwithak, a spokesperson for the party’s election strategy committee, highlighted the significance of a soft power development policy through the example of the Songkran Festival, which draws numerous…
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Early morning raid captures illegal foreign workers at a Pattaya market
An early morning raid at Amon Nakhon fresh market in Pattaya by Chon Buri Immigration officials and Bang Lamung Police Station led to the capture of seven illegal foreign workers. Police reported the surprise raid was conducted at 6am on Wednesday and seven illegal migrants were arrested. Officers searched the market and nearby shops which saw workers from Myanmar, Cambodia, Vietnam,…
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Big Oil Majors production cuts, what this means to airfares
The recent move by the Big Oil Majors to cut production by over one million barrels a day as a “precautionary” measure to stabilize the oil market will have a domino effect on airfares, according to industry experts. The Organization of the Petroleum Exporting Countries (OPEC) yesterday announced plans to lower oil production by 1.16 million barrels per day, starting…
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Power struggle: JSCCIB takes on govt to lower electricity prices
Tensions are running high in Thailand as the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has declared war on the government in a bid to bring down the nation’s soaring electricity prices. The committee, comprised of representatives from major business groups, is asking Prime Minister Prayut Chan o cha to reconsider the electricity bill calculation and reduce the…
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Thailand’s billionaire trio makes Forbes’ 2023 list of world’s richest
Forbes yesterday released its annual list of the world’s billionaires, and Thailand has its hands in the till with 28 billionaires, three of whom are ranked in the top 150. The list includes Dhanin Chearavanont, Charoen Sirivadhanabhakdi, and Sarath Ratanavadi, whose net worths range from US$12.3 billion to US$14.9 billion. Despite this achievement, the year 2023 proved challenging for the…
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Big Oil Majors take precautionary step to stabilize oil market by cutting production
The globe’s major oil companies, commonly known as “Big Oil Majors,” made a somewhat surprising move to cut production by over one million barrels per day as a “precautionary” move to stabilise the oil market. Russia, a leading member of the OPEC+ cartel, also decided to extend their existing cut of 500,000 barrels per day until the end of the…
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Russian, Chinese investors drive Phuket property market
The Phuket property market is on fire now, with the help of Chinese and Russian investors. Chinese buyers are reportedly increasing their investments, buying up villas, shophouses, and even orchards, to cater to Chinese tourists. Russian property investors are also contributing to the surge in demand for villas and homes in Phuket. While Russians are interested in buying pool villas,…
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Thai businesses expect minimal effect from US Bank collapse
Thai businesses are optimistic that they will experience only minimal impact from the collapse of US banks. A recent survey by the University of the Thai Chamber of Commerce (UTCC) interviewed 600 business owners to gauge the economic damage of the US banking turmoil. The survey found that 73.5% believe the effects of the US banking crisis will have only…
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SRT on right track to lead Thailand’s green recovery
The State Railway of Thailand (SRT) is on the right track after announcing plans to build a hospital and develop land around Thon Buri Railway Station into an environmentally friendly zone, to lead the way in Thailand’s green recovery. The transit-oriented development (TOD) project is the first of its kind in the country, designed to bring people, human activities, residential…
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