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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Rice and shine: Thailand sets sights on 8 million tonnes export mark
The director-general of the Department of Foreign Trade, Ronnarong Phoolpipat, announced that Thailand’s rice exports are expected to achieve the target of 8 million tonnes this year. This forecast comes after the recorded shipments through to August 29 reached 5.29 million tonnes, reflecting a year-on-year increase of 11.9%. This upswing in rice exports aligns with the rising concerns over drought…
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Grain gain: Thailand’s rice exports sprout an impressive 12% surge
The Commerce Ministry reported a significant increase in Thailand’s rice exports. Data reveals an 11.91% rise in exports from January to August 29, compared to the same duration last year. During this period, Thailand managed to export a hefty 5.29 million metric tonnes of rice. Despite the impressive rice export figures, the agricultural sector in Southeast Asia has been grappling…
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Phuket committee steers towards transparency to curb corruption in ongoing projects worth 155 million baht
The Phuket Good Governance Committee (PGGC) has taken the initiative to increase transparency and limit corruption in the region’s ongoing projects. The committee recently met with Phuket Highways Office Chief, Yutthana Phitak, to discuss the details and scope of major projects currently underway. The PGGC, led by Vice President Peerapit Ongcharoen, is actively involved in overseeing various projects scheduled for…
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Thai fortune teller envisions political and economic upswing in Thailand
A shift in Thailand’s political and economic landscape is anticipated, with improvements expected from November to April, according to renowned fortune teller Navaracha Pinitlokakorn, also known as Mor Plai. Despite her failed prediction regarding the identity of Thailand’s new prime minister, she views this as a fortunate turn of events. She advised patience and granting the new PM the opportunity…
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Gold prices see slight lift, gold ornaments trading at 32,500 baht
Gold prices surged today as the Gold Traders Association revised rates upwards. This comparison is made to the end prices of August 28, when gold ornaments were selling at 32,500 baht per baht weight. Today, the price was revised upwards by 100 baht, compared to the closing price of August 28. The price of gold ornaments moved to 32,500 baht…
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Thailand’s Q2 economic recovery slows, full-year 2023 growth forecast revised
Thailand’s second quarter of 2023 saw a slowdown in economic recovery, with GDP growth falling from 2.6% year-on-year in the first quarter to 1.8%, as reported by the National Economic and Social Development Council on August 21. The figures fell significantly short of consensus estimates of 3.1% and growth projections of 2.9%. The economy’s quarter-on-quarter growth was a mere 0.2%,…
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Revenue target for Thai government exceeds by 150 billion baht
Fiscal Policy Office (FPO) Director-General Pornchai Thiraveja has announced that the Thai government is rolling in cash. The director-general declared that the government’s revenue surpassed expectations, surpassing its target by 150 billion baht in the opening ten months of fiscal 2023. This continues a positive trend reported in May when revenue targets were surpassed by 112 billion baht. As per…
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Indonesia unveils three month plan to boost trade and cultural ties with Thailand
Indonesia kickstarted a three month long series of activities in Thailand, aimed at bolstering trade, cultural ties, and tourism, and enhancing people-to-people diplomacy. Announced at the Indonesia Fair: Know Indonesia Better event, Ambassador Rachmat Budiman revealed the comprehensive plan, curated by the Indonesian Embassy in Bangkok. The event which took place over the weekend at the Central Court in Central…
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Pheu Thai leadership welcomed by tourism operators
The Pheu Thai political party’s potential leadership of the Tourism and Sports Ministry has been warmly welcomed by tourism operators. This development arises from growing speculation around the formation of the new Cabinet. Numerous news outlets suggest that the ministry might transition from the Bhumjaithai Party to Pheu Thai. Adith Chairattananon, the honorary secretary-general of the Association of Thai Travel…
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Thai economic recovery slower than expected, Bank of Thailand governor confirms
Economic recovery in Thailand is underway but progress is slower than anticipated, particularly in the areas of tourism and exports, according to Sethaput Suthiwartnarueput, governor of the Bank of Thailand (BoT). In a recent business seminar, Sethaput expressed concerns over a less-than-rosy picture of the nation’s economy, with exports and tourism spending falling short of expectations. Despite these challenges, he…
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Evergrande collapse in China set to hit Thai tourism and exports
The Thai tourism and export sectors are set to experience a significant impact due to the financial downfall of China’s real estate giant, Evergrande. The Evergrande collapse revelation came from Poonpong Naiyanapakorn, Head of Policy and Trade Strategy Office (PTS), Ministry of Commerce, today. He suggested business operators closely monitor the situation. Evergrande, a giant in China’s real estate sector,…
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Srettha Thavisin urged to address economic challenges swiftly
Thailand’s political stalemate came to a close yesterday as property tycoon Srettha Thavisin was elected as the country’s 30th prime minister following a majority vote in both houses of Parliament. Now, the nation’s business community is urging the newly appointed leader to hasten the process of organising his government. The aim is to promptly address a sequence of pressing challenges…
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CardX braces for regulatory change raising customer debt repayment 3%
CardX, a credit card service provider operating under SCB X Group, anticipates a potential issue with customer compliance linked to an upcoming regulatory change from the Bank of Thailand. The central bank presently permits credit card users to repay their debt at a minimum rate of 5% of the overall credit balance each month, a measure introduced to aid consumers…
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DLT nets 7 billion baht in vehicle tax due to convenient online payments
The Department of Land Transport (DLT) collected over 7 billion baht in vehicle tax in the first 10 months of the current fiscal year, thanks to the ease of its “from anywhere” payment system. This figure represents the taxes received from the owners of 5.5 million vehicles between October of the previous year and July of the current year. The…
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Rice prices spike threatens farmers in Thailand
An increase in rice prices is causing concern for local farmers and rice millers in Uttradit, Thailand. The Agricultural Cooperative of Uttradit City Limited, known for producing and selling the “Good Udom” brand of bagged rice, is currently facing a shortage of husked rice. This crisis is due to large-scale rice millers purchasing at high rates, causing the price of…
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Gold demand dips, jewellery market sees prices fall to 32,100 per baht weight
Demand for gold jewellery in Thailand experienced a drop causing a significant price dip in today’s market, according to the local gold traders association. The gold bar was trading at 32,100 baht per baht weight, a reduction of 150 baht compared to yesterday’s closing price, as reported on the association’s official website at 9.24am today. The 96.5% pure gold bars…
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Foreign investments bolster Thai economy with 58.9 billion baht boost
From January through July of this year, Thailand welcomed a foreign investment sum of 58.9 billion baht. A notable chunk of this influx originated from Japan, whose companies lavished the largest amount of capital on developing their businesses within Thai borders. Estimates suggest that the Japanese investors led the pack with a total outlay of 19.9 billion baht. They were…
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Thai Rice Trade Associations commit to stabilise retail prices despite market changes
Conversations between the Director-General of the Internal Trade Department and the Thai Associations of Rice Millers and Rice Entrepreneurs Association aim to stabilise rice prices, thus easing household expenses for consumers. Wattanasak Sueaiam, the Director-General, revealed yesterday that these industry bodies have been asked not to increase retail prices, despite market factors. However, ultimate decisions will be influenced by the…
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Thai baht instability rises due to political unrest
Political unrest is heightening baht oscillations against the US dollar, as Thailand finds itself without a stable government, the head of the Bank Thailand asserts. This turbulence introduces a greater risk factor amongst investors who are observing the foreign exchange rate, particularly between the baht and the US dollar, in light of Thailand’s current political developments. Post Thailand’s General Election…
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Phuket’s tumultuous news: Raids, accidents, policy changes, and Family Mart’s exit
A series of surprising incidents and noteworthy news have emerged from the island of Phuket. From ongoing raids in the massage parlours of Patong, a perilous vehicular mishap involving a tourist, a tragic road accident, progressive governmental decisions and a significant retail change, the week has been eventful. Unrelenting illicit operations have been underway in Patong’s massage industry where illegal…
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Fuelling the future: Thailand’s gas giant gears up production to avert power crisis
Efforts to prevent a second power crisis in Thailand are underway as the nation’s primary gas producer, PTT Exploration and Production (PTTEP) Public Company Limited, looks to increase its output substantially. With plans to double gas production in the Erawan field, Thailand’s largest, Montri Rawanchaikul, the Chief Executive Officer, confirmed plans to scale up production to as high as 800…
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Goodbye Family Mart, hello Tops: Thailand’s retail favorite gets a fresh aisle
The well-known Family Mart stores, a cornerstone of the local retail landscape for over 30 years, are set to be rebranded as Tops Daily in the heart of Thailand. The decision made by the Central Retail Corporation PLC (CRC) projected completion by the end of this year will bring an end to an era as it follows a decision to…
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Thai consumer confidence dips due to political instability and slow recovery
Reports today reveal that last month Thai consumer confidence dramatically dropped for the first time in 14 months. Evidence pointed towards the general unease of continuous political instability in the Kingdom of Thailand after the General Election took place in May, as well as a sluggishly recovering economy. The survey, helmed by the esteemed University of the Thai Chamber of…
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Thai tourism embraces easier visa rules, faster approvals for Chinese tourists
In a move geared towards promoting Thai tourism, the government has implemented policy changes that lessen the rules for obtaining a tourist visa and slashes approval time for Chinese visitors. Chinese travellers emerged as the majority of international arrivals over the past week, the deputy government spokeswoman, Rachada Dhnadirek, confirmed yesterday. Statistics displayed that 95,581 visitors from China arrived in…
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Thai fruit and coconut exports to China boosted by FTA benefits
The popularity of Thai fruit was evident throughout the initial five months of this year, reflected through the leverage of free trade agreement (FTA) benefits by exporters. Most notably, shipments destined towards China signalled a greater propensity. The Director-General of the Foreign Trade Department, Ronnarong Phoolpipat, highlighted that durian, guava, mango and mangosteen were the favoured fruits amongst Chinese consumers,…
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Thai PM affirms progress of Eastern Economic Corridor of Innovation
Commendable strides have been achieved in the first five years of the Eastern Economic Corridor of Innovation (EECi), said Thai Prime Minister Prayut Chan-o-cha. He said intense innovation and research activity outlined the success of this endeavour. PM Prayut, alongside Interior Minister, Anupong Paojinda, Thanakorn Wangboonkongchana, Minister of the Prime Minister’s Office, and Labour Minister, Suchart Chomklin embarked on a…
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Rice price hikes worry restaurant owners, some pass costs to diners
Rice prices have begun to climb, causing restaurateurs concern about the cost of producing made-to-order meals. Despite this, some restaurants have opted not to increase prices, sympathising with their customers. They are instead appealing to the government to control the cost. The Ministry of Commerce directed related agencies to balance rice prices after a lull in rainfall from El Niño…
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Thai tourism industry anticipates growth under Pheu Thai government
The Thai tourism industry is buzzing with optimism as the Pheu Thai Party is potentially gearing up to form the anticipated government. With Pheu Thai’s known successful stint in the realm of governance and its proven track record in enhancing the economy, the tourism sector is eagerly waiting for efficient tourism policies to be rolled out to mitigate existing challenges.…
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Rice prices skyrocket in Thailand due to drought effects and export ban
A meeting is set to be convened today by Commerce Minister Jurin Laksanawisit evaluating the repercussions of the drought instigated by the El Niño weather occurrence, and potential courses of action in response to the surge in rice prices. Concurrently, the Commerce Ministry under the watchful eyes of Wattanasak Sur-iam, chief of the Internal Trade Department, is monitoring good prices,…
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Global rice trade shook by El Nino, politics, and embargo in Thailand
In the face of mounting global food security concerns, the impact of El Niño weather patterns and international political disruptions are causing serious upheavals in the farming landscape, particularly in major global rice-producing countries. Compounding the issue is Russia’s recent withdrawal from a vital agreement, which previously ensured the uninterrupted transport of Ukrainian grain goods through the Black Sea region.…
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