Connect with us

Business

Thai businesses feeling pinch from china-US trade wars

The Thaiger

Published 

 on 

Thai businesses feeling pinch from china-US trade wars | The Thaiger
  • follow us in feedly

Since the US China trade war kicked off in the middle of 2018, Thai businesses have begun to feel the pinch as indicated by a small downward trend in Thai export numbers.

In the short run, some Thai export items may benefit from trade diversion as US and Chinese importers shifted to certain Thai products to avoid punitive tariffs. However, indirect effect from the trade war on regional supply chains can dampen Thai export sentiment in the long run.

The effects are expected to be much greater than any potential Brexit fallout which economists believe will have minimal effect.

The Commerce Ministry says that Thai outbound shipment in February rose 5.9% year-on-year. But, the figure could be misleading. Without the exports of weapons for the military drills with the US which was the one-time factor, Thai exports would have actually contracted 3.4% in February.

The sluggish exports are mainly attributed to lackluster global economic performance, especially the Chinese economy which grew at the slowest pace in 28 years partly because of the trade war with the US.

A recent study released by the UN Conference on Trade and Development shows that Thailand is among the top 12 countries to benefit from trade diversion from the US and China trade dispute with a value estimated to be US$5 billion. The EU is likely to benefit the most, capturing about US$70 billion of the US-China trade.

In spite of trade diversions, indirect impacts from the trade war started to dent Thai exports. SCB EIC, a think tank of Siam Commercial Bank, reports that Thai exports which are part of the supply chains of Chinese exports have plunged in line with slowing Chinese economy. In particular, the drop was obviously seen in products related to trade dispute with the US.

Keep in contact with The Thaiger by following our Facebook page.



Do you need help with your business? Are you searching for a new job? Or an employer looking to hire? Try JobCute today.

Read more headlines, reports & breaking news in Thailand. Or catch up on your Thailand news.

If you have story ideas, a restaurant to review, an event to cover or an issue to discuss, contact The Thaiger editorial staff.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Coronavirus (Covid-19)

Thai restaurants and food chains switching to home deliveries

Anukul

Published

on

Thai restaurants and food chains switching to home deliveries | The Thaiger
PHOTO: scb.co.th

A difficult time for restaurants as the government rolls out lockdowns across the country. So many of the restaurants and food chains are changing from sit in facilities to home delivery. They’re saying that they need to switch their financial strategy to stay afloat as the spread of Covid-19 becomes more serious in Thailand. So they’re becoming ‘virtual’ restaurants providing the same food but as a home delivery instead.

Smaller restaurants will have the option of either providing their own deliveries and reaching out to their customer base on social media, or registering with some of the App-based service providers like Grab Food and Food Panda. But these services take a whopping commission to be listed.

Otherwise their only other option is to close for now until the current situation passes. (Mr. Google is going to be your best help to find local deliveries at this time)

Nadim Xavier Salhani, CEO of Mudman, the operator of Dunkin Donuts, Au Bon Pain, Baskin-Robbins and Greyhound Cafes, says the company’s sales have already dropped 30%.

“The delivery business has not increased as expected because consumers’ behaviour has changed with the outbreak. Many are opting to cook their own food, while delivery competition is fierce. We are still paying our employees, but may have to make cuts in April. Everyone has to accept the pay cut because it is better than a layoff.”

“I want government announcements to be clear. So far the decisions are very grey and confusing. Communication is very weak. The policy has to be clear.”

Boonyong Tansakul, chief executive of Zen Corporation, the operator of food brands such as Zen, AKA, Tummour, Din’s and Khiang, says…

“The company willtoday start to provide delivery service for Khiang around the clock until April 12. The company will assign some staff to recruit new customers in residential areas such as Sukhumvit, Silom, Sathon, Thong Lor and On Nut, offering customers the option to buy three meals on a daily, weekly or monthly basis to increase sales opportunities.”

For the consumer there is plenty of selection and new protocols for delivery which will guarantee the safety of the delivery service as well as customers.

Thai restaurants and food chains switching to home deliveries | News by The Thaiger

SOURCE: Bangkok Post

Keep in contact with The Thaiger by following our Facebook page.
Continue Reading

Coronavirus (Covid-19)

Opportunities for 2020 export growth in Thailand

Anukul

Published

on

Opportunities for 2020 export growth in Thailand | The Thaiger
FILE PHOTO: bangkokpost.com

Despite the whirlwind of shutdowns, lockdowns and craziness descending on Thailand at the moment, the departments are still churning out numbers and trying to forecast the way ahead.

They say that, due to the Thai baht weakening and massive government interventions around the world for both monetary and fiscal policies, there is still a chance that Thailand could reduce the economic impact of the Covid-19 outbreak with a resurge in exports.

However, despite exports declining in February the Commerce Ministry still sees room for Thai export growth later this year.

Director-general of the Trade Policy and Strategy Office Pimchanok Vonkorpon, says that Thailand is competent in the food and agricultural industries as well as essential goods, while electronic shipments can recover, which account for 14% of total exports.

“The Commerce Ministry has adjusted its trade promotion strategy for the coronavirus pandemic by organising an online exhibition and online business matching, running from May-August 2020.”

Commerce Minister Jurin Laksanavisit also repeats the importance of fruit exports in the ASEAN market, Thailand will continue to facilitate and enhance shipments to those countries.

Yesterday the ministry reported Thailand’s customs-cleared exports fell by 4.47% in February

The contraction was attributed to lower oil prices and a high base from weapons exports last February, Excluding gold, oil and weaponry, Thai exports in February 2020 expanded 1.51% year-on-year reported Pimchanok.

Opportunities for 2020 export growth in Thailand | News by The Thaiger

Exports of agricultural and agro-industrial products decreased by 3% to $3.07 billion in February this is led by, rice (-26.6%), fresh, frozen, and processed fruit (-16.2%), cassava products (-11.1%), and sugar (-3.8%).

The Trade Policy and Strategy office forecasts exports will grow 0-2% this year if shipments average $20-21 billion a month.

SOURCE: Bangkok Post

Keep in contact with The Thaiger by following our Facebook page.
Continue Reading

Coronavirus (Covid-19)

Cabinet will look at proposal to help with home internet

The Thaiger

Published

on

Cabinet will look at proposal to help with home internet | The Thaiger
PHOTO: Thai cabinet looking at free or upgraded home internet today - Tech Radar

Cabinet today will look at a proposal to help people working from home with 10 Gb free internet for their smartphones, along with other subsidies.

The Thai National Broadcasting and Telecommunications Commission will ask for cabinet approval providing mobile users with 10 free gigabytes of data usage per subscriber, per month up to June 30.

The NBTS say they recognise that the current situation will involve many people working from home.

For fixed broadband service, existing household broadband subscribers would be supported in using a higher capacity package without additional charges. But details are lacking on that proposal at the moment.

Secretary-general of the NBTC, Takorn Tantasith, says the proposals follow Sunday’s special meeting between the NBTC and mobile and telecom operators to come up with ways to assist the public during this ‘lockdown’ phase.

The proposed assistance is expected to cost the Thai government 10 billion baht, or around 3.5 billion baht per month up to the end of June.

The NBTS says the 10GB of data usage per mobile subscriber a month could be funded by the first instalment payments from the 5G spectrum licence auction which was held last month.

“If the proposal is approved by the cabinet, the NBTC will hold a meeting with telecom operators to discuss the assistance.”

SOURCE: Bangkok Post

Keep in contact with The Thaiger by following our Facebook page.
Continue Reading
ผู้ติดเชื้อ COVID 19 จะแสดงอาการอย่างไรในแต่ละวัน | The Thaiger
สื่อไทย7 days ago

ผู้ติดเชื้อ COVID 19 จะแสดงอาการอย่างไรในแต่ละวัน

Covid-19 กำลังทดสอบประเทศของเราและสังคมของเรา ชีวิตสุขภาพและงานถูกคุกคาม | The Thaiger
สื่อไทย1 week ago

Covid-19 กำลังทดสอบประเทศของเราและสังคมของเรา ชีวิตสุขภาพและงานถูกคุกคาม

ส้มตำปลาร้า อีสานอินดี้ | The Thaiger
สื่อไทย3 weeks ago

ส้มตำปลาร้า อีสานอินดี้

Thailand News Today – March 6, 2020 | The Thaiger
Thailand4 weeks ago

Thailand News Today – March 6, 2020

คนถนัดซ้ายและขวา ต่างกันยังไง | The Thaiger
สื่อไทย4 weeks ago

คนถนัดซ้ายและขวา ต่างกันยังไง

เกมหนอน slither io เล่นกับเพื่อน | The Thaiger
สื่อไทย4 weeks ago

เกมหนอน slither io เล่นกับเพื่อน

รีวิวมาม่าที่แพงที่สุดใน 7-11 | The Thaiger
สื่อไทย4 weeks ago

รีวิวมาม่าที่แพงที่สุดใน 7-11

Thailand News Today, February 28, 2020. Daily TV news update. | The Thaiger
Thailand1 month ago

Thailand News Today, February 28, 2020. Daily TV news update.

หัดตีกอล์ฟครั้งแรกในชีวิต คิดว่าตีโดนมั้ย | The Thaiger
สื่อไทย1 month ago

หัดตีกอล์ฟครั้งแรกในชีวิต คิดว่าตีโดนมั้ย

สื่อนอกตีข่าว ช่อ อภิปรายรัฐบาลพลเอกประยุทธ์ เอี่ยวคดี #1MDB | The Thaiger
ข่าวการเมือง1 month ago

สื่อนอกตีข่าว ช่อ อภิปรายรัฐบาลพลเอกประยุทธ์ เอี่ยวคดี #1MDB

เกมแรกก็เอาเลย ! คลิป: มุ้ย ธีรศิลป์ ซัดให้ ชิมิสุ เอส-พัลส์ ออกนำ เอฟซี โตเกียว 1-0 | The Thaiger
เจลีก1 month ago

เกมแรกก็เอาเลย ! คลิป: มุ้ย ธีรศิลป์ ซัดให้ ชิมิสุ เอส-พัลส์ ออกนำ เอฟซี โตเกียว 1-0

Samsung S10 lite สเปคแรง เล่นเกมส์ดี จริงมั้ย?? | The Thaiger
สื่อไทย1 month ago

Samsung S10 lite สเปคแรง เล่นเกมส์ดี จริงมั้ย??

แปลภาษา ด้วยฟีเจอร์กล้องใน Google Translate | The Thaiger
สื่อไทย1 month ago

แปลภาษา ด้วยฟีเจอร์กล้องใน Google Translate

7 สัญญาณ บ่งบอกว่า เขาชอบคุณ | The Thaiger
คลิป1 month ago

7 สัญญาณ บ่งบอกว่า เขาชอบคุณ

10 อันดับ พิธีกรรมสุดแปลกจากทั่วโลก | The Thaiger
สื่อไทย1 month ago

10 อันดับ พิธีกรรมสุดแปลกจากทั่วโลก

Trending