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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Thai exports suffer 10th month of decline amid global economic challenges
In July, Thai exports decreased more than anticipated for the 10th successive month. The drop is primarily due to a decline in global commodity prices since their peak in the early months of the Russia-Ukraine conflict last year. High interest rates and stringent lending conditions, compounded by weak global demand, have led to a slowdown in consumer spending, explained Keerati…
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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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Domestic tourism in Thailand hits 93% recovery
Thailand’s domestic tourism sector has seen a significant recovery, reaching 93% of its pre Covid-19 levels, according to the Tourism Authority of Thailand (TAT). The TAT expects to record approximately 160 million domestic trips in the country this year, a sharp contrast to the dismal figures witnessed at the onset of the pandemic in 2019. At a press conference, Suladda…
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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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Thailand Consumer Council appeals for higher elderly pension
In a recent online forum, the Thailand Consumers Council (TCC) voiced a call to the new government the reconsideration a policy that restricts certain elderly individuals from obtaining monthly grants, advocating instead for the reinstatement and enhancement of the universal pension scheme to pay 3,000 baht each month. Nimit Tienudom, the vice-chair of TCC and the representative of the People’s…
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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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Sweet success: Thai fruit exports to China ripe with growth, thanks to fast track on China-Laos Railway
Thai fruit exports to China experienced a significant surge in the first five months of this year, growing by a staggering 365%. This upswing is predominantly accredited to the utilisation of the China-Laos Railway for transit, which has resulted in a significantly reduced delivery duration and leveraged the benefits of free trade deals, according to sources yesterday. The railway route…
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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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Thailand’s data centre sector poised for explosive growth with global tech titans and cloud nine prospects
In a surge of digital enthusiasm, Thailand’s data centre industry is set to experience substantial expansion within the next two years, thanks to the arrival of worldwide tech giants and cloud service providers. This prediction comes from ST Telemedia Global Data Centres (Thailand) (STT GDC Thailand), a dominant player in hyper-scale data operations. STT GDC Thailand, a fruitful joint venture…
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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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Thailand’s space dreams: Lifting off into high-tech horizons with spaceport ambitions
In an exhilarating bid to broaden its horizons and step into the global platform of high tech exploration and innovation, Thailand declared its ambitious plans to construct a spaceport. Undertaken under the vigilant eyes of the interim Prime Minister General Prayut Chan-o-cha, the initiative exhibits strong determination and has the potential to offer extensive economic benefits including around 400 job…
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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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Thai tourism stays firm amid debt rise, 200 million domestic trips targeted
Despite a backdrop of tepid consumption, the Tourism Authority of Thailand (TAT) remains steadfast in its pursuit of 200 million domestic tourism trips within the current year. Data from a survey conducted by the University of the Thai Chamber of Commerce paints a rather gloomy picture of increased household debt levels, up by 11.5% this year from last year. It…
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Water shortages: Thai govt mulls halting Central Plains rice farming amid anticipated drought
In a bid to counteract the effects of a potential drought, the central government of Thailand is contemplating the suspension of rice cultivation in the Central Plains region. This proposal comes alongside the potential establishment of a command centre to combat reduced rainfall and water shortages. The Office of the National Water Resources (ONWR) initiated this conversation, citing apprehensions about…
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ASEAN bolsters talks with UK, Russia for potential economic cooperation plans
In an attempt to further drive economic cooperation, Southeast Asia, through the Association of Southeast Asian Nations (ASEAN), is accelerating its dialogue with the United Kingdom and Russia. This information was released by Auramon Supthaweethum, the head of the Trade Negotiations Department. A senior official from the department, Duangarthit Nidhi-u-tai, was sent to represent the region at the 4th ASEAN-UK,…
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Tourism revival in Thailand risks airport slot overcrowding, suggests alternative options
In anticipation of the upcoming high season, Thailand’s Tourism Authority (TAT) expressed concerns over the slot capacity at international airports. As more flights are set to resume, it is predicted that the country will receive around 8 million tourists this year, primarily derived from long-haul markets anticipating a significant tourism revival. The deputy governor for Europe, Africa, the Middle East,…
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Blue Flag market unveiled by Phuket to combat rising costs
Phuket is preparing to host a monthly special market dubbed the “Blue Flag.” The market is hoped to bring an economic lifeline to the less affluent residents of the city as they struggle with the inflating prices of common household essentials. The Phuket Provincial Commerce Office has taken the initiative of kick-starting the Blue Flag market beginning from the first week…
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Three more Thai provinces join ASEAN Smart Cities Network expanding digital reach
Further broadening its digital reach, Thailand’s Digital Economy and Society Ministry (DES) recently declared that three additional Thai provinces – Chiang Mai, Khon Kaen and Rayong, now form a part of the seminal ASEAN Smart Cities Network (ASCN). This exciting development was announced yesterday, by DES chief, Chaiwut Thanakamanusorn, during the sixth annual ASCN assembly held in Bali, Indonesia. In…
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Saudi-Phuket direct flights set to launch as Thai diplomacy thaws
Direct flights between Saudi Arabia and Phuket International Airport are slated to start in October, as announced by Monchai Tanode, the director of the airport. The Saudi-Phuket flights initiative is significant, marking the first-ever direct commercial flights between Saudi Arabia and Phuket since diplomatic relations were restored in the previous year. The foremost direct flight to Phuket will be facilitated…
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