economy
- World News
After Indonesia’s export ban, palm oil producers promise price cap in Thailand
In the midst of the global palm oil crisis following Indonesia’s export ban, palm oil farmers, extractors, and producers are promising Thailand’s Internal Trade department that they will cap the price on the product. The Internal Trade Department’s chief said the 3 groups were told that an export ban may be considered if palm oil stocks fall below 300,000 tonnes.…
- Bangkok News
New Japanese food export platform launched in Bangkok
Following Japanese PM Fumio Kishida’s visit to Thailand, Japan has launched a new platform in Bangkok. The platform, called Japan Food Export Platform, is meant to help boost exports of Japanese farm products and foodstuffs. At a meeting yesterday, Thailand’s Agriculture and Cooperatives Minister Chalermchai Sri-on said that talks between the countries are “a good opportunity” to strengthen their agricultural…
- Thailand News
Thailand borrows 50 billion yen from Japan to cope with Covid aftermath
The Thai government has signed a loan contract to borrow 50 billion yen or about 13 billion baht (US$385 million) from Japan International Cooperation Agency or JICA to cope with costs of handling the Covid pandemic in Thailand. Thai PM and Defence Minister Prayut Chan-o-cha urged Thais not to criticise the government borrowing money again because the amount was included…
- China News
Strict Covid-19 rules make companies in China think about moving investments
Now that 43 cities in China are under either full or partial lockdown, more and more European companies in the country are seeking to move their investments. The European Chamber of Commerce in China announced today that nearly a quarter of respondents on a survey were considering moving current or planned investments out of China. 92% of the respondents say…
- Economy News
Federation of Thai Industries concerned about plans for minimum wage hike
Thailand’s Federation of Thai Industries has expressed concern about the impact a rise in the minimum wage could have on small and medium-sized businesses. The federation says if a proposal to increase the minimum wage to 492 baht goes ahead, it will have a severe impact on such firms. According to a Bangkok Post report, the FTI was responding to…
- World News
Ships caught trying to smuggle palm oil out of Indonesia after export ban
Following a move by Indonesia’s government to ban crude palm oil from being exported from the country, 2 ships were caught trying to smuggle the product to India and the United Arab Emirates. There has been a palm oil shortage in Indonesia for the past month since the Russia-Ukraine crisis has impacted the supply of vegetable oil in the country,…
- Food
New seafood festival debuts in Pattaya
It’s not just Phuket having a seafood festival to reboot tourism – a seafood festival is happening in Pattaya! The festival, called the ‘Squid Fair’ debuted yesterday in front of the Terminal 21 Pattaya shopping centre. Just like Phuket’s Roi Rim Lay and ‘Tastival‘ festivals, Squid Fair aims to boost the local economy by bringing in income to vendors. It…
- Economy News
Employers in Thailand object to raising minimum wage
In the midst of Thailand’s worst worker’s debt in 14 years, Thai employers are opposing a new proposal to increase the country’s daily minimum wage. The currrent minimum daily wages range from 313 baht to 336 baht, depending on which part of the country you’re in. In Bangkok it’s 331 baht. Earlier this week, the Thai Labour Solidarity Committee and…
- Economy News
Survey says Thailand’s worker’s debt has hit a high after over a decade
A survey by the University of the Thai Chamber of Commerce says the average debt of each worker’s household in Thailand is 217,000 baht this year. This is a 14 year high for Thailand. At the end of 2021, the country’s overall household debt was 14.6 trillion baht, one of the highest in Asia, per capita. Most service sector workers…
- Thailand News
Suicide among young people in Thailand has increased ‘alarmingly’
Suicide rates among Thai teenagers and young adults in Thailand have increased ‘alarmingly’ over the past five years, according to Thailand’s Department of Mental Health. The department’s director-general blames the high rates of suicide on increased stress caused by impacts of the Covid-19 pandemic. Thailand, the Land of Smiles, has the highest suicide rate in Southeast Asia. In 2021, there…
- Thailand News
Price of ‘Mama’ noodles to increase
One of the cheapest ways to satisfy your hunger in Thailand is to eat instant ‘Mama’ noodles, which have cost an affordable 6 baht per packet since 2014. However, Mama’s producer said they plan to increase the price of their instant noodles next month to compensate for rising costs of transport and raw materials. Thailand’s Minister of Commerce said he…
- Transport News
Thailand officials say diesel will be 32 baht per litre from May 1
Get ready to say goodbye to Thailand’s 30 baht per litre price cap on diesel on May 1. Starting on Sunday, the price will be 32 baht per litre, according to the Oil Fuel Fund Office. Thailand’s permanent secretary for energy said the current 11 baht subsidy per litre is falling to 9.6 baht per litre. Officials from Thailand’s energy…
- Pattaya News
Hundreds queue for free food handouts in Pattaya
Images of hundreds of residents queuing up to receive free bags of rice and other dried foods on April 23 2022 in Pattaya suggest that Thailand’s economy still has a long way to go on the road to recovery. During “lockdown” in Pattaya in 2020, huge crowds of people queuing for 200 baht food and drinks handouts from Rom Pho…
- Economy News
Price of Thai consumer goods might increase due to diesel price hike
The price of diesel in Thailand is set to increase next month, beyond the 30 baht per litre cap, but the Commerce Ministry has promised to do everything it can to keep consumer goods costs under control. The public is now worried about the products being more expensive due to the increase in diesel price. The diesel prices, connected to…
- Economy News
Thailand’s labour ministry hopes to export 50,000 workers
Now that the Covid-19 situation across the world has calmed down a bit, Thailand’s Labour Ministry expects to send about 50,000 workers abroad this year. The Department of Employment’s PR office said now that restrictions have largely eased, Thailand’s labour exports are set to resume in large numbers. So far, labour export agreements have been signed with two countries, Saudi…
- World News
Amidst Indonesia palm oil crisis, farmers support export ban
Amidst an ongoing surge in the crude price of palm oil, Indonesian farmers support the country’s palm oil ban set to begin on April 28. While some politicians have criticized the ban, Indonesia’s Oil Palm Farmers Union said today that the ban is a “temporary ban” necessary for supply and affordability of cooking oil in the domestic market. Last month,…
- Phuket News
Former Phuket prison to transform into spooky tourist attraction
An old Phuket prison no longer housing inmates is now set to become a spooky tourist attraction, providing visitors with a “Twilight Zone” experience. Phuket Prison was built in Phuket Town about 120 years ago, and Phuket officials now plan to turn it into a ‘live museum’ to teach both tourists and locals about its history. In addition to the…
- South Thailand News
Southern Thailand province gets a wave of income from Full Moon Party, Songkran
Thailand’s southern province of Surat Thani saw a wave of tourism income generated during the Songkran holiday. Many tourists came to the province for the famous Full Moon Party on Kho Pha Ngan, among other tourist attractions. Tourism officials said the province gathered up a total of 895.7 million baht from 83,000 visitors between April 13-17. The income is up…
- Economy News
Thailand’s diesel price expected to spike starting May 1
Even though Thailand’s energy minister vowed last month to keep the 30 baht per litre cap on diesel prices until the end of May, officials now expect the diesel price to start pushing 35-36 baht per litre by the start of May. The director of the Energy Policy and Planning Office says all agencies have been instructed to plan how…
- Phuket News
Another Phuket event to draw tourists will have mini hot air balloons
Phuket officials plan yet ANOTHER event to draw in tourists and rake in cash for locals devastated by the government’s reaction to Covid-19. This upcoming event, called “Phi Muang Nong’s House” will be held Friday through Sunday, April 22-24, from 5pm onwards, at Sarasin Bridge… the 300 metre bridge which connects mainland Phuket and Phang Nga. What’s the event’s main…
- Economy News
Will Milli’s mango stunt help Thailand’s farmers?
After budding Thai rap star “Milli” ate a bowl of sticky rice and mango onstage in front of a crowd of hundreds of thousands at California’s Coachella festival, Thailand’s mango farmers might rake in some dough. Despite being the largest exporter of mangoes in the world, Thailand has had problems with mango shipment due to Covid-19. Sayan Bunying, president of…
- World News
Sri Lanka poised to default on its international debt
Skyrocketing inflation, political unrest and looming debt default. Another country’s economy is now failing in what’s likely to be a year or two of falling dominoes for at-risk economies. A month of increasingly desperate headlines has culminated in two leading ratings agencies warning Sri Lanka is about to default on its national debt, a crisis that would take decades to…
- World News
South Korea is the most expensive country to raise kids
South Korea is the most expensive country in the world to raise children from birth to age 18, according to research from Jefferies Financial Group. On the list of 14 countries Jefferies researched, South Korea is followed by China, then Italy. Jefferies’s analysts reported some differences between Asian and Western cultures that might be a factor in South Korea and…
- World News
Pakistan’s Imran Khan ousted from PM position
Following a parliamentary vote of no confidence last week, Pakistan’s PM Imran Khan has been ousted. The vote came after Pakistan’s opposition parties accused Khan of economic mismanagement, as well as poor governance. The country’s Supreme Court ruled on Thursday that a decision to block the no confidence vote was unconstitutional. Now, Khan claims that opposition to him is backed…
- Thailand News
Thailand inflation jumps 5.7 percent in March, hits consumers’ wallets hard
In March, Thailand’s inflation saw its highest monthly jump in 13 years, rising to 5.73% year on year. That’s according to the Commerce Ministry’s Office of Trade Policy and Strategy, which pins the blame on the war in Ukraine, which has pushed up fuel, food and electricity prices. This unexpected turn of events has caused the office to adjust its…
- Phuket News
Phuket man wins 18 million baht from lottery, plans to pay off debts
After praying at several temples with high hopes, one Phuket man’s dream of winning the lottery has come true! The man, who lives in Ratsada on Phuket’s east coast, won 18 million baht yesterday, which just happened to be April Fool’s day. The national Thai lottery is drawn twice a month. But the winning was no joke. The man, Panuwat,…
- Thailand News
Thailand’s finance ministry closes 2 insurance firms due to Covid-19 claims
After an overwhelming number of Covid-19 claims caused 2 of Thailand’s insurance providers to owe billions of baht in compensation, Thailand’s finance minister has revoked the providers’ business licenses. The decision was made effective yesterday. One provider, Southeast Insurance, owes 13 billion baht in compensation, while the other, Thai Insurance, owes 4.6 billion baht. The Secretary-General of the Office of…
- Thailand News
Expected computer shortage in Thailand, world
IT workers expect a shortage of computers for sale in Thailand to start between May and June due to Covid-19 impacting producers in China. The chief of sales and marketing at Advice, an IT distributor, told the Bangkok Post that if China’s lockdown continues, as well as the Russia-Ukraine war, computer prices will likely rise. The chief of Advice said…
- Phuket News
Phuket Sandbox generates 50 billion baht revenue, PM Prayut happy with outcome
While some called it a failure, PM Prayut Chan-o-cha is pleased with the outcome of the Phuket Sandbox programme, which generated 50 billion baht in tourism revenue for the local economy, according to a spokesperson for the prime minister. In light of the challenges the Covid-19 pandemic presented to the Thai tourism industry, the spokesperson says Prayut has emphasised that…
- Economy News
Finance Ministry expected to adjust 2022 economic forecast from next month
The Finance Ministry will adjust the 2022 forecast for Thailand’s economic growth to focus on the rise in both inflation and energy prices, from next month. According to an unnamed Bangkok Post source, the ministry is concerned about the impact Russia’s invasion of Ukraine will have on overseas arrivals this year. At the start of the year, the ministry had…
