Thai exports
- Business News
June exports fall 0.3%, first decline in three months in Thailand
Thai exports experienced a decline for the first time in three months in June, primarily due to reduced sales in the agriculture and food sectors, as reported by the Commerce Ministry on Friday. Despite this dip, the ministry remains optimistic about overall export growth in 2024. June exports decreased by 0.3% compared to the same month last year, falling short…
- Thailand News
Thailand to boost exports with soft power in China and Hong Kong
In a move to boost exports, Thailand’s Department of International Trade Promotion (DITP) is targeting China and Hong Kong markets with a potent mix of soft power. From tantalising Thai food to fashion and films, the DITP is pulling out all the stops. DITP Director-General Phusit Ratanakul Seriroengrit announced Monday that eight offices in China and Hong Kong are spearheading…
- Business News
Thai exports expected to grow 1-2% despite geopolitical tensions
The Thai National Shippers’ Council (TNSC) anticipates a modest increase in export value by 1 to 2% in the latter half of this year, despite ongoing geopolitical tensions in Europe and the Middle East. Chairman Chaichan Chareonsuk confirmed that the TNSC is maintaining its export growth forecast at 1 to 2% for the year. However, the council remains cautious due…
- Business News
Tuna boom: Thai exports make a splash with double-digit surge
Thai exports of canned tuna have experienced a notable surge, increasing by over 13% in the first five months of this year. According to the Director-General of the Trade Policy and Strategy Office (TPSO), Poonpong Naiyanapakorn, the value of these exports reached US$979 million during this period, reflecting a 13.4% year-on-year growth. Thailand exported 221,092 tonnes of canned tuna this…
- Thailand News
Thailand’s exports surge in May with agricultural products
Thailand’s exports reached their highest level in 14 months, achieving a 7.2% year-on-year growth in May, largely due to a surge in agricultural products. Director-General of the Trade Policy and Strategy Office Poonpong Naiyanapakorn announced that the value of exports in May expanded to US$26.2 billion (approximately 960 billion baht), marking a significant gain of 7.2%. Thai shipments, excluding gold,…
- Thailand News
Thailand’s durian diplomacy: Cracking the chinese market wide open
Thailand is going all out to secure its crown in the lucrative Chinese durian market. The government has rolled out a series of innovative strategies, including high-tech farming enhancements and stringent quality controls, to ensure Thailand remains the top durian supplier to China. Prime Minister’s Office spokesman Chai Wacharonke announced at a press conference that Thailand has significantly bolstered its…
- Thailand News
Thai private sector seals 40 million baht meal deal with Dubai
Thai private sector, led by Phumtham Wechayachai, signed a significant food export agreement with Dubai, kicking off with an immediate order worth 40 million baht and aiming to exceed 100 million baht by year-end. Efforts to expand into the Middle Eastern market are now underway. Deputy Prime Minister and Minister of Commerce Phumtham Wechayachai revealed that he witnessed the signing…
- Thailand News
Thailand and Bhutan start free trade talks to boost trade by 2025
Thailand and Bhutan yesterday officially began negotiations for a free trade agreement (FTA), aiming to finalise the deal by next year. Deputy Commerce Minister Napintorn Srisunpang confirmed that Bhutanese Prime Minister Tshering Tobgay has signed the terms of reference to initiate the FTA discussions. Both nations see this agreement as a crucial step to enhance bilateral trade and investment, dismantle…
- Thailand News
Thai betel nut exports hit by India tariffs and Myanmar conflict
Thai betel nut exporters are currently facing significant challenges due to tariff barriers imposed by India and the ongoing armed conflict between the Myanmar military and rebel forces. Betel nuts, also known as areca nuts, are widely chewed for their stimulating effects across many Asian countries, including Bangladesh, Myanmar, Cambodia, Thailand, and Laos. However, the nuts are classified as a…
- Business News
Thai shippers forecast modest growth amid wage increase concern
The Thai National Shippers’ Council (TNSC) projects a 1% to 2% growth in exports for the current year and urges a thoughtful approach to the proposed increase in the daily minimum wage, supplemented by government support via the wage committee mechanism. TNSC chairman Chaichan Chareonsuk anticipates a 1 to 2% increase in the nation’s exports by March this year. Chaichan…
- Thailand News
South Africa and Thailand boosts agricultural ties
The agricultural sector has become a significant beneficiary of the thriving bilateral relationship between Thailand and South Africa, revealed South Africa’s Ambassador to Thailand, Darkey Africa in a recent interview. This conversation was held to commemorate three decades of South African democracy and the bilateral relationship between the two nations including a strengthening of agricultural ties. Africa underscored the positive…
- Thailand News
Potential Australian trade barrier could impact Thai auto exports
The Thai Automotive Industry Association (TAIA) has issued a warning that a prospective trade barrier, set to be imposed on new cars shipped to Australia next year, may impact auto exports. The trade barrier, known as the new vehicle efficiency standard, is a regulation being developed to limit carbon dioxide emissions per kilometre from new cars sold in Australia, according…
- Business News
Thai export competitiveness declines with focus on rice market
The Bank of Thailand reports a significant decline in Thai export competitiveness, particularly in global rice markets. Over the last 20 years, the market share of rice shipments has dropped by over 50%. This reduction is a result of persistent structural issues in the export and manufacturing sectors, affecting the Thai economy at large. The bank’s recent report reveals that…
- Business News
FTI urges support for Thai SMEs to boost global herbal medicine exports
The Federation of Thai Industries (FTI) urged the government to strengthen its support for small and medium-sized enterprises (SMEs) involved in herbal development and production. The move is aimed at enhancing their global competitiveness and propelling Thailand into the top 10 herbal medicine exporters worldwide. SMEs in the sector are currently struggling with insufficient funds for research and development, and…
- Business News
Thai export growth projected at 2-3% amid global economic recovery
The UTCC (University of the Thai Chamber of Commerce) predicted a revival in exports, projecting a growth of 2-3% for the year, which equates to a value between US$290-293 billion. This shows a significant improvement from the 1% contraction experienced in the previous year. The UTCC’s president, Thanavath Phonvichai, attributed this predicted resurgence largely to the global economic recovery and…
- Thailand News
Thai poultry exports soar, feathering their cap as world’s third-largest
With over 100,000 tonnes of chicken valued at a staggering 100 billion baht shipped abroad last year alone, Thailand has secured its spot as the world’s third-largest exporter, trailing only behind Brazil and the US. Thailand’s poultry industry has been on an upward trajectory, with Chaweewan Kampa, President of the Poultry Promotion Association of Thailand, hailing the nation’s climb to…
- Business News
Thailand’s exports predicted to see slight rise in 2024
The Thai National Shippers’ Council anticipates a slight upturn in Thailand’s exports, predicting an increase of 1%-2% for 2024, as per today’s disclosure. This estimate aligns with a prior forecast, underscoring the critical role exports play in the economic health of Southeast Asia’s second-largest economy. However, the current global demand climate has resulted in sluggish trade in recent times. Chaichan…
- Thailand News
NESDC: China’s economic slowdown could have significant effect on Thailand
Thailand is on high alert as the National Economic and Social Development Council (NESDC) closely monitors the ripple effects of China’s economic deceleration. Despite initial projections, China’s sluggish growth last year has cast shadows over Thailand’s economic prospects for the coming year. NESDC’s chief, Danucha Pichayanan, predicts Thailand’s economic expansion in 2024 to hover between 2.7% and 3.7%, with a…
- Thailand News
Export of Thai fruit faces competition from China
Deputy Commerce Minister Napintorn Srisunpang reveals a bumpy road ahead, with China’s market becoming a fierce battleground for Thai fruit exporters. In the opening 10 months of last year, Thailand exported 1.74 million tons of fruits, pocketing 174.27 billion baht. Thailand’s fruit royalty, including durians, longans, mangosteens, mangoes, and pineapples, dazzled the export scene. However, trouble lurks in the dragon’s…
- Business News
Thailand’s central bank forecasts export revival and low inflation
The Bank of Thailand (BoT) anticipates an export revival in the coming year, as revealed in a recent statement. The Bank also projects low inflation rates for the same period, attributing it to government subsidies, albeit with a gradual increase within an acceptable range. Meeting minutes from the BoT’s November 29 monetary policy gathering, released on Wednesday, indicated that while…
- Business News
Thailand’s shrimp exports forecasted to surge by 10% next year
A 10% surge in Thailand’s shrimp exports is on the horizon for the upcoming year, brought about by a minor uptick in local shrimp production and bolstered demand primarily from the United States. Thai Shrimp Association President Ekapoj Yodpinit disclosed that shrimp production in Thailand this year mirrored the previous year’s figure of 280,000 tonnes. Meanwhile, the country’s shrimp exports…
- Business News
Export growth: Thailand’s commerce ministry targets US$288 billion by 2024
The Commerce Ministry of Thailand has established an export growth goal for next year, aiming for an increase of 1.99%, which equates to approximately US$288 billion or 10 trillion baht. This information was shared by permanent commerce secretary, Keerati Rushchano, following a meeting attended by Commerce Minister Phumtham Wechayachai, other ministry heads and representatives from the private sector. The gathering…
- Business News
Thai shippers predict less than 1.5% contraction in 2023 exports
The Thai National Shippers’ Council (TNSC) expressed confidence in a less than 1.5% contraction in the country’s export performance for 2023. This optimistic outlook comes on the heels of export growth recorded in both August and September and an expectation for continued orders in the year’s final quarter. TNSC Chairman Chaichan Chareonsuk cited the Commerce Ministry’s latest data, which showed…
- Business News
Thai exports set for boost from cars, electronics and agriculture
With a forecasted lethargic overall performance in 2023, Thai exports are set to be propelled by automobiles, auto parts, electronics, and agricultural products in the concluding quarter of this year, according to the Federation of Thai Industries (FTI). The FTI anticipates a rising global demand for these products, which should invigorate Thai exports that have been sluggish for several months.…
- Business News
Impending drought poses significant threat to Thai export sector
The Thai economy braces for another challenge as impending drought threatens its critical export sector, following last month’s extensive flooding. Despite an improvement in exports in August, marking a recovery from an 11 month decline, the impending drought could significantly impact food manufacturing and shipments. The Federation of Thai Industries (FTI) highlighted concerns over the potential repercussions of water shortages…
- Business News
Sunny-side up: Thai exports set to crack 3.6% growth in 2023
Positive prospects are forecasted for Thai exports next year, with an anticipated growth rate of 3.6%. This rebound follows a projected 2% drop this year, according to a recent report by the University of the Thai Chamber of Commerce (UTCC). UTCC’s president, Thanavath Phonvichai, attributes this optimistic projection to several factors including lower interest rates and easing inflation globally, which…
- Economy News
Weakening baht boosts Thailand’s exports and tourism
Thailand Prime Minister Srettha Thavisin pointed out yesterday that the weakening baht, despite its potential negative impact on energy import costs, is actually proving to be a boon for the country’s exports and tourism. The baht had earlier plummeted to an 11-month low against the US dollar, trading at 37.095. According to the 61 year old prime minister, who also…
- Business News
Thai exports spring back to life: A global manufacturing and clean energy surge
After 11 months in decline, Thai exports have made a surprising return to growth, largely due to a resurgence in global manufacturing, consumer spending and a thriving service sector among trading partners. This upturn has been further fuelled by the promotion of clean energy policies, increased demand for technological products and the relative depreciation of the baht, according to the…
- Economy News
Thai industries call for government aid to stimulate export growth amid falling rates
Industry leaders are soliciting governmental assistance in a bid to boost export growth, following steady declines observed over a streak of eight months, according to recent insights sourced from the Federation of Thai Industries (FTI). Discussions with 210 executives from 45 sectors of the industry revealed that an overwhelming 80% of respondents were in favour of government initiatives to trim…
- Economy News
Thai exports set for surge amid favourable market conditions and expansion plans
With predictions of a rebounding global economy, Thai exports are expected to witness a surge in the second half of the year, according to the nation’s Commerce Ministry. Keerati Rushchano, the permanent commerce secretary, revealed that the current competitive baht exchange rate coupled with planned market expansion initiatives could significantly boost trade. The regions targeted for market expansion include Yunnan…
