Thai exports
- Business News
Thailand to finalise free-trade deal with EFTA by January
Thailand is set to finalise a free-trade agreement with the European Free Trade Association (EFTA) by January next year, aiming to boost its export market and draw European investors. This announcement from the Ministry of Commerce emphasises a strategic step forward in Thailand’s economic expansion. Commerce Minister Pichai Naripthaphan confirmed the completion of negotiations for the Free Trade Agreement (FTA)…
- Thailand News
Thailand appetite for exports, food security at key China summits
Promoting Thailand’s exports and tackling food security issues have taken centre stage at two significant regional meetings in China, as declared by Prime Minister Paetongtarn Shinawatra yesterday, November 6. The 38 year old Thai PM is participating in the 8th Greater Mekong Subregion (GMS) Economic Cooperation Summit and the 10th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) summit, both held in…
- Business News
Thai export extravaganza: Gold rush as figures set at US$290bn
In a dazzling economic twist, Thai exports are on track to shatter the 2% growth target, soaring to an unprecedented US$290 billion this year. Poonpong Naiyanapakorn, the Trade Policy and Strategy Office (TPSO) chief, credits the surge to booming demand for all things agricultural, food-related, and electronic, thanks to the economic bounce-back in powerhouses like the United States and European…
- Business News
Thai baht surge hits exporters and tourism revenues
Thailand’s exporters and tourism sector are feeling the squeeze as a rapid appreciation of the Thai baht continues to impact revenue. The central bank attributed this surge to a weak US dollar and stronger regional currencies, such as the Chinese Yuan and Japanese Yen. Yesterday, September 30, the baht reached a 31-month peak at 32.235 against the US dollar, marking…
- Business News
Export-tional growth: July’s 15.2% surge is highest in 28 months
Exports in July surged by 15.2%, marking the highest growth rate in 28 months, attributed to easing inflation and increased purchasing power among trading partners. Poonpong Naiyanapakorn, the Director-General of the Trade Policy and Strategy Office (TPSO), reported that July’s exports rose by 15.2% to US$25.7 billion (938 billion baht), primarily driven by the cooling global inflation, which considerably enhanced…
- Business News
Thai exports to grow by 1 to 2% amid global uncertainties
The Thai National Shippers’ Council (TNSC) expects a modest expansion in export value this year, projecting a growth rate of 1 to 2%. TNSC Chairman Chaichan Chareonsuk confirmed the council’s forecast for 1 to 2% export growth this year, as of August 2024. Despite this optimistic outlook, the TNSC remains cautious due to several unpredictable factors expected in the second…
- 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
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…
- Business News
Thailand aims for US$30 billion bilateral trade with Malaysia
The government is set to participate in the Joint Trade Committee (JTC) meeting with Malaysia on July 4, aiming to enhance bilateral trade to US$30 billion by 2025. Chotima Iemsawasdikul, Director-General of the Trade Negotiations Department, announced that Commerce Minister Phumtham Wechayachai will attend the third JTC meeting between Thailand and Malaysia in Kuala Lumpur. This will be Thailand’s inaugural…
- 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
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
Mango mania: Thailand’s sweet export boom
Thailand’s mango exports soared by a staggering 130% in the first quarter of this year, reaching an impressive 1.6 billion baht, compared to the same period last year. Not to be outdone, exports of sticky rice saw a notable increase of 13%, totalling about 1 billion baht. Chotima Iemsawasdikul, the Director-General of the Trade Negotiations Department, attributed this surge to…
- 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
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
Growth in Thai exports expected in Q1 due to stable freight costs
Thailand is set to experience a 1 to 2% growth in export value during the initial quarter of the year, fuelled by stable freight costs and rising shipments of key commodities such as rubber, rice, pet food, electronics, and automobiles. This positive forecast is shared by Keerati Rushchano, the permanent secretary of commerce, who anticipates a steady growth trajectory as…
- 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…
- 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
Thai government aims to boost cross-border trade despite 2023 contraction
The Thai government is aiming to reinvigorate its cross-border trade, including transit trade, this year following a 2.6% contraction in 2023, which saw the value fall to 1.7 trillion baht (US$48 billion). The Foreign Trade Department’s director-general, Ronnarong Phoolpipat, stated that the Commerce Ministry would expedite cross-border and transit trade according to the government’s investment promotion strategy for 2024-27. 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…
- 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 export sector sees recovery with third month of growth
The Director-General of the Fiscal Policy Office, Pornchai Thiraveja, announced that the export sector is showing signs of recovery, marking its third month of consecutive growth. Despite a year-on-year contraction of 2.7% in the value of exports between January and October, monthly figures indicate a resurgence, with an 8% rise in October to US$23.5 billion. Quarterly analysis shows a decrease…
- 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 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
Thailand’s export hopes bloom in Q4, aiming to paint a brighter 2023 picture
The Ministry of Commerce in Thailand anticipates an uptick in the country’s exports for the last quarter of the year, potentially mitigating the projected contraction for 2023. This encouraging forecast is attributed to several factors, including a partnership between the government and private sector to boost export activities and address associated challenges, drought-induced spikes in agricultural and food product imports,…
