Thai exports
- 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 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
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
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,…
- 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 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…
- 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…
- Thailand News
Unique Thai village profits from hot-season tokay gecko trade exports to China
A unique Thai village is gaining lucrative income from capturing and processing tokay geckoes, generating hundreds of thousands of baht (US$2,860) per month during the hot season. In the northeast province of Nakhon Phanom, villagers from Ban Tal in Nah Wah district are seizing the opportunity to capture the amphibians that thrive in the warm weather. Ban Tal Thai Village,…
- Business News
Thai export growth target maintained despite 7-month shipment decline
Despite a decline in Thai exports for seven consecutive months, the Commerce Ministry maintains its export growth target of 1-2% for the year. Keerati Rushchano, the Permanent Commerce Secretary, predicts that the export outlook will remain negative due to the high inventory held by trading partners, causing delays in orders. However, he expects exports to improve in the second half of…
- Business News
Thai food exports forecast to grow despite challenges
Despite economic uncertainties, inflationary pressures, foreign exchange fluctuations, and rising production costs, Thai food exports are predicted to grow by 2.1% to 1.5 trillion baht this year. The main factors supporting this outlook include the government’s policies to stimulate economic growth, the country’s reopening after the pandemic, global supply chain shortages, increased concerns about food safety, and the high-quality standards…
- Business News
TNSC lowers Thailand’s export growth forecast due to global economic challenges
The Thai National Shippers’ Council (TNSC) has revised its export growth forecast for Thailand, predicting a 0-1% increase due to negative factors and uncertainty in the US and Chinese economies, as well as ongoing geopolitical conflicts. Despite the downward revision, the group remains confident that Thailand’s exports will not contract this year. Chaichan Chareonsuk, chairman of the TNSC, stated that…
- Business News
Thai gems and jewellery exports set to grow 10% despite global challenges
Exports of gems and jewellery (excluding gold) from Thailand are forecasted to grow by 10% this year, despite concerns of economic slowdown and ongoing geopolitical conflicts. This optimistic projection comes from increased demand for high-end luxury jewellery, particularly gemstone jewellery, according to Sumed Prasongphongchai, director of the Gem and Jewelry Institute of Thailand. In the first quarter of this year,…
- Economy News
Government economic agency says China’s zero-Covid policy hurting Thai economy
China’s relentless pursuit of a zero-Covid status, coupled with tough import restrictions, is having a negative impact on the Thai economy. So says the Thai economic planning agency, the National Economic and Social Development Council. According to a Nation Thailand report, the NESDC says it’s watching China closely, after a strict lockdown was enforced in Shanghai and other cities. “China’s…
- Economy News
Thailand’s March exports spike nearly 20% year on year
Last month, Thailand’s exports surged at an unexpectedly high rate, jumping by 19.5% when compared to the same time last year. A Reuters poll conducted in March had predicted the country’s exports would only rise by 2.4%. According to the Thai customs department data, 2 major products contributing to the export jump were gold, and electronics. Gold exports in March were…
- World News
Philippines confirms delay in imports of AstraZeneca doses from Thailand
The Philippines has announced that the arrival of a first batch of AstraZeneca vaccines being imported from Thailand has been delayed. The delivery of the vaccines, manufactured in Thailand and ordered by the Philippines, has now been pushed back by several weeks. According to a Bangkok Post report, the development gives rise to questions about Thailand’s distribution plans for Southeast…
- World News
Myanmar preparing to shut down import of Thai soft drinks via land transport
Thailand’s Commerce Minister is preparing to hold urgent talks with Myanmar following the news that Burmese officials are planning a ban on the import of Thai soft drinks over land. Jurin Laksanawisit says the reason for the ban is not known, with Myanmar insisting only imports via ship will be allowed. This ramps up the cost for Thai businesses and…
- Economy News
8% March growth for Thai exports in promising recovery
An 8% increase in exports is expected for March fueled by online officials connecting foreign buyers with Thai exporters. Commerce Minister Jurin Laksanawisit touted the success of this plan to have officials working as salesmen to promote Thai products worldwide, the results of which produced 14.4 billion baht in exports last year. The Trade Policy and Strategy Office will release…
- Thailand News
Stuck ship partially freed, Thai exports look to bypass Suez
The massive container ship stuck in the Suez Canal, the world’s busiest trade routes, has been partially freed and refloated. The 400-metre cargo ship was pushed off track by strong wind and has been wedged sideways, blocking the trade route in Egypt. Thai exporters have been looking into bypassing the Suez Canal and some may still have to seek extensions…
- Crime News
Minister pledges to sort out Thailand’s export procedures in wake of New Zealand drugs bust
PHOTO: www.chiangraitimes.com Following the seizure in New Zealand last month of shipping containers from Thailand packed with drugs, Deputy Transport Minister Athirat Rattanaset says the country must improve its maritime export procedures. He was speaking at a meeting with exporters, saying the drugs bust in New Zealand has had a negative impact on Thailand’s image and calling on them for…
- Business News
Baht to climb higher against USD, more pressure on exports
The Thai baht is set to soar further as one side effect of the latest escalation of the China-US trade war. Economists say the latest tit-for-tat trade sanctions will hasten foreign capital inflows into Thailand’s “safe haven” bond market while the US Federal Reserves may again cut interest rates, adding more fuel to the situation. Meanwhile the Thai export situation…
- Business News
Urgent meetings to consider impact of US-China trade war on Thai exports
The Thai government is reacting quickly to perceived threats to the Thai export business by the ongoing US-China trade wars which have been ramped up in the past week by, firstly, US President Donald Trump rising the tariffs on a raft of additional Chinese items. Then China announced yesterday that it will impose tariffs on US$60 billion of US goods from June…
