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https://www.nationthailand.com/thailand/economy/40022766

Thailand’s exports to Russia drop by 40% during first 10 months

MONDAY, DECEMBER 05, 2022

Thailand’s exports to Russia during the first 10 months of this year fell by 40.31% to US$494.57 million (about 17.1 billion baht) from the same period last year, according to the Commerce Ministry.

Exports to Russia in October were worth $40.5 million, down 24.58% from the previous month and 67.87% from the same period last year.

Figures for the four main Thai product categories exported to Russia from January-October were as follows:

– Agricultural and fishery products: $50.25 million, down 17.40%

– Agro-industrial products: $93.91 million, up 12.53%

– Industrial products: $329.27 million, down 50.65%

– Minerals and fuel: $21.15 million, up 24.03%

The top 10 Thai products exported to Russia during the first 10 months in terms of value were:

– Vehicles, parts and accessories: $79.11 million, down 68.81%

– Rubber products: $67.27 million, down 17.13%

– Plastic pellets: $42.14 million, up 32.31%

– Machines and parts: $38.87 million, down 10.96%

– Canned and processed fruits: $38 million, down 0.23%

– Canned and processed seafood: $24.86 million, up 61.09%

– Refined oil: $21.12 million, up 25.25%

– Rubber products: $14.29 million, down 52.26%

– Food seasoning products: $13.24 million, up 41.15%

– Air-conditioners and parts: $10.74 million, down 69.41%

The ministry’s Information Technology and Communication Centre blamed the export slowdown on the ongoing war between Russia and Ukraine.

It said the value of Thailand’s exports to Russia fell by 73% in March after Russia invaded Ukraine in late February. The contraction continued with exports down 77% in April, 65% in May, 53% in June, 43% in July, and 25% in August.

The centre said the major reason for the slowdown was a shortage of ships and containers after western shipping lines boycotted Russia because of the war.

The value of exports also fluctuated each month mainly because of uncertainties in shipping and Russian purchase orders, it added.

The ministry forecast Thailand’s exports to Russia would drop by about 40% this year.

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https://www.nationthailand.com/thailand/economy/40022752

Thailand can expect THB300 billion in Saudi investment next year

SUNDAY, DECEMBER 04, 2022

Saudi Arabian companies are expected to invest up to 300 billion baht in Thailand next year, especially in targeted industries in the Eastern Economic Corridor (EEC).

Government spokesman Anucha Burapachaisri said on Sunday that Prime Minister Prayut Chan-o-cha has been informed of these projected figures.

Prayut led a delegation to Saudi Arabia earlier this year to rebuild bilateral relations after they were downgraded over the Blue Diamond Affair in 1989.

On November 18, Prayut also held talks with Crown Prince Mohammad bin Salman on the sidelines of the Apec Summit in Bangkok and signed pacts to expand diplomatic ties.

The spokesman said after the Saudi delegation visited the EEC during the Apec Summit last month, they showed interest in investing in digital innovations, medical tourism, precision medical equipment, food processing, clean energy and electric vehicles.

Anucha added that the EEC Office has expressed confidence that Thailand will become an EV manufacturing hub in Asean after many automakers decided to set up their manufacturing bases here.

“The prime minister is pleased that all relevant sectors have cooperated to help make Thailand’s manufacturing sector outstanding in the eyes of foreign investors,” he added.

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https://www.nationthailand.com/thailand/economy/40022751

China still Thailand’s largest market, but trade value slumping

SUNDAY, DECEMBER 04, 2022

Though China remained Thailand’s biggest bilateral trade partner in the first 10 months of this year, the Kingdom suffered a 1.07 trillion baht deficit during the period.

The Commerce Ministry’s Permanent Secretariat said bilateral trade between the two countries during the first 10 months came in at 3.06 trillion baht, up by 14.07% compared to the same period last year.

According to the centre, Thailand’s exports to China during the period were valued at 996 billion baht, up 2.82%, while imports rose by 20.40% to 2.07 trillion baht.

The top five products exported to China in terms of baht value were:

• Fresh, frozen and dried foods: 146 billion (+2.20%)

• Rubber products: 95.4 billion (+31.38%)

• Plastic pellets: 91 billion (+5.05%)

• Tapioca: 81.9 billion (+18.66%)

• Computers and parts, +5.31%.

The top five imports from China in baht value were:

• Electronics and parts: 266 billion (+25.50%)

• Chemical products: 119 billion (+35.95%)

• Machines and parts: 185 billion (+11.48%)

• Household appliances: 178 billion (+6.08%)

• Computers and parts: 126 billion (-2.62%)

However, Assoc Prof Dr Aat Pisanwanich, director of the Centre for International Trade Studies of the University of the Thai Chamber of Commerce, said trade between the two countries is expected to contract compared to last year.

He said the contraction was inevitable as China keeps locking down its cities again and again in line with its zero-Covid policy, which is affecting its factories and import of raw materials.

Separately, the United States came in second in the list of Thailand’s top trading partners, with a trade value of 1.9 trillion baht, up 32.18% compared to the same period last year.

Thailand’s exports to the US were valued at 1.36 trillion baht, up 28.18%, while imports stood at 531 billion baht, up 43.71%. With this trade connection, Thailand achieved a surplus of 838 billion baht.

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https://www.nationthailand.com/thailand/economy/40022747

Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022

SUNDAY, DECEMBER 04, 2022

Thailand’s rice exports in the first 10 months of the year rose by 33%, a recent report from the Thai Rice Exporters Association (TREA) shows.

According to TREA, Thailand exported 6.20 million tonnes of rice during the period, up 33% from 4.66 million tonnes in the same period last year.

Rice exports generated US$3.17 billion (110.21 billion baht) during the period, up 32% compared to $2.63 billion (91.33 billion baht) in the same period last year.

“TREA expects Thailand’s rice exports to reach this year’s target of 7.50 million tonnes thanks to rising demand during Christmas, New Year and Chinese New Year,” deputy government spokesperson Traisuree Traisaranakul said on Sunday.

She added that the demand for rice in Iraq, South Africa, the US, China, Benin, Japan, Senegal, Angola, Yemen, the Philippines, Mozambique, Hong Kong and Canada continues rising.

“The prime minister is pleased that the trend of rice exports is positive,” she said, adding that the price of Thai rice is rising thanks to the government’s price-guarantee scheme.

She added that the Department of Internal Trade recently approved price-difference compensation for rice harvested between November 26 and December 2. “Farmers will be paid by December 8 [Thursday],” she said.

Related stories:

• Trip by Hong Kong importers lands Thailand 81,200 tonnes rice export orders
• ‘Masita’ Korean-style roasted seaweed introduces Big Size and 2 flavors of seaweed rice seasoning
• ‘Unauthentic seeds’ blamed for Thailand’s humiliating defeat to fragrant Cambodia rice

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https://www.nationthailand.com/thailand/economy/40022697

Car insurance market ‘poised for big leap’ next year

FRIDAY, DECEMBER 02, 2022

Jarupong Krisanaraj

Thailand’s car insurance market is expected to grow exponentially next year following three trends that emerged during the Covid-19 crisis, according to Priceza Money, a car insurance price comparison website.

Priceza Money is one of the business units under shopping search engine and comparison platform provider Priceza.

“The Covid-19 crisis over the past three years has affected the car insurance market and customer behaviour,” Priceza Money’s head, Siravit Chayavanich, said on Thursday.

Firstly, he said the emergence of personalised car insurance had enabled customers to purchase insurance 30-40% cheaper than full insurance.

“Customers preferred buying cheap car insurance as they rarely used their car during the Covid-19 crisis,” he said.

He said the trend of various personalised car insurance policies, such as pay-per-mile insurance, top-up insurance and driving profile-based insurance, had grown exponentially amid the Covid-19 crisis.

He added that foreign insurance companies, such as By Miles, Tesla and Geico, had introduced customised car insurance.

“Even though the Covid-19 crisis has abated, consumers’ demand for personalised car insurance is still increasing,” he said, highlighting its feature of meeting customers’ needs at a cheap price.

He added that the driving data collection feature in electric vehicles also helped insurance companies to launch a car insurance that meets customers’ needs.

“However, insurance brokers do not prefer selling personalised car insurance because it affects their commission fee,” he added.

Secondly, Siravit said many insurance companies adopted a direct-to-customer business model to boost online sales of car insurance, as customers became familiar with online shopping during the Covid-19 crisis.

“For instance, Thaivivat Insurance is focusing on selling personalised car insurance on its website, while allowing insurance brokers to sell full insurance,” he said.

He added that there is still room for growth in Thailand for the direct-to-customer car insurance sales channel, as it accounts for only 1% of the country’s car insurance sales channels.

The proportion of direct-to-customer car insurance sales channels in the US and UK is 25% and 35%, respectively, he added.

Thirdly, Siravit said customers’ behaviour in purchasing car insurance had changed due to the Covid-19 crisis.

He said customers are paying more attention to insurance companies’ reliability in responding to news of Covid-19 insurance cancellations, even though it means customers have to pay higher insurance premiums.

“Up to five insurance companies that offered Covid-19 insurance have closed so far, hitting customer confidence,” he said.

He expects customers to pay more attention to insurance companies’ reliability more than the price of insurance premiums next year.

“Hence, insurance companies must pay attention to their service to gain the confidence of customers,” he said.

Meanwhile, Priceza CEO and co-founder Thanawat Malabuppha added that the economic situation of inflation and rising product prices would prompt customers to turn to personalised car insurance.

“Inflation and rising product prices affect customers’ decision on purchasing car insurance,” he said, “However, these negative sentiments will enable customers to purchase personalised car insurance.”

Related stories:

• Chubb announces leadership appointments in Thailand
• FWD Life Insurance serves up a special menu at Maguro sushi restaurant as part of brand awareness campaign
• With promise of insurance cover, Tourism ministry, KTB sign MoU on collecting entry fees from foreign tourists

Jarupong Krisanaraj

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https://www.nationthailand.com/thailand/economy/40022673

Thai govt reforming revenue generation to repay Covid debt: Finance minister

FRIDAY, DECEMBER 02, 2022

The government is reforming revenue generation to repay the huge debt it built up with schemes to mitigate the impacts of Covid-19 in the past two years, Finance Minister Arkhom Termpittayapaisith revealed on Thursday.

During a special talk organised by Krungthep Turakij and Thansettakij, Arkhom said the government had borrowed more than 1.5 trillion baht to tackle the Covid-19 crisis, causing public debt to increase.

He added that people were also suffering from rising household debt after more than two years of Covid-19 hardship.

“We have to repay debt when we are in debt,” he said.

The government is now reforming its revenue generation to increase its ability to repay the debt, Arkhom added.

The Cabinet on Tuesday approved a tax on trading in the Stock Exchange of Thailand (SET).

The plan to tax SET traders has been around for 30 years but successive governments have waived it to support market development.

The move, which was proposed by the Finance Ministry, is expected to generate 10-20 billion baht per year for the government.

Arkhom said debt repayment potential is important for both the government and the people.

“If we borrow more cash, it will cause inflation to rise, and our currency will weaken compared to the US dollar,” he said.

He said the government has also launched debt restructuring measures, such as switching debt from short term to long term, seeking low-interest loans and mitigating volatility in currency exchange.

The government’s revenue reform come as Thailand faces economic challenges including high inflation, falling exports and lower-than-expected tax revenue. The government projects inflation at 6% this year, well above the Bank of Thailand’s 3% target. Exports also dropped 4.4% year-on-year in October while tax revenue in the third quarter fell 5% short of the target.

Related stories:

• Thai govt revenue in FY2022 exceeds target as economy rebounds
• Finance Ministry to spend THB10bn on recapitalising Thai Airways
• Post-Covid situation, economic recovery on agenda of Apec finance ministers’ meeting this week

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https://www.nationthailand.com/thailand/economy/40022669

Surging baht prompts expectation of response from Bank of Thailand

FRIDAY, DECEMBER 02, 2022

The baht opened at 34.78 to the US dollar on Friday, strengthening from Thursday’s close of 35.00 to a six-month high.

The currency will likely move between 34.65 and 34.90 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.

Poon said the baht strengthened quickly as expected after passing its support level of 35.

Upward pressure on the Thai currency is coming from the dipping dollar, gold sales, and foreign purchases of Thai bonds and stocks, he added.

Poon expects that pressure to continue on Friday, especially from gold sales and foreign investors potentially buying more Thai bonds amid the continuous drop in US 10-Year bond yields.

However, he expects the Bank of Thailand will respond to the baht’s sudden rise.

Moreover, investors shorting the baht might start selling the currency as it nears the technical support level of 34.75, which would slow its rise in the short term.

Poon said investors may also be waiting for US labour data this week before adjusting their positions. He forecast the baht could test its resistance level of 34.50 if the data shows a slowdown in US employment. Better-than-expected US data, however, could see the baht weaken and test its resistance level at 35.

Poon advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Related stories

• Baht strengthens to 5-month high against the dollar
• Bank of Thailand raises policy rate by 25 points to fight inflation
• Baht rebounds on expectations that China will ease Covid controls

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https://www.nationthailand.com/thailand/economy/40022656

Bangkok’s two international airports set for major expansions, minister confirms

THURSDAY, DECEMBER 01, 2022

Airports of Thailand Plc is preparing to call for bids early next year for the expansion of Suvarnabhumi International Airport and Don Mueang International Airport to handle the rising number of passengers, Transport Minister Saksayam Chidchob said on Thursday.

The minister made the comment while speaking to reporters after chairing the AOT Sister Airport CEO Forum 2022, where attendees discussed the improving outlook for the aviation industry globally and in Thailand.

In October alone, about 3 million passengers used Thai airports, compared to an average of about 1.22 million per month from January to September, Saksayam said.

He said his ministry had reminded AOT Plc – which operates six airports – to prepare for the full recovery of air traffic to pre-Covid levels in 2024.

AOT will hold a tender next year for the construction of a new, 10 billion baht passenger terminal on the east side of Suvarnabhumi airport, Saksayam said.

He said AOT is also drafting a master plan for further expansion of Suvarnabhumi, which will see the addition of two more passenger terminals: one to the west of the main terminal and another to the north.

The minister said AOT also plans to hold a tender for the third phase of the expansion of Don Mueang airport, which will have a budget of 36 billion baht.

AOT vice president Kirati Kitmanawat said the company had raised the construction budget for the new passenger terminal on the east side of Suvarnabhumi from 8 billion to 10 billion baht.

The construction plan will likely be presented to the AOT board of directors in March. Once approved, it will be sent to the National Economic and Social Development Council for endorsement before being submitted to the Cabinet for approval.

The bidding is expected to be held in the middle of next year and the project winner will be selected within 12 months, with construction expected to start in 2024, Kirati said.

He said that when the east passenger terminal opened in 2028 and it would allow Suvarnabhumi to increase its capacity to 15 million passengers a year.

He said AOT would sign a contract to hire the International Civil Aviation Organization for 20 million baht to review its west and north expansion projects at Suvarnabhumi to ensure they are aligned with developments in the aviation industry.

The AOT Sister Airport CEO Forum 2022 was the third of its kind. AOT executives met representatives of companies and organisations that have signed sister airport agreements with AOT. The agreements span 17 airports in 10 countries.

Representatives of international organisations, airlines and government aviation agencies attended the forum to exchange knowledge and views on airport management and measures following the end of the Covid-19 pandemic. This year’s forum was held under the theme of “Resilience, Reunion, and Reinventing for Aviation Sustainability”.

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https://www.nationthailand.com/thailand/economy/40022655

Investment board unveils new measures to transform Thai economy

THURSDAY, DECEMBER 01, 2022

Thailand’s Board of Investment (BOI) has developed nine measures to attract more investment into smart and sustainable industries as part of the effort to create a “new economy” in Thailand – one focused on innovation and sustainability.

BOI secretary-general Narit Therdsteerasukdi said on Thursday that its executive board has endorsed the new measures and that they will take effect on January 3.
The nine measures are part of the five-year investment promotion strategy (2023 to 2027) designed to help the economy focus on innovative and sustainable growth, Narit said.
One of the nine measures is to encourage more investment into industries important to national development, including electric vehicle manufacturing, food of the future, and the space industry, Narit said. Others include boosting the competitiveness of industries through research and development, retention and expansion programs, relocation programs, and upgrading to smart and sustainable industries, Narit added.
Incentives include tax exemptions for three to 13 years, he said.

The five-year strategy that the nine measures are part of aims to transform the Thai economy into one driven by technology, innovation and creativity. It also places environmental and social sustainability at its core. The new economic model is intended to ensure balanced and sustainable growth.
The strategy involves industrial restructuring to strengthen Thailand’s industrial potential and supply chain, transformation to smart and sustainable industries, positioning Thailand as a regional hub for international business and trade, strengthening startups and SMEs, and encouraging Thai entrepreneurs to invest more overseas.

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https://www.nationthailand.com/thailand/economy/40022653

Recovering passenger traffic boosts AOT’s expectations of net profit in Q1

THURSDAY, DECEMBER 01, 2022

Airports of Thailand (AOT) is confident of reporting profits for the first quarter (October to December) of fiscal year 2022-23 as passenger numbers rise to 70% of pre-pandemic levels.

AOT president Nitinai Sirismatthakarn on Thursday said that the number of average passengers at six AOT airports is around 270,000 per day. The number has increased significantly from September when the average was around 190,000 passengers per day.

“Currently, passenger traffic has reached around 70% of the pre-pandemic 400,000 passengers per day,” he said.

Before the Covid-19 pandemic, 30% of passengers were tourists. However, Chinese tourists have not returned yet, but the number of passengers is still recovering continuously, he said.

He added that the domestic markets have fully recovered while there are also new markets including the Middle East and India.

Nitinai said that the significant growth in recovery next year will depend on the Chinese situation, but AOT believes the number of passengers will be close to 2019 figures.

He was positive of AOT achieving a small net profit for the first quarter of the current fiscal year due to the festival celebrations in December.

Meanwhile, the AOT will open a Satellite Airport Terminal 1 (SAT-1) for Suvarnabhumi Airport in September 2023 to handle the high number of tourists in the cold season.

The SAT-1 is ready to open if there Suvarnabhumi Airport’s terminals are crowded, he said.

Related stories

• AOT’s losses drop this year as Thailand reopens to tourists
• AOT shelves Phang Nga airport viability study for now
• AOT to start managing Udon Thani, Buri Ram, Krabi airports from 2023