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https://www.nationthailand.com/business/40000518

Thai rice exports drop to third in the world, Vietnam close behind

Rice exports plunged 23 per cent year on year in volume and value in the first quarter of 2021, relegating Thailand to third place among top rice exporting countries.

Customs Department data for January to March 2021 showed export of 1,131,944 tons of rice, worth THB21.80 billion (US$732.9 million), amounting to a 23 per cent drop in export volume and a 23.6 fall in value.

In the same period in 2020, Thailand had exported 1,469,664 tons, worth THB28.53 billion ($939.0 million).

Rice exports in March 2021 amounted to 302,668 tons worth THB6.262 billion. Export volume and value declined 25.8 per cent and 18.8 per cent respectively compared with 407,800 tonnes of export in February 2021, worth THB7.716.

Thailand’s rice exports now rank third behind India and Pakistan. With Thai exports only about 30,000 tons higher than Vietnam, there is a chance that Vietnam will topple Thailand from third place.

Experts said Thailand still had problems with container shortage, rising freight costs and other expenses. Moreover, the price of Thai rice, especially white and parboiled rice, is much higher than that of India and Pakistan. As a result, orders from abroad have decreased considerably compared to the normal times.

In March 2021, only 87,305 tonnes of white rice were exported, down 49.2 per cent

compared to the previous month, mostly to Cameroon, Japan, Mozambique, Guinea, Malaysia and Benin.

Meanwhile, exports of parboiled rice were only 60,803 tons, down 22.3 per cent month on month.

Most of them were exported to major markets such as South Africa, Benin, Cameroon, etc.

Export of jasmine rice amounted to 90,508 tons, down 9.6 per cent month on month. Most of them were shipped to main markets, such as the United States, Hong Kong, China and Canada.

The Thai Rice Exporters Association expects that in April 2021, the export volume of rice will be around 400,000 tons, a level that Thailand can export despite fierce price competition. This is because Thailand’s rice prices are still higher than their main competitors, especially India, which has the lowest rice prices in the market, about US$90-120 lower than Thailand.

Thai 5% broken white rice is priced at $493 per ton. Meanwhile, 5% white rice prices of Vietnam, India and Pakistan were at $488-492, 398-402 and 438-442 per ton respectively. Thai parboiled rice was priced at $496 per ton. While parboiled price of India and Pakistan were $368-372 and 441-445 per ton respectively, which led to Thailand losing the white and parboiled rice markets to India.

Over the past year, India has exported nearly 2 million tons of rice per month and is expected to export around 15-16 million tons this year.

Published : May 04, 2021

By : The Nation

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https://www.nationthailand.com/business/40000440

AIS deploys new tech in 24-hour virtual department store

AIS has launched a virtual department store “V-Avenue.Co” to cater to those who want to shop around the clock.

AIS explained that the virtual complex was a combination of its specialised technologies: 5G and virtual reality (VR).

V-Avenue is divided into five zones:

1. AIS Virtual Store

2. The Emporium and The Mall Lifestore Ngamwongwan

3. Asian Lifestyle

4. TV Direct

5. Community Hub

Pratthana Leelapanang, AIS chief consumer business officer, said that the V-Avenue was the collaboration between his organisation and partners in the retail business.

He added that 5G and VR technologies would play a more important role in the daily lives of people in the future.

AIS deploys new tech in 24-hour virtual department store

“A source pointed out that VR and Augmented reality [AR] will push global business to grow by USD1.5 trillion within 2030,” Pratthana said, adding that 23 million positions would also be affected by the VR and AR.

Regarding future plans of V-Avenue, Pratthana said that more functions would be added to the virtual complex to serve shoppers.

AIS deploys new tech in 24-hour virtual department store

A function his organisation aimed to add in the platform is a live seller.

AIS also planned virtual concerts and fashion shows in the V-Avenue by joining hands with those organisers.

AIS deploys new tech in 24-hour virtual department store

Published : May 01, 2021

By : The Nation

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https://www.nationthailand.com/business/40000415

Thai stocks slide as Covid restrictions tighten

The Stock Exchange of Thailand (SET) Index closed at 1,583.13 on Friday, down 7.33 points or 0.46 per cent. Total transactions amounted to THB85.48 billion with an index high of 1,593.23 and a low of 1,580.74.

In the morning session, Krungsri Securities expected the index on Friday to fluctuate between 1,580 and 1,600 points amid positive sentiment over the government’s plan for nationwide vaccination by the third quarter of this year.

The index was also buoyed by mass buy-ups of energy stocks in line with the rising oil price, as well as shares whose first-quarter turnover is expected to improve, according to Krungsri Securities.

“However, the Centre for Covid-19 Situation Administration’s move to tighten restrictions in six red-zone provinces from May and mass sell-offs of shares to prevent risks during the four-day holiday would pressure the index,” it said.

The 10 stocks with the highest trade value today were COTTO, KBANK, PTT, PTTGC, SCC, IRPC, DELTA, SCGP, GUNKUL and PTTEP.

Other Asian indices were on the fall:

China’s Shang Hai SE Composite Index closed at 3,446.86, down 28.04 points or 0.81 per cent, while the Shenzhen SE Component Index closed at 14,438.57, down 25.51 points or 0.18 per cent.

Hong Kong’s Hang Seng Index closed at 28,724.88, down 578.38 points or 1.97 per cent.

South Korea’s KOSPI closed at 3,147.86, down 26.21 points or 0.83 per cent.

Japan’s Nikkei Index was closed for Golden Week, while Taiwan’s TAIEX was shut for National Labour Day.

Published : April 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40000399

SET expected to get a lift from governments vaccine rollout plan

The Stock Exchange of Thailand (SET) Index fell by 4.32 points, or 0.27 per cent, to 1,586.14 on Friday morning. The volume of total transactions was THB12.58 billion with an index high of 1,593.23 and a low of 1,584.29.

AKrungsri Securities analyst expected the index to fluctuate between 1,580 and 1,600 points on Friday amid positive sentiment on the government’s plan to administer Covid-19 vaccines to people nationwide within the third quarter of this year.

He added that the index had also gained positive sentiment from investors’ mass buy-ups of energy stocks in line with rising oil price, as well as shares whose first-quarter turnover is expected to improve.

“However, the move by the Centre for Covid-19 Situation Administration to tighten measures in six red-zone provinces from May and mass sell-offs of shares to prevent risks during a four-day holiday would pressure the index,” he said.

He recommended that investors buy:

▪︎ PSL, TTA and RCL, which would benefit from a rise in the freight rate.

▪︎ PTTEP, PTTGC and IVL, which benefit from the rising oil price.

▪︎ PTTGC, IVL, EPG, SCC, CPF, BCH, CHG, STGT, GLOBAL, DOHOME, COM7, SYNEX, STARK and TWPC, whose first-quarter turnover is expected to improve.

The SET Index closed at 1,590.46 on Thursday, up 13.67 points or 0.87 per cent. The volume of total transactions was THB89.56 billion with an index high of 1,592.90 and a low of 1,583.98.

Published : April 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40000396

Baht registers gains as dollar weakens

The baht opened at 31.18 to the US dollar on Friday, strengthening from its close of 31.21 on Thursday.

The Thai currency is likely to move between 31.30 and 31.25 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He explained that the baht had strengthened due to the weakening of the dollar.

Meanwhile, the Covid-19 situation in some countries had aggravated, and investors were waiting for new positive factors in the market. Overall, the financial markets were not ready for risk this time.

Poon predicted that the baht would weaken this Friday, because of purchase of dollars by some companies.

Published : April 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40000395

Gold declines amid higher US bond yield and strong economic data

The price of gold in Thailand dropped by THB150 per baht weight in morning trade on Friday due to the rise in US bond yield and strong US economic data.

The Gold Traders Association report at 9.29am showed buying price of a gold bar at THB26,050 per baht weight and selling price at THB26,150, while gold ornaments were priced at THB25,574.92 and THB26,650, respectively.

At close on Thursday, the buying price of a gold bar was THB26,200 per baht weight and selling price THB26,300, while gold ornaments were THB25,726.52 and THB26,800, respectively.

Spot gold price on Friday was US$1,768 (THB55,187) per ounce compared to Thursday when it dropped by $5.6 to $1,768.3 per ounce.

Hong Kong gold price on Friday dropped by HK$90 to $16,380 (THB65,846) per tael, the Chinese Gold and Silver Exchange Society reported.

Published : April 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40000376

Finance Ministry cuts 2021 GDP forecast to 2.3%

The Finance Ministry slashed its 2021 GDP growth forecast from 2.8 per cent to 2.3 per cent on Thursday, citing the impact of fresh Covid-19 outbreaks on the Thai economy.

The surge in infections here and abroad would affect international travel to Thailand, said the ministry’s Fiscal Policy Office.

However, it expects Thai exports to grow 11 per cent this year as the world economy continues to recover.

Private consumption and private investment are expected to grow at 2.3 per cent and 4.8 per cent this year, respectively.

Government consumption and public investment will rise 5 per cent and 10.1 per cent this year, according to the ministry forecast.

For domestic economic stability, core inflation in 2021 is expected to be 1.4 per cent, up from last year in line with the global economic recovery and oil price rise. The current account will maintain a surplus of $1.1 billion, or 0.2 per cent of GDP, down from last year due to fewer foreign tourists and the rising cost of imported goods, said the ministry.

The ministry identified four risk factors to the Thai economy: new waves of Covid-19 here and abroad, restrictions on foreign tourists, potential crude oil price rises due to geopolitical conflict and energy policy adjustments, and fluctuations in the global financial system and international capital flows.

However, Thailand’s stable fiscal position meant the ministry was ready to implement additional fiscal measures in line with the changing economic situation, driven by public spending and investment.

Published : April 30, 2021

By : The Nation

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https://www.nationthailand.com/business/40000373

Thai stocks rise after Fed maintains rate, QE

The Stock Exchange of Thailand (SET) Index closed at 1,590.46 on Thursday, up 13.67 points or 0.87 per cent. The volume of total transactions was THB89.56 billion with an index high of 1,592.90 and a low of 1,583.98.

In the morning session, Krungsri Securities expected the index to rise to between 1,585 and 1,590 points in response to the US Federal Reserve’s decision to maintain the interest rate at 0.25 per cent and continue its quantitative easing policy.

It added that energy shares had gained positive sentiment from the rising oil price.

“Mass buy-ups of stocks attracting positive sentiment and whose first-quarter performance is likely to improve will help boost the index,” said Krungsri Securities.

“However, we advise investors to follow reports on Thailand’s daily Covid-19 caseload as the index will be under pressure if the number rises.”

The 10 stocks with the highest trade value today were IRPC, SCC, PTT, PTTEP, PTTGC, KBANK, GUNKUL, CPALL, OR and SCGP.

Other Asian indices were mixed:

China’s Shang Hai SE Composite Index closed at 3,474.90, up 17.83 points or 0.52 per cent, while Shenzhen SE Component Index closed at 14,464.08, up 65.70 points or 0.46 per cent.

Hong Kong’s Hang Seng Index closed at 29,303.26, up 231.92 points or 0.80 per cent.

South Korea’s KOSPI closed at 3,174.07, down 7.40 points or 0.23 per cent.

Taiwan’s TAIEX Index closed at 17,566.66, down 0.87 points or 0.0049 per cent.

Japan’s Nikkei Index was closed for Golden Week.

Published : April 29, 2021

By : The Nation

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https://www.nationthailand.com/business/40000368

Thailand, Singapore link real-time payment systems in world first

Thailand’s PromptPay was linked with Singapore’s PayNow on Thursday, marking the world’s first bridge between national real-time payment systems.

The linkage allows customers of participating banks in Thailand and Singapore to transfer funds of up to THB25,000 or S$1,000 daily across the two countries, using just a mobile number. The funds will flow seamlessly and securely between customers’ accounts in Thailand and Singapore.

The linkage is the culmination of years of collaboration between the Bank of Thailand (BOT) and Monetary Authority of Singapore (MAS), the payment system operators, and bankers.

Transfers will be completed within a matter of minutes, representing a marked improvement over the average of 1-2 working days needed by most cross-border remittance solutions.

The participating banks have committed to benchmark their fees against the market. The fees will be affordably priced and transparently displayed to senders before confirming their transfers.

Senders will also be able to view the applicable foreign exchange charges before sending their funds, with these rates benchmarked closely to prevailing market rates.

The PromptPay-PayNow linkage is a collaboration under the Asean Payment Connectivity initiated in 2019 and closely aligns with efforts by the G20, Financial Stability Board, and other international standard-setting bodies to facilitate faster, cheaper, more inclusive and more transparent cross-border payment arrangements.

BOT and MAS will progressively scale the PromptPay-PayNow linkage to include more participants and extend the transfer limits to facilitate business transactions.

Published : April 29, 2021

By : The Nation

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https://www.nationthailand.com/business/40000366

CIMB cuts Thai GDP forecast to 2.2%

A new round of restrictions aimed at containing the fresh wave of Covid-19 will shake the Thai economy’s fragile recovery from its 2020 slump, says CIMB bank. The bank has revised down its GDP growth forecast for 2021 from 2.6 per cent to 2.2 per cent.

The Bank of Thailand has already signalled it will slash its GDP forecast for this year from 3 per cent, following partial lockdowns to combat the third wave of infections that began early this month.

However, CIMB forecasts this round of restrictions will impact the economy far less than lockdowns last year, which saw the Thai economy shrink by 6.1 per cent.

The main difference, says CIMB, is the strong recovery of exports.

Exports in March jumped over 8 per cent from last year, thanks to accelerating recovery in the US and China. Exports this year could grow about 10 per cent, driven by higher demand for auto parts, electronics, chemicals, rubber products and processed food, it said.

CIMB adds that speedy vaccination is the main hope for economic recovery.

However, Thailand’s economy would likely remain sluggish this year amid a lack of foreign tourists.

The baht could weaken by over 31.50 per US dollar by the second quarter following capital outflows over fears of QE tapering amid higher inflation expectation in the US, said the bank.

It projects the year-end dollar/THB at 31.30.

Published : April 29, 2021

By : The Nation