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https://www.nationthailand.com/thailand/economy/40021780

Thailand’s trade deficit with Saudi Arabia hits THB166.91 billion in first 9 months

SUNDAY, NOVEMBER 06, 2022

Thailand’s trade deficit with Saudi Arabia has risen to 166.91 billion baht in the first nine months of this year mainly due to rising oil prices, the Commerce Ministry said.

The statement from the ministry’s permanent secretariat issued recently said bilateral trade between the two kingdoms has risen a lot since ties were normalised for the first time in 32 years this year.

Bilateral relations had soured in 1989 over the Blue Diamond Affair when a Thai janitor stole around US$20 million worth of jewels from a Saudi prince.

However, diplomatic ties were restored in January and bilateral trade picked up almost immediately.

The first nine months of the year saw 265.29 billion baht worth of business between the two countries, marking a 65.52% surge from the same period last year.

Thailand’s exports to Saudi Arabia accounted for 49.19 billion baht, marking an increase of 29.83%, but imports from the Middle East came in at 216.10 billion baht, up 76.57% year-on-year.

According to the Commerce Ministry, the top five imports from Saudi Arabia in the January-September period this year are:

• Crude oil: 153.693 billion baht (+70.66%)

• Fertilisers, herbicides, pesticides: 19.198 billion baht (+125.83%)

• Refined oil: 15.106 billion baht (+130.50%)

• Chemicals: 14.476 billion baht (+7.96%)

• Natural gas: 6.53 billion baht (+3.02%).

The top five exports to Saudi Arabia in the first nine months are:

• Vehicles, parts, accessories: 24.252 billion baht (+45.88%)

• Wood, wood products: 4.869 billion baht (+20.11%)

• Rubber products: 2.96 billion baht (+32.82%)

• Canned and processed seafood: 2.39 billion baht (+11.34%)

• Air-conditioners, parts: 1.803 billion baht (+3.67%).

Related stories:

Thailand to import another 100,000 tonnes of fertiliser from Saudi Arabia

Commerce Ministry takes steps to flood Saudi Arabia with Thai exports

SEC officials visit Saudi Arabia’s Capital Market Authority

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https://www.nationthailand.com/thailand/economy/40021777

Thailand’s rice exports boom, Iraq emerges as largest customer

SUNDAY, NOVEMBER 06, 2022

Iraq has become the world’s largest export market for Thai rice, after shipments in the first nine months soared 511 per cent to 15.405 billion baht, the Commerce Ministry said.

Global exports of Thai rice from January to September surged 40% from last year to 5.41 million tonnes, with earnings rising 36% to 95.232 billion baht, the ministry said.

Thailand is now the world’s second-largest rice exporter after India.

The top five export markets for Thai rice in the first nine months were:

– Iraq with exports worth 15.405 billion baht (up 511%)

– United States, 14.029 billion baht (up 29%)

– South Africa, 8.017 billion baht (down 3%)

– China, 7.439 billion baht (up 30%)

– Hong Kong, 3.56 billion baht (up 1.6%).

The Rice Exporters Association of Thailand forecasts the country will export between 7 million and 8 million tonnes of rice this year as the weakening baht boosts competitiveness over India and Vietnam.

Iraq has returned to buying Thai rice in large quantities for the first time in seven years, with over one million tonnes purchased so far this year, the association said.

Meanwhile Phuket will host the 14th World Rice Conference from November 15 to 17, with Commerce Minister Jurin Laksanawisit scheduled to give the opening speech.

Thailand’s foreign trade agencies will be at the conference to showcase the country’s potential as a rice exporter.

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https://www.nationthailand.com/thailand/economy/40021754

Economic recovery, revival of businesses help reopen jobs in Thailand

SATURDAY, NOVEMBER 05, 2022

Unemployment in Thailand has improved considerably with the rate of joblessness falling to 1.2% in the third quarter of this year from 2.3% in the same period last year.

Deputy government spokesperson Traisuree Taisaranakul said on Saturday that Prime Minister Prayut Chan-o-cha was satisfied to learn that the rate of employment has risen to the level before the Covid-19 crisis hit the country.
“This reflects the government’s success in maintaining employment rates and ensuring people have an income,” she said. “The successful implementation of public health policy has helped the country survive the crisis and helped the economy recover from all dimensions.”
Of Thailand’s 40.1-million-strong workforce, 491,000 were recorded as unemployed in the third quarter of this year, down from 546,000 in the second quarter and 911,000 in the third quarter of last year, Traisuree said.

She added that the number of employed people came in at 39.6 million in the third quarter, up from 39 million in the second quarter and 38.7 million in the third quarter of 2021.
Employment has risen by an average of 2.1% from last year, mostly outside the farming sector, the spokesperson said. Service and retail sectors, meanwhile, saw 4.3% more jobs in the third quarter, while employment in the agriculture sector suffered a 2.4% decline.
Traisuree said businesses are hiring more staff because the economy has started recovering after the fallout of Covid-19.
“The outlook is particularly bright for the tourism and aviation sectors as the number of tourists is rising,” she said, citing next week’s Suvarnabhumi Airport Job Fair.
The fair is scheduled to be held from November 9 to 11 from 9am to 3pm at the airport’s Public Transportation Centre.
She said some 30 companies operating out of Suvarnabhumi Airport are looking to fill up to 1,500 vacancies, including those of electrical engineers, ground staff, warehouse workers, passenger screening personnel, security officers and technicians.

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https://www.nationthailand.com/blogs/thailand/economy/40021733

Surging animal feed prices a blessing in disguise for Thai cassava growers

FRIDAY, NOVEMBER 04, 2022

The Philippines is set to sign a 20-billion-baht pact with Thailand to purchase cassava chips and pellets.

Ronnarong Phoolpipat, Department of Foreign Trade director-general, said on Thursday that the rising price of animal feed due to the Russia-Ukraine war is a blessing for Thailand.

The department has teamed with the Bureau of International Trade Promotion Strategy to hold a meeting with the Philippines Association of Feed Millers (PAFMI) and cassava processing firms on Sunday. The meeting, scheduled to be held in Nakhon Ratchasima province, will see the signing of a memorandum of understanding (MoU) on the purchase of 20 billion baht worth of cassava-based animal feed yearly.

Since the price of cassava products has reached a satisfactory level, the Commerce Ministry is taking steps to expand the market and boost production.

In the first nine months of this year, Thailand exported 8.73 million tonnes of cassava products worth over 115.48 billion baht. Of the exports, 36% were cassava chips and pellets, and the remainder cassava starch.

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https://www.nationthailand.com/thailand/economy/40021729

BOI lures investors with 9 new measures to build ‘new economy’ in Thailand

FRIDAY, NOVEMBER 04, 2022

The Board of Investment (BOI) has come up with nine new measures to attract investment as part of Thailand’s move to create a “new economy”.

Under this five-year investment promotion strategy, which kicks off next year, the BOI will support investment in high technology, green and smart industries as well as businesses driven by creativity and innovation.
It is believed that these sectors will boost Thailand’s competitiveness and spark the start of a new economy.
The nine measures, some of which cut down on bureaucratic red tape for prospective investors, were approved by BOI’s executive board on Friday.
BOI secretary-general Narit Therdsteerasukdi said the list also includes measures like the retention and expansion program as well as the relocation program, which will promote Thailand’s standing as a key base for new industries and international businesses.
There are also measures promoting industries necessary for national development and improved competitiveness.

The measures also aim to promote economic recovery and social development by encouraging investment in small and medium-sized enterprises. The proposal also includes a measure to upgrade existing industries to become “smart” and sustainable.
The new measures go into effect from January 2023, the BOI chief said.

“Thailand’s strength lies in its ability to respond to global challenges on food security and clean energy. We have a strong support base for industries, which is key to future investment,” he said.
Narit added that additional BOI benefits will be available for investors in specific industries, especially those that involve advanced technology and innovation. The targeted industries include biotech, nanotech and advanced materials technology in which know-how is transferred in joint projects with academic institutions or research centres. Investors in these industries are entitled to A1+ benefits, including tax exemption for 10 to 13 years.
New industries eligible for BOI benefits include the manufacturing of fuel-cell electric vehicles (FCEV), battery swapping stations, generation of hydrogen-based electricity, space-related businesses and the production of food for the future.
Apart from devising the nine measures, BOI has also set up a subcommittee to tackle obstacles facing investors, especially those in targeted industries, Narit said.
He added that the panel is chaired by Energy Minister Supphattanapong Punmeechaow.

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https://www.nationthailand.com/thailand/economy/40021716

Jurin on LA mission to cut tariffs for Thailand’s US-based food factories

FRIDAY, NOVEMBER 04, 2022

The Commerce Ministry is negotiating with the United States to eliminate tariffs on exports of raw materials to Thai food manufacturers based in the US.

Minister Jurin Laksanawisit said on Thursday that Thailand’s manufacturers need to expand their production bases to make Thai food available at the global scale.

Jurin, who doubles as deputy prime minister, was speaking while visiting a factory owned by Overhill Farms, a Los Angeles-based food manufacturer under the Charoen Pokphand (CP) Group.

“Thai dishes highly popular among foreigners include Tom Yum Kung, Tom Kha Kai, Pad Thai, Massaman, Green Curry and Khao Soi,” said Jurin.

These foods meet the global trend for health thanks to their use of natural ingredients and herbs, he said.

“CP now has four food factories in the US, and large corporations need to increase the number of Thai food factories overseas to penetrate the market.”

Jurin added that his ministry is negotiating with US authorities to reduce tariff barriers, to help Thai exporters and foreign importers deliver Thai ingredients to produce Thai foods in foreign markets – especially key ingredients like chicken, eggs and pork.

“The US has more stringent barriers, both tax and non-tax, than the European Union. We will keep negotiating with authorities to make sure that Thai food manufacturers here have the ingredients they need,” he said.

The aim, said Jurin, was for Thai foods to become global foods in line with the government’s policy of promoting Thailand as a “Kitchen of the World”.

Related Stories

Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM event

Future food sector is growing in 2022, but not without challenges

Cricket ice cream among Thai ‘future foods’ vying for Apec leaders’ menu

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https://www.nationthailand.com/thailand/economy/40021712

Baht slide could slow after passing resistance level of 38/dollar: market strategist

FRIDAY, NOVEMBER 04, 2022

The baht opened at 38.03 to the US dollar on Friday, unchanged from Thursday’s close.

The currency will likely move between 37.70 and 38.00 against the greenback during the day, forecast Poon Panichpibool, Krungthai market strategist.

Poon speculated the baht might weaken since the dollar is strengthening and the market remains in a risk-off state. Also, the lack of signals from China that it will ease its zero-Covid measure would place downward pressure on the yuan and affect the Asian currency market, he said.

However, the baht’s weakening will likely slow now it has passed the resistance level of 38 per dollar, Poon said.

He advised monitoring the gold price and foreign inflows to Thai stocks and bonds, saying that if neither changed significantly, the baht would not weaken much beyond its resistance level.

He forecast the baht’s support level at 37.50 to 37.70, at which point importers would buy the dollar.

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

Related stories

• Baht halts skid as currency market goes risk-off
• Baht advances but could be affected by results of key US Fed meeting
• Baht halts skid as currency market goes risk-off

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https://www.nationthailand.com/thailand/economy/40021695

Thailand ready to strengthen economic ties with China, PM affirms

THURSDAY, NOVEMBER 03, 2022

Prime Minister Prayut Chan-o-cha on Thursday confirmed the Thai government’s readiness to working with its Chinese counterpart to strengthen the partnership between the two countries.

He said Thailand is looking to boost its partnership with China for a future that is “strong, wealthy and sustainable — like a saying that China and Thailand are no strangers. We are brothers and sisters”.
The Thai premier was speaking during his special lecture given at the Thailand-China Investment Forum organised at the Shangri-La Bangkok Hotel.
The event was also attended by China’s Ambassador to Thailand Han Zhiqiang and Thailand’s Deputy Premier and Energy Minister Supattanapong Punmeechaow.
General Prayut said the forum was a good initiative by the Thai private sector to serve as “an important mechanism” in strengthening economic ties between the two countries.

“This is a good opportunity for both countries to work together in recovering the economies severely affected by the Covid-19 crisis and boosting bilateral cooperation for sustainable development,” the PM said.
He noted that this year marks the first decade of a comprehensive strategic partnership between Thailand and China.
The prime minister said that the Thai government is attempting to attract investments from other countries, particularly China, by improving Thailand’s infrastructure and developing new industrial zones such as the Eastern Economic Corridor.

He pointed out that Chinese companies have the potential and expertise in many industries, particularly involving electric vehicles and digital manufacturing.
He noted that in the first nine months of this year, about 45 billion baht of investment had come from China into the electronics, electrical appliances and EV industries.

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https://www.nationthailand.com/thailand/economy/40021681

Jurin visits Thai owner of mega importer in LA, promotes Thai films at AFM event

THURSDAY, NOVEMBER 03, 2022

Commerce Minister Jurin Laksanawisit held talks with the Thai owner of a large wholesale store in Los Angeles and attended a film market event to promote Thai movies.

Jurin, also a deputy prime minister, told accompanying reporters on Thursday that the two missions during his Los Angeles trip were a “success”, according to the Department of International Trade Promotion (DITP).

Jurin and his delegation on Tuesday paid a visit to Anek Bholsangngam, the owner of Lax-C wholesale store, which the commerce minister said is the largest Thai goods wholesaler in the western United States.

The minister said he visited Lax-C because the store imports Thai goods worth 40 million to 50 million baht a year.

Lax-C, which imports various types of products from Thailand, serves as a centre to distribute the products to Asians across the United States.

“Lax-C is a major importer in the US and it sells various types of Thai-made products, including food and consumers goods for daily use,” Jurin pointed out.

He said even Thais can’t imagine the variety of products available at Lax-C, which include Parrot-brand soaps and several types of fresh traditional sweets, such as khanom tan, which is a yellow small steamed cake flavoured with toddy palm sugar and coconut milk wrapped in banana leaves.

“Lax-C is an effective distribution centre of Thai products, which is owned by a Thai. It helps distribute Thai-made goods in Asian markets and is strategically located near China Town in Los Angeles,” Jurin said.

“I would like to thank its owner for playing a part in helping Thailand export goods to the US.”

The DITP said the wholesale store imports several brands from Thailand, including house brands AC and Pa Siam. The store is well-known as the “Thai Costco Market” of Los Angeles.

Jurin noted that the US is the second largest export market for Thailand, with exports to that country valued at a whopping 1.2 trillion baht in the first nine months of the year – a growth of 30.34 per cent compared to the same period last year.

The DITP also said Jurin attended the American Film Market & Conference (AFM) 2022 at the Hotel Casa del Mar in Los Angeles on Wednesday.

Jurin witnessed the signing of cooperation between Epic Pictures Group and Hollywood (Thailand) to produce “Insee Daeng” (Red Eagle) 2024 with an investment of 200 million baht.

The DITP said Jurin also attended “Thai Night”, which was hosted by the Commerce Ministry, at the AFM venue. Thai Night was presided over by His Majesty the King’s sister, Princess Ubolratana Rajakanya.

The event provided a chance for Thai movie directors and Thai film circles to meet some 250 international movie producers and companies.

Jurin said eight Thai digital content firms also accompanied him to the AFM. They were expected to sell products worth 800 million baht to international movie firms.

The eight were Benetone Films, Film Frame Productions, GDH 559, Hollywood (Thailand), Kantana Sound Studio, M Pictures, Right Beyond and Sahamongkolfilm International.

They presented some 50 films during the event, including “Haunted Dormitory”, “Home for Rent”, “5th Round”, “Faces of Anne”, “Immortal Species” and “Khun Pan 3”.

The Cabinet recently approved an expense rebate for international filmmakers to promote Thailand as a film shooting destination, Jurin said.

International movie companies would be given a 20 per cent rebate on expenses paid to Thais during film shoots in the kingdom, he added.

According to the minister, as many as 122 foreign films were shot in Thailand last year.

Related stories:

Rice price-guarantee scheme will take effect next month, Jurin insists

Thailand could soon become world’s top pet food exporter: Jurin

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https://www.nationthailand.com/thailand/economy/40021671

Baht might weaken but resistance level will be 38: market strategist

THURSDAY, NOVEMBER 03, 2022

The baht opened at 37.80 to the US dollar on Thursday, weakening from Wednesday’s close of 37.58.

The currency will likely move between 37.70 and 38.00 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.
 

He speculated that the baht might be pressured to weaken as the dollar advances amid increased gold purchases as prices of the precious metal went down after the US Federal Reserve chairman signalled he would continue to increase the interest rate.

This is in line with Poon’s view that investors should beware of a volatile baht and there could be a chance the Thai currency would weaken after the Fed chairman’s statement.

Poon said the baht might weaken but its resistance level will be 38 to the dollar.

However, he said the baht will not weaken much from its resistance level while its support level would be around 37.50 to 37.60, the level that importers are waiting for to buy the dollar.

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

Related stories

• Baht advances but could be affected by results of key US Fed meeting
• Baht halts skid as currency market goes risk-off
• Baht could continue strengthening to 37.50: market strategist