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https://www.nationthailand.com/thailand/economy/40021670

Thailand targets a juicy THB200 bn worth of fruit exports next year

THURSDAY, NOVEMBER 03, 2022

Thailand expects 200 billion baht worth of fruit exports in 2023 after earning 1.8 billion baht in revenue so far this year from 2.82 million tonnes of fruit exports, the Department of Agriculture said.

Director-general Raphiphat Chantarasriwong said on Wednesday that China is still Thailand’s biggest market, responsible for 84.75 per cent of total fruit exports. Other markets include Malaysia, Indonesia, Vietnam, South Korea and the United States, respectively.

“Next year, we expect China to import up to 2.39 million tonnes of fruit worth 159 billion baht, while overall fruit exports would reach 200 billion baht,” he said.

Raphiphat said that next year the department plans to apply to export more types of fruits to several countries after negotiating with foreign markets.

“We plan to apply for exports of date palm, passion fruit and salak to China; coconut husk to Saudi Arabia; lychee, longan, rambutan, dragon fruit and pomelo to the US; mango, mangosteen and pomelo to Japan, and lychee, longan and pineapple to Australia,” he said.

Raphiphat was visiting the “Asia Fruit Logistica” fair, which runs from November 2 to 4 at Queen Sirikit National Convention Centre in Bangkok. The annual event has been organised for the past 15 years with participation from Thai and international agricultural authorities, fruit importers/exporters, and companies across the fruit supply chain to carry out fruit-trade negotiations. The event also helps local firms to explore new market opportunities in the Asian region.

At the fair Raphiphat met Spanish Ambassador Emilio de Miguel Calabia and American Ambassador Robert F Godec, while visiting the booths of the two countries to discuss fruit import and export opportunities as well as additional agricultural cooperation.

Related Stories

Over one million tonnes of fruit exports in first half

Thailand aims to export over half million tonnes of fruit to China in 2022

New export channels easing Thailand’s fruit glut crisis: TCC

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https://www.nationthailand.com/thailand/economy/40021638

Baht advances but could be affected by results of key US Fed meeting

WEDNESDAY, NOVEMBER 02, 2022

The baht opened at 37.76 to the US dollar on Wednesday, strengthening from Tuesday’s close of 37.74.

The currency will likely move between 37.65 and 37.95 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the baht strengthened more than he expected due to a series of factors – the weakening of the dollar, hopes that the Chinese government would ease its Covid restrictions, the increasing gold price, and over 6.1 billion baht in foreign transactions involving Thai stocks.

However, these supporting factors might decrease or disappear if investors remain unsure whether the US Federal Reserve would slow its interest rate increases.

Poon warned investors to beware of market and stock volatility during the Fed chairman’s press conference.

He expected the market not to get too shaken up with the results of the Fed’s key meeting and has acknowledged that the Fed might increase the interest rate by 0.75%.

If the Fed chairman does not clearly signal a move to slow its interest rate increases in the future or does not show concern for the US economy, the baht might weaken as the dollar would strengthen.

Poon said the baht’s new support level is between 37.60 and 37.70 to the dollar, while the resistance level is between 38.20 and 38.30 if the Thai currency exceeds the 38 level.

It might weaken to 38 if the market fluctuates during the Fed press conference, Poon added.

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 could continue strengthening to 37.50: market strategist
• Baht could continue strengthening: market strategist

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https://www.nationthailand.com/thailand/economy/40021630

Thai private sector ‘ready to host’ world business leaders at APEC CEO Summit

TUESDAY, NOVEMBER 01, 2022

Nongluck Ajanapanya

Thailand’s private sector said on Tuesday it will be ready to host the Asia Pacific Economic Cooperation (APEC) CEO Summit on November 16-18, revealing programme highlights and keynote speakers.

Poj Aramwattananont, chair of the business leaders’ summit, held a press conference on Tuesday to announce that 90% of preparations were complete, including the venue, hospitality, security, reception party, and the summit’s programme – which covers the economy, trade, investment and society.

He said the remaining 10% concerned the schedule for world leaders attending the summit as keynote speakers, including China’s President Xi Jinping.

“We invited economic leaders from 13 economies to attend the APEC CEO Summit 2022, and the PM [Prayut Chan-o-cha] intends to deliver a speech.”

Poj said three leaders had confirmed their attendance at the CEO Summit: Peru’s Pedro Castillo, Chile’s Gabriel Boric, and Vietnam’s Nguyên Xuân Phuc.

He pointed out that current economic challenges on all fronts – food shortages, power crises, inflation, and pandemic recovery – had put the private sector on high alert.

The APEC CEO Summit will offer a platform for exchanges on key global directions, as well as an opportunity for Thailand to revive its economy after reopening post-pandemic, Poj said.

The main agendas for world business leaders at the summit will be lowering barriers to free trade, measures to combat inflation, and the Bio-Circular-Green (BCG) economy model for sustainable development.

Business leaders will exchange ideas at a forum themed “Embrace, Engage, Enable” on November 17 and 18, said Kasemsit Pathomsak, executive director of the CEO Summit.

Leaders of economies would be joined by top CEOs and thought leaders from around the world, such as Prof Klaaus Schwab, founder and managing director of the World Economic Forum; Hooi Ling Tan, founder of Grab; Bob Moritz, PWC global chairman; and executives from Johnson & Johnson, Meta, Google, Exxon, and others.

Also present will be leading Thai CEOs such as Nualphan Lamsam, managing director and president of Muang Thai Life Assurance; and Suphachai Chearavanont, managing director of True Corporation.

Sanan Angubolkul, chairman of the Joint Standing Committee on Commerce, Industry and Banking and chairman of the Thai Chamber of Commerce said that the summit is seen as a great “opportunity” for the country to showcase its trade, investment, and competitive potential in multiple dimensions including food, tourism, healthcare, and automotive manufacturing.

The APEC CEO Summit 2022 will be held at the Athenee hotel in Bangkok on November 16-18. Some 500-600 business leaders from across the Asia-Pacific region will be joined by over 200 high-level Thai CEOs at summit events.

Nongluck Ajanapanya

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https://www.nationthailand.com/thailand/economy/40021599

Restoring mortgage limit will delay Thai property market recovery: Condo Association

TUESDAY, NOVEMBER 01, 2022

The Bank of Thailand’s plan to restore the loan-to-value (LTV) mortgage limit is a blow to the condominium market just as it was recovering from pandemic impacts, the Thai Condominium Association (TCA) warned.

The LTV rule places limits on loans granted to buyers and deters purchase of condos for speculation, said Athip Pichanon, honorary president of the TCA and the Housing Business Association, on Monday.

The central bank announced recently it would restore LTV rules by year-end to prevent household debt from rising. The LTV has been suspended since October 2021 to soften Covid-19’s impact on the property market.

“The condominium market will likely remain in a slump next year as more than 90% of purchases are by domestic buyers,” Athip said.

“Next year will also bring several negative factors that could drag the market down even further, including rising interest rates and construction costs that could jump up by 10%.”

Athip, who is also vice president of the Chamber of Commerce and Board of Trade, sees Thai economic growth at less than 3% next year but expects the property sector to expand 5-10% as it gradually recovers from pandemic impacts.

Agreeing with Athip’s warning, Wichai Wiratkaphan, acting director of Government Housing Bank’s Real Estate Information Centre, said the resumption of LTV should be pushed back to the second half of 2023 to allow market recovery, especially in the low-priced and condo-speculation segments.

“Implementing LTV too early will disrupt growth of the condo market since only buyers with high purchasing power will be able to afford properties,” he said.

Wichai also urged the government to extend the cut in property transfer and mortgage fees to 0.01% until the end of 2023 to help the property market rebound.

Transfer fees have been lowered from 2% and mortgage fees from 1% for properties costing up to 3 million baht since 2019, but the measure is set to expire on December 31 this year.

Related Stories

Central bank insists LTV measure helps regulate property prices

Relaxing of LTV for homebuyers to help property market

Transfer, mortgage fees to stay at 0.01% until Dec 31

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https://www.nationthailand.com/thailand/economy/40021596

Baht halts skid as currency market goes risk-off

TUESDAY, NOVEMBER 01, 2022

The baht opened at 38.04 to the US dollar on Tuesday, strengthening from Monday’s close of 38.10.

The currency will likely move between 37.90 and 38.15 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

Poon speculated the baht would swing sideways and not strengthen beyond 38 per dollar since the currency market has returned to a risk-off state.

The baht has emerged as Southeast Asia’s worst-performing currency in the second half of 2022, according to Bloomberg. The Thai currency has dropped 7 per cent in that period and hit a 16-year low against the dollar, which is being buoyed by aggressive US policy rate hikes.

The market is now a risk-off state with investors looking to buy gold as its price drops.

However, the baht’s weakening might be limited by the gradual return of foreign investors to the Thai stock market, Poon said.

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

Related stories:

• Baht could continue strengthening to 37.50: market strategist
• Baht could continue strengthening: market strategist
• Baht strengthens against dollar on signs of foreign appetite for Thai stocks

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https://www.nationthailand.com/thailand/economy/40021579

Excise Department considers subsidy for EV batteries to help lower prices of BEVs

MONDAY, OCTOBER 31, 2022

The Excise Department will hold talks with manufacturers of batteries for electric vehicles to discuss measures that could further help lower the prices of BEVs, the department chief said.

Ekniti Nitithanprapas, director-general of the Excise Department, said officials were studying subsidies for manufacture of batteries so that the prices of BEVs would go down and become competitive with vehicles using internal combustion engine.

Ekniti said batteries constitute about half the price of a BEV car, hence his department is considering subsidy measures so that the prices of BEVS would be further lowered.

The government had earlier approved subsidies for purchasing BEVs and electric motorcycles and the subsidy rates range from 70,000 baht to 150,000 baht per unit for BEVs depending on battery capacity and 18,000 baht for battery electric motorcycles per unit.

He said BEV battery-making is a key supply chain for BEV manufacturing and EV battery-making is a new S curve industry.

As a result, providing subsidies for the BEV batteries would support the government’s policy to promote S curve industries and promote the environment, social and governance concept, Ekniti added.

“But we’ll have to hold talks with the manufacturers first to consider what would be the best way to provide subsidy,” Ekniti said.

So far, the Excise Department is studying three options:

● Providing subsidies at the level of making BEV battery cells

● Providing subsidies in the process of packing cells into battery modules, or

● Providing subsidies in the process of packing modules in complete battery packs for installation in EVs.

Apart from studying the subsidy measures, the department will also study measures for disposal of used BEV batteries.

He explained that the government aims to have some 600,000 to 700,000 BEV units made in the country by 2030 or about 30 per cent of total vehicle production.

As a result, there will be some 600,000 to 700,000 BEV batteries to be disposed of after they expire.

“We must find ways to recycle these used BEV batteries,” Eknitit added.

Related stories:

Thailand EV sales soar 223% as buyers take advantage of incentives

BoI okays 26 EV manufacturing projects worth THB80bn so far: DES Ministry

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https://www.nationthailand.com/thailand/economy/40021556

Thailand’s public debt for 2022 still within projection, says govt

SUNDAY, OCTOBER 30, 2022

Thailand’s public debt as of August stood at 60.72% of the GDP, which is still within the projection for fiscal 2022, the government spokesman said on Sunday.

Spokesman Anucha Buraphachaisri said the ratio is within a range that allows the government to continue launching stimulus measures.

Citing the medium-term fiscal plan for 2023-2026, Anucha said the public debt to GDP ratio should come in at 62.69% this year, far lower than the 70% ceiling.

“Since the economy and society have not fully recovered in the post-Covid era, public debt against the GDP is expected to rise to 64.02% in 2023 and 67.15% in 2026,” he said.

Anucha added that the government’s interest burden is still within control when compared to income, insisting that this government alone was not to be blamed for the surge in public debt.

“The public debt should be compared to the size of the GDP and economy,” he said.

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https://www.nationthailand.com/thailand/economy/40021553

BoI okays 26 EV manufacturing projects worth THB80bn so far: DES Ministry

SUNDAY, OCTOBER 30, 2022

Thailand’s electric vehicle manufacturing industry alone has attracted 80 billion baht worth of investment, the government said, rejecting rumours that no new foreign investment has come into the country recently.

Noppawan Huajaimun, the Digital Economy and Society (DES) Ministry’s spokesperson, said on Sunday that government opponents are sharing “fake news” that the state has failed to attract foreign investment over the past eight years.

She said new foreign investments had come to Thailand every year, and the Board of Investment (BoI) has been regularly offering new tax benefits to foreign investors.

She said the BoI has approved 26 EV manufacturing projects from 17 companies this year alone. The projects have a combined investment value of 80.21 billion baht, not including the value of the land and circulation of capital, she added.

Noppawan said the BoI has, so far, approved tax benefits for the production of 838,775 EVs and issued promotion certificates to 16 projects, including six for manufacturing sedans, two for pick-up trucks and three for motorcycles.

Apart from these projects, BoI has also approved supporting packages for three data-centre projects located in Eastern Economic Corridor (EEC) industrial estates, Noppawan said.

Close to 25 billion baht will be invested in the three data centres, which will be built by Amazon Data Services (Thailand) Co Ltd.

The Digital Economy Promotion Agency (depa) is also cooperating with state and private agencies to develop 30 smart city projects in 23 provinces.

These include 15 new smart city projects in 14 projects that were approved on August 5 by a subcommittee chaired by DES Minister Chaiwut Thanakamanusorn, Noppawan said.

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https://www.nationthailand.com/thailand/economy/40021551

Thailand’s drop in global competitiveness rankings temporary, says govt

SUNDAY, OCTOBER 30, 2022

Despite Thailand’s drop in competitiveness rankings, the many state subsidy schemes have helped businesses keep their heads above water, the government spokesman said.

Spokesman Anucha Buraphachaisri said on Sunday that though Thailand has dropped five points to 33 in this year’s International Institute for Management Development competitiveness list, the country is still improving in many respects.

The institute studied the competitiveness levels of 63 countries, with Denmark topping the list followed by Switzerland and Singapore.

Thailand’s ranking in economic performance has dropped from 21 to 34 as the Covid-19 pandemic had a short-term impact on the import-export sector, Anucha explained.

“However, Thailand’s exports will start rising once the situation returns to normal,” he said.

He added that Thailand’s consumer spending was still on a positive trajectory despite rising fuel prices, thanks to the government’s co-spending schemes like “Khon La Khrueng”.

The government’s ranking for efficiency has also dropped from 20 to 31 due to high public debts. Anucha said this was because the authorities had to take huge loans to boost the country’s liquidity, revive the economy, maintain employment and boost investment.

Anucha said that though Thailand’s business sector has dropped from 21 to 30, the country’s productivity is rising thanks to the government’s many projects, like Sustainable Manufacturing Centre, launched to enhance production.

Moves are also being made to boost entrepreneurs’ potential through tools like the Digital Economy Promotion Agency’s digital start-up fund.

The spokesman added that though Thailand’s ranking for overall infrastructure has dropped by one point to 44, basic infrastructure is improving because of new railway and road projects.

“The government is developing the digital infrastructure to meet the business sector’s needs and cover the changes in consumer behaviour,” he said.

“The government is also paying close attention to investment in the telecommunications industry.”

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https://www.nationthailand.com/thailand/economy/40021531

4.4 million Thais still earn less than 3,000 baht a month, says NESDC

SUNDAY, OCTOBER 30, 2022

About 4.4 million Thai nationals are living below the poverty line now, dropping from 4.7 million during the Covid-19 crisis, the National Economic and Social Development Council (NESDC).

Danucha Pichayanan, NESDC secretary-general, said 4.4 million people or 6.3 per cent of the population are below the poverty line, which according to him is defined by a monthly income of 2,762 baht.
In 2019, before Thailand was struck by Covid-19, 4.3 million people were below the poverty line but that jumped to 4.7 million in 2020 when the country was at the height of the crisis.
In 2020, the Thai economy also contracted by 6.2 per cent, with 650,000 people left unemployed, marking a 74.4 per cent increase from a year earlier.
By region, Thailand’s South is worst hit with 1.1 million or 11.6 per cent of residents living below the poverty line. The Northeast came in second with 11.5 per cent of residents living in abject poverty, followed by the Central region (6.8 per cent), the North (3.2 per cent), and Bangkok (0.5 per cent), NESDC data show.

Meanwhile, people living in rural areas have seen a higher jump in income compared to those living in urban areas, NESDC said.
In 2021, the average monthly income of rural residents came in at 8,130 baht, a 7.1 per cent surge from 7,588 baht in 2019. Urban residents, meanwhile, earned an average of 12,018 baht per month in 2021, a 2.6 per cent gain when compared to 11,712 baht two years ago.
Thailand saw the gap between rich and poor expand slightly last year compared to 2019 before Covid-19.
The country’s income Gini coefficient is 0.43 in 2021, up from 0.429 in 2019, according to the NESDC.
The Gini coefficient is based on the comparison of the cumulative proportion of the population against the cumulative proportion of the income they receive, and it ranges between 0 in the case of perfect equality and 1 in the case of perfect inequality.
A World Bank report released last week says that Thailand had the highest income inequality rate in the East Asia and Pacific region in 2019, when the top 1 per cent captured 21 per cent of national income, while the income share of the bottom five deciles constitutes only 14 per cent.
The World Bank report, titled “Thailand Rural Income Diagnostic: Challenges and Opportunities for Rural Farmers”, cites Credit Suisse’s Global Wealth Report, which says that despite a decline in the wealth share of the top 1 per cent from 67 per cent in 2018 to 40 per cent in 2020, Thailand’s income gap remains wider than the East Asia and Pacific average of 38 per cent.