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https://www.nationthailand.com/thailand/economy/40020971

Thailand leads APEC 2022 to “Open. Connect. Balance.”

THURSDAY, OCTOBER 13, 2022

This year Thailand has been given the honor of hosting APEC, the Asia-Pacific region’s premier economic forum. The role has presented Thailand with a diverse array of opportunities, from showcasing its own economic achievements and presenting its aspirations for the region to mobilizing important mechanisms for economic progress.

The Asia-Pacific Economic Cooperation, or APEC, is comprised of 21 economies with the primary goal of supporting “sustainable economic growth and prosperity in the Asia-Pacific region”.

Established in 1989 with Thailand as one of the founding members, the cooperation has, for over three decades, been actively working to “ensure that goods, services, investment, and people move easily across borders”, acknowledging the interdependence of the region’s economies. 

Members facilitate trade through expedited customs procedures, conducive business environments, and alignment of regulations and standards. 

Guiding Thailand’s hosting of APEC in 2022 is the theme “Open. Connect. Balance.”, which is conceptualized with the express purpose of advancing APEC towards economic recovery in a post-COVID-19 world and bringing about resilient, inclusive, balanced and sustainable long-term economic growth.

Steering APEC to be “Open to all Opportunities”, Thailand seeks this year to restart the conversation on the Free Trade Area of the Asia-Pacific, or FTAAP, with inclusion of matters brought into focus by the spread of COVID-19. Openness has been highlighted as crucial this year as the pandemic hindered the flow of essential goods and services across borders and aggravated trade restrictions, making it important for APEC to remove barriers to trade and deepen economic integration.

For APEC to “Connect in all Dimensions”, Thailand supports the safe resumption of seamless cross-border travel, helming a Safe Passage Taskforce that has worked to facilitate the flow of commerce and travel and fostering “regenerative tourism” designed to revive small businesses and other sectors impacted during border closures. 

Particularly emphasized this year is Thailand’s call for “Balance in All Aspects”. Looking to match APEC economic progress with social and environmental sustainability, Thailand has supported intergenerational exchanges and women’s economic empowerment. Most notably, Thailand has promoted its Bio-Circular-Green (BGC) Economy Model, a framework for business and commerce that combines three sustainable practices to ensure sustainability into the future.

Actualizing the APEC theme of “Open. Connect. Balance.” through 2022, Thailand has utilized its hosting of the cooperation to usher APEC into the post-COVID-19 era and help ensure the long-term viability of its objectives.

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https://www.nationthailand.com/thailand/economy/40020968

Thailand, Singapore strengthening economic ties

WEDNESDAY, OCTOBER 12, 2022

Thailand and Singapore will work together to enhance their economic relationship in line with the Bio-Circular-Green (BCG) economy, Commerce Minister Jurin Laksanawisit said on Wednesday.

He was presiding over the sixth ministerial meeting of the Singapore-Thailand Enhanced Economic Relationship (STEER) in Bangkok, along with Tan See Leng, Singapore’s Manpower Minister and Second Minister for Trade and Industry.

Jurin said the Commerce Ministry will hold online business matching discussions between Thai exporters and Singaporean importers, focusing on businesses related to BCG, such as plant-based proteins, alternative meat and processed foods from natural ingredients.

A signing ceremony for five memorandums of understanding was held during the meeting, covering intellectual property, agriculture and sustainable businesses.

“This is the first economic cooperation between Thailand and Singapore in five years after their last meeting in 2017,” he said.

The STEER meeting has enabled the two countries to cooperate in various fields such as agriculture, telecommunications, trade, investment, tourism and intellectual property, Jurin said.

Singapore is Thailand’s fourth partner in Asean, following Malaysia, Vietnam and Indonesia, and Thailand’s eighth partner in the world, the minister said.

“Thailand and Singapore have overcome many global challenges, such as the trade war, the Covid-19 crisis, the ongoing Russia-Ukraine conflict and inflation,” he said.

“This was a good opportunity for the two countries to hold the STEER meeting today to promote cooperation in trade and investment,” Jurin added.

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https://www.nationthailand.com/thailand/economy/40020966

External factors a worry for Thai economic recovery despite rising consumer confidence: UTCC

WEDNESDAY, OCTOBER 12, 2022

THE NATION

Thailand’s consumer confidence index rose for the fourth consecutive month in September, pointing to an upward trajectory for the economy, but high fuel prices, the recent floods, the Russia-Ukraine war and rising interest rates due to inflation continue to pose worries for recovery, the University of the Thai Chamber of Commerce (UTCC) said.

The UTCC surveyed 2,242 people from around the country and found that the consumer confidence index in September had risen to 44.6, up from 43.7 in August.

UTCC president Thanawat Phonwichai said that the index had seen increases for four consecutive months and had reached its highest level during the year since January.

Meanwhile, the confidence in the Thai economy was at 38.6, confidence in job opportunities at 41.9, and confidence in future income at 53.3.

He said the consumer confidence index had been on an upward trend as the Covid-19 situation is under control and prevention measures have been eased across the country, allowing businesses to operate normally.

In addition, foreign travellers could enter the country more easily while the price of petrol had reduced significantly from the first half of the year.

However, consumers are concerned about the retail fuel price as it has stayed at a high level and they are also concerned about the high cost of living, the Ukraine-Russia tensions and increasing interest rate due to high inflation.

They are factors that could pressure economic recovery and might cause a recession, he said, affecting consumer confidence and Thai economic recovery.

He expected Thai economic growth to slow down and be lower than the 3.0-3.5 per cent forecast for this year.

However, consumer confidence has increased continuously due to expectations that the Thai economy would recover significantly in the fourth quarter of this year.

He mentioned the TCC Confidence Index in September was at 42.5, increasing from 40 in August. The increase for four straight months points to the faith of business operators that the economy is recovering.

Thanawat explained that the Cabinet’s decision to provide economic stimulus measures to relieve the effects of Covid-19 and the cost of living was a positive factor.

Thai exports in August grew by 7.54 per cent, and the economy was also supported by tourism and diesel price support. The private sector is, however, concerned about the Ukraine-Russia war and currency volatility, as they might affect investment in the future.

Thanawat said the economy has recovered, but it is still vulnerable so the government sector must support those who were affected by floods, by keeping the interest rate low, manage the price of energy, and come up with measures to help control manufacturing costs.

As for floods, the centre estimated the damage at around 12 to 20 billion baht — 6 billion to 8 billion baht in the agricultural sector and 6 billion to 12 billion in the industrial sector.

He said the affect would be low as the floods mostly affected fields and not livestock.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020951

TAT targets 3.8 million medical tourists under 20-year strategy

WEDNESDAY, OCTOBER 12, 2022

The Tourism Authority of Thailand (TAT) is working on promoting Thailand to become a medical tourism hub.

TAT also aims to make Thailand one of the top five countries in the Medical Tourism Index, TAT governor Yuthasak Supasorn said.

“Thailand was 17th in the index between 2020 and 2021,” he noted, adding the top five countries were Canada, Singapore, Japan, Spain and the United Kingdom.

Yuthasak expects at least 3.8 million medical tourists to generate 200 billion baht for Thailand in 2037 under the 20-Year National Strategy (2018-2037).

“In 2017, Thailand’s medical tourism sector accounted for 38 per cent of all tourists from Asia,” he said, adding that tourists in the medical sector spend two to three times the amount spent by other visitors.

TAT has implemented a strategy to attract tourists with high purchasing power, including those for medical tourism.

“The road map to promote Thailand to become the world’s medical tourism hub must focus on sustainability in treatment quality, personnel expertise and technology,” he pointed out.

Meanwhile, Association of Thai Travel Agents president Sisadiwat Cheewaratanaporn said Thailand possesses a host of strong points, such as comparatively cheaper medical treatment fees and cost of living.

Up to 59 Thai private hospitals have been certified by US based healthcare accredition organisation Joint Commission International, Sisadiwat said.

“Thailand must accelerate its promotion among foreigners so the country’s medical tourism sector can continue to grow in the long term,” he added.

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https://www.nationthailand.com/thailand/economy/40020947

Baht may weaken if market remains in risk-off state: strategist

WEDNESDAY, OCTOBER 12, 2022

The baht opened at 38.15 to the US dollar on Wednesday, weakening from Tuesday’s close of 38.10.

The currency will likely move between 38.00 and 38.30 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the baht is likely to weaken if the market remains in a risk-off state, a factor causing investors to possess the dollar.

Furthermore, he feels the baht could weaken to test its resistance level of 38.30 if core inflation from the US Core Consumer Price Index on Thursday is higher than market expectations (over +6.5 per cent y/y and +0.5 per cent m/m).

Poon suggested speculating on the gold price. The baht will not weaken much if the gold price is stable over the support level of 1,670 dollars per ounce, he added.

However, the baht could weaken to test its resistance point of 38.50-38.75 to the dollar if the Thai currency exceeds 38.30, which is the level investors, who are shorting the baht, will gradually sell for to make a profit, Poon said.

Moreover, foreign investors are offloading their Thai assets, which is another factor that is pressuring the baht, he pointed out.

Thai stock sales might slow down but not for bonds, at least not until long-term bonds swing sideways or go down, which could occur if the market is not worried that the US Federal Reserve might increase the interest rate or an economic recession is coming, Poon said.

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

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https://www.nationthailand.com/thailand/economy/40020906

Commerce Ministry takes steps to flood Saudi Arabia with Thai exports

MONDAY, OCTOBER 10, 2022

Nongluck Ajanapanya

The Commerce Ministry has come up with an action plan to flood the Saudi Arabian market with Thai goods, especially now that bilateral ties have been restored.

At a press conference on Monday, Commerce Minister Jurin Laksanawisit said his ministry will make export regulations less stringent and far simpler.

“We intend to increase our bilateral trade value to 10 billion baht within a year,” he said.

Jurin, who also doubles as deputy PM, was speaking after attending a meeting with the Federation of Thai Industries (FTI), senior officials from the Commerce Ministry and Foreign Ministry and the Livestock Development Department.

The minister, who led a contingent of business leaders to explore the Saudi Arabian market in late August, said the Commerce Ministry will provide establish an “export clinic” to provide consulting services to Thai businesses that are interested in tapping the Saudi Arabian market.

Jurin said that apart from halal food, there is a high demand for trees and plants in the Middle East, which can prove to be another lucrative market for Thai farmers.

The ministry is planning roadshows to promote Thai products in Saudi Arabia, particularly in the food, petrochemical, construction, and automobile industries, and will also work on showcasing Thai businesses at trade events in the Mideast.

The Commerce Ministry is teaming up with FTI and Saudi Arabia’s Investment Ministry to host a webinar to promote trade and investment in key sectors like petrochemicals, construction, steel, aluminium, food, agriculture, automobiles, and auto parts, with the goal of exchanging information and encouraging exports.

As for the free-trade agreements between Thailand and Gulf countries like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, Jurin said all parties have pledged to expedite the process to achieve results as soon as possible.

FTI chairman Kriengkrai Thiennukul, meanwhile, lauded the government for helping the private sector enter the Saudi market, adding that it will be easier for Thai businesses to enter the Middle East market, especially if they are armed with an FTI certificate.

He said he expects the FTI to work closely with the Commerce Ministry and other government agencies to identify new opportunities and solutions for the economy’s long-term viability.

Saudi Arabia has shown good growth potential for Thai exports. Between January and August 2022, Thai exports to Saudi Arabia rose 15.9 per cent year on year to 43.11 billion baht. Exports included machinery and machinery parts, animal feed, canned and processed seafood, timber and wood products, rubber products and automobiles, equipment and parts.

Nongluck Ajanapanya

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https://www.nationthailand.com/thailand/economy/40020877

Baht plummets to 26-year low against dollar

MONDAY, OCTOBER 10, 2022

THE NATION

The baht opened at 37.60 to the US dollar on Monday, weakening from Friday’s close of 37.37 to a 26-year low.

The currency will likely move between 37.50 and 37.75 against the greenback during the day and between 37.20 and 37.90 during the week, Krungthai market strategist Poon Panichpibool predicted.

Poon said that the fluctuating baht might weaken to near its resistance level between 37.80 to 37.90 if the market remains in a risk-off state over concern of another US Federal Reserve rate hike and the falling gold price.

He advised monitoring inflows to Thailand after a slowdown in selloffs of Thai assets by foreign investors helped curb the baht’s weakening.

Meanwhile, he said the dollar could continue to strengthen and advised close monitoring of US inflation via the latest consumer price index. Concern over recession is also supporting the dollar as a safe-haven asset, he added.

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

As well as the US inflation report for September, investors are advised to watch for the International Monetary Fund’s latest twice-yearly World Economic Outlook, due this week.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020799

Baht opens slightly down against dollar on Friday as US jobs data looms

FRIDAY, OCTOBER 07, 2022

THE NATION

The baht opened at 37.40 to the US dollar on Friday, weakening slightly from Thursday’s close of 37.36.

The Thai currency will likely move between 37.25 and 37.55 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

Poon cautioned over possible baht weakening in a volatile currency market as investors react to the latest US jobs data due on Friday.

He added that the market may push towards a risk-off state if the US labour data is better than expected.

He also advised keeping a close watch on the gold price, saying a fall to the support level could trigger gold purchases and a weakening of the baht.

Meanwhile, investors should monitor foreign transactions in Thai stocks as the baht would come under pressure from any significant outflows.

However, Poon said foreign funds were likely waiting to buy Thai assets, especially stocks following price falls. Moreover, economic recovery was giving Thai stocks greater attractiveness in the Asia market.

Poon forecast the baht’s resistance level at 37.60 to 37.80 to the dollar and the support level at 37.10 to 37.20.

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

THE NATION

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https://www.nationthailand.com/thailand/economy/40020755

Baht likely to touch 37.40 to the dollar today: market strategist

THURSDAY, OCTOBER 06, 2022

THE NATION

The baht opened at 37.30 to the US dollar on Thursday, strengthening from Wednesday’s close of 37.40.

The Thai currency will likely move between 37.20 and 37.40 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the baht closed in on the 37.30 level as investors were more cautious even after data showed the US economy performed better than expected, especially the labour sector.

Investors are also closely watching nonfarm payrolls and wage growth results due on Friday.

Poon said the weakening of the baht might slow if foreign investors purchase more Thai assets, especially stocks, after the forward price-to-earnings ratio saw a reduction of 15 times near the 10-year average, making Thai shares more attractive.

As for the bond market, foreign investors might purchase more bonds again, especially those that are long term, after a yield increase, he said.

Furthermore, the auction of the new 10-year government bond (LB336A) also reflects high demand for bonds, Poon added.

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

THE NATION

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https://www.nationthailand.com/thailand/economy/40020750

Digitalisation and sustainable funding key items on agenda of Apec finance ministers

WEDNESDAY, OCTOBER 05, 2022

Nongluck Ajanapanya

The two major items to be discussed at the upcoming Asia Pacific Economic Cooperation (Apec) Finance Ministers’ Meeting (FMM) 2022 would be digitalisation and sustainable financing, Finance Minister Arkhom Termpittayapaisith revealed on Wednesday.

He mentioned the Apec FMM agenda in a keynote address at the launch of an intensive training programme encouraging Thai businesses to export.

He described the current trade situation as “full of challenges and uncertainties”. The top three causes of concern are: rising energy prices, food shortages, and supply chain disruption.

Funding is one of the key requirements to address these challenges, said Arkhom. Hence, financial institutions must adapt by implementing digital systems to provide efficient service and policy.

Meanwhile, it is the responsibility of finance ministers to assist all people in obtaining funding with financial inclusion.

Thailand will host the Apec FMM on October 19-20. Finance ministers and central bank deputies from 21 member countries will attend to discuss how to best collaborate to drive economic growth in the Apec region.

Nongluck Ajanapanya