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https://www.nationthailand.com/business/econ/40018731

The Federation of Thai Industries (FTI) has urged Thai entrepreneurs, particularly those in the automotive, automation and electronics sectors, to prepare a Plan B as chip shortages loom.

FTI chairman Kriengkrai Thiennukul issued the warning during the Thailand Industry Sentiment Index (TISI) monthly press conference for July on Wednesday.
 
He warned that if geopolitical tensions between China and Taiwan prolonged for a few months, semiconductors or chips, which are critical components in many high-tech industries, will be in short supply.

Currently, no industry is affected because they all have enough chips in their inventories to last another 2-3 months. However, if China and Taiwan continue their live-fire military drills for an extended period of time, the supply shortage would be serious, he said.

Besides being well-prepared, Thailand should seize the opportunity to become a chip manufacturer, he added.

Taiwan’s TSMC is the world’s largest semiconductor-maker, accounting for 60 per cent of total market share. However, amid the recent tensions, some news reports claim that the company is considering relocating its chip factory to other countries, such as Singapore and the United States.

“I heard that Singapore is approaching them to grab this opportunity, while the US has just signalled its readiness by approving the Chips and Science Act,” said Kriengkrai.

He explained that Thailand’s main industry is still old technology such as discs, so now is the time for the country to grab this opportunity to embrace change.

Meanwhile, the government has already established the Eastern Economic Corridor (EEC) project to promote the development of new high-tech industries. Hence, Thailand has the potential to be Taiwan’s second or third choice.

Kriegnkrai also pleaded with the government to keep electricity prices under control so that Thai industries can remain competitive. If the government must raise the price, he believes it should take into account the current market situation.

The latest Thailand Industry Sentiment Index (TISI) for July shows an increase to 89.0 over June. The index has risen for two consecutive months. The index numbers show that overall purchase orders, sales, volume of production and turnover have risen.

The manufacturing sector expanded as a result of increasing demand for industrial products, both durable and consumer goods, in the domestic and export markets, especially the US, China, Japan and India among others. Besides, the easing of China’s lockdown restrictions in major cities has benefited Thai exports.

In addition, the reopening measures and the cancellation of the Thailand Pass system from July 1, along with the depreciation of the baht, have helped the Thai economy and tourism sector gradually recover. Moreover, higher incomes of the agricultural sector have led to an increase in purchasing power in the region.

The survey was conducted in July, covering 1,238 enterprises from 45 industry clubs nationwide. It unveiled factors of concern such as global economy (72.2 per cent), domestic politics (40.3 per cent), loan interest rates (35.5 per cent), while fuel prices (80.7 per cent), domestic economy (51.8 per cent), Covid-19 situation (50.1 per cent), and THB/USD exchange rates in exporters’ view (32.0 per cent) have helped ease enterprises’ concerns.

Published : August 10, 2022

By : Nongluck Ajanapanya

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40018716

The baht opened at 35.36 to the US dollar on Wednesday, strengthening from Tuesday’s close of 35.45.

The currency is expected to move between 35.25 and 35.45 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht was likely to fluctuate and swing in a wide range amid two important factors that could affect the currency market today, Wednesday – the Bank of Thailand’s Monetary Policy Committee (MPC) meeting and US inflation results.

Poon believes the baht might strengthen if some MPC members decide to increase the policy interest rate by 0.5 per cent. The market may feel that the committee might increase the interest rate more in their next meeting, which could lead to foreign investors purchasing Thai stocks and short-term bonds.

However, the baht could fluctuate and weaken, especially if the dollar strengthens. If the US inflation rate is higher than expected, investors might feel the US Federal Reserve would continue to increase the interest rate until it can control the situation, Poon said.

The currency market is in a cautious state as investors await core US inflation data, which would influence market opinion about the Fed’s currency policy direction, he added.

Published : August 10, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40018690

Consumer spending on Mother’s Day (August 12) is expected to increase by 9 per cent over 2020, the highest in 10 years, the University of the Thai Chamber of Commerce (UTCC) has estimated.

Thanawat Polvichai, UTCC president and director of the Economic and Business Forecasting Centre, said that the centre had conducted a survey to study the opinion and spending behaviours on Mother’s Day in 2022.

The survey asked 1,288 people from all over the country from July 28 to August 2.

Based on the responses, the centre estimates that spending on Mother’s Day this year will amount to 10.883 billion baht.

The figure was a 9 per cent increase over 2020. The survey was not conducted in 2021 due to the Covid-19 pandemic.

Of the total spending, 10.012 billion baht will be used for various activities while another 870 million baht will be used for tourism.

The number was a reflection of the public perception that the Covid-19 situation was easing, hence they would spend more, which would facilitate economic recovery.

Thanawat said that the estimated spending would be the highest since 2010. It is a reflection that the economy is recovering but slowly as people will take their mothers for a meal, travel, or do other activities.

Published : August 09, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40018689

Thailand’s National Digital Trade Platform (NDTP) will launch next month, its private sector backers announced on Tuesday.

The NDTP will serve as Thailand’s national single platform for import and export procedures, integrating with counterparts in other countries, said Kobsak Duangdee, secretary-general of the Thai Bankers’ Association.

The platform will offer Thai businesses the flexibility required to compete in the digital era of international business, he added.

Rather than submitting the same document to several different government departments and organisations, businesses can make a single submission to the NDTP – which is already connected to the relevant parties.

This would save time and money for businesses and government while also improving ease of doing business in Thailand, which is a key factor in attracting foreign trade and investors, Kobsak said on Tuesday.
 

Jumrud Sawangsamud, director-general of the Federation of Thai Industries (FTI), said the NDTP platform would be up and running in September and linked with counterparts in Singapore (NTP) and Japan (TradeWaltz).

Results from the NDTP’s soft launch would be presented at November’s Asia-Pacific Economic Cooperation summit in Bangkok so that APEC leaders understand the need for this type of platform, he added.

Jumrud said that as well as simplifying document processes for businesses, NDTP also serves as a data centre that can be used to explore future trade opportunities.

Current Phase 1 testing of the platform by several Thai companies covers three areas. These are commercial documents such as e-purchase orders, e-invoices, and e-packing List; transport documents; and other government and insurance certificates.

The NDTP’s e-documents will be developed according to Trade Facilitation and E-business (UN/CEFACT) standard, said Jumrud.

Kobsak said the platform will go through five stages of development, each providing use-case lessons to improve features and functionality. The completed version will include all parties, including small and medium-sized businesses (SMEs).

But he cautioned that government support was needed to upgrade the Thai business environment.

“Before connecting with foreign trade partners, Thailand must first strengthen itself. To make the platform a reality, we need the government’s support,” Kobsak said.

The NDTP platform would improve business accountability and transparency by converting paper documents to electronic files that can be verified and traced back, he added. Hence, Thai companies would serve as a model for other countries seeking to establish a unified platform and participate in the global era of digital trade.
 

Published : August 09, 2022

By : Nongluck Ajanapanya

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40018662

The baht opened at 35.56 to the US dollar on Tuesday, strengthening from Monday’s close of 35.77.

The currency is expected to move between 35.45 and 35.65 during the day, Krungthai Bank market strategist Poon Panichpibool said.

He added that the baht may swing sideways unless there are new factors affecting it.

Poon also reckoned that the Thai currency may strengthen from gold-selling transactions and foreign investors buying Thai stocks and short-term bonds.

However, he said the baht may not strengthen much as some importers are waiting to buy the dollar when the baht is stronger.

Hence, the baht’s new support level is 35.40 to 35.50 to the dollar, while its resistance level stands at 35.80 to 36.

Published : August 09, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40018648

Thailand’s Monetary Policy Committee (MPC) will increase the policy interest rate by 25 basis points at its meeting on Wednesday, Kasikorn Research Centre has forecast.

The centre expected the MPC to raise the policy interest rate to 0.75 per cent amid pressure from the high inflation rate.

It also expected the Thai economy to recover continuously, so the MPC might gradually withdraw economic accelerators.

According to the consumer price index, Thailand’s inflation rate in July rose to 7.61 per cent, slightly down from 7.66 per cent in June.

The centre said that it was mainly affected by high energy and food prices. Fuel price is still high even though it has been reduced after crude oil price went down.

Apart from the energy and food prices, core inflation in July increased to 2.99, from 2.51 in the previous month.

It reflects that the transfer of the price burden to consumers is likely to increase even though fuel price and headline inflation were down, the centre said.

However, the pressure from domestic inflation is still high, so the MPC might focus on risks from inflation as it will affect consumers’ purchasing power, especially vulnerable groups who have low income.

The centre said that the policy interest rate increase might not be able to solve the problem directly, as increase in inflation was due to supply factors. However, it will build trust among consumers as they will believe that the committee will prevent the inflation rate from increasing in the future.

If the policy interest rate stays low for too long, inflation might continue to increase gradually.

Several sectors might believe that the inflation rate will stay for a long period and set a price or request a wage according to their estimation, which will cause inflation to gradually increase as estimated.

Moreover, if the inflation rate is higher but the interest rate stays at the same level, the actual borrowing cost might reduce, which is similar to enforcing a loose monetary policy and economic accelerator.

Meanwhile, the centre expected that the Thai economy will recover continuously from the tourism sector, so it will be less necessary to use a loose monetary policy.

The centre added that the number of foreign tourists had increased significantly since the government eased its entry policy.

More than one million tourists entered Thailand in July, taking the number of tourists in the first seven months of 2022 to around 3 million.

It will generate revenue and employment in Thailand even though domestic demand was pressured by inflation, but it is likely to recover continuously because economic activities have been resumed after concerns about the pandemic reduced.

The economic momentum from monetary policy is less necessary and might lead to the MPC tightening its monetary policy.

The centre expected the MPC to gradually increase the policy interest rate at other meetings this year, taking the rate to around 1 to 1.25 per cent at the end of this year.

It advised monitoring the economic recovery and the inflation rate in the future. If the inflation rate is still high while the economy recovers greatly due to the tourism sector, the MPC might hike the policy interest rate at other meetings this year.

However, the Thai economy could face risk factors from the global economy that is likely to slow down, especially the US and China economies. They could affect Thai exports and the tourism sector, the centre said.

Meanwhile, world inflation might start to fall as demand is slowing down.

The centre added that the US economy might face a recession which will affect Americans’ spending and employment significantly.

It was also possible that US inflation might reduce in the future, which will make the US Federal Reserve stop increasing the interest rate in the first quarter of 2023.

The centre said the Thai policy interest rate is still low and is significantly different when compared to the Fed’s rate.

Therefore, the direction of Thailand’s policy interest rate is aligned to the direction of Thai economic recovery, inflation, and international stability amid increasing geopolitical tensions.

Published : August 08, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/econ/40018647

Thailand will import over 10,500 tonnes of sea shrimps this year to ease a shortage at processing plants. The move was announced on Monday at the first meeting of the shrimp board, chaired by Fisheries Department chief Chalermchai Suwannarak.

The new board has 21 members representing the government as well as shrimp farmers and processors.

Chalermchai said the board’s main goal is to help farmers by stabilising the price of Pacific white shrimp. But since domestic production cannot meet demand from processors for export, the board decided to allow 10,501 tonnes of shrimp to be imported from Ecuador and India this year, he added.

About 42 tonnes of shrimp have been imported since the Fisheries Dept approved shipments on June 10.

Chalermchai said the imports would not affect the price of Pacific white shrimp raised by Thai farmers but would only fill the gap in demand.

The board has targeted domestic production of 320,000 tonnes of white shrimp this year, rising to 400,000 tonnes next year.

The board would also help sea shrimp farmers in 35 provinces increase quality and quantity of their produce by offering mobile clinics and hotlines to counsel farmers about shrimp diseases. Outbreaks would be dealt with quickly by the mobile clinics, the fisheries chief added.

This year, Thailand has produced 138,733 tonnes of shrimp up to the end of July – 129,100 tonnes of Pacific white shrimp and 9,632 tonnes of black tiger prawns, Chalermchai said.

Panisuan Chamnarnwej, president of the Thai Frozen Foods Association, said importing shrimp was necessary to save the frozen food industry because domestic production has almost halved from 500,000 tonnes per year to 270,000 tonnes per year.

He said his association members would focus on processing shrimps for export so their imports would not affect domestic shrimp prices.

The association was also working closely with the Fisheries Dept to prevent imported shrimps spreading diseases to local farms.

Thailand now has about 30,000 shrimp farms covering 600,000 rai of land, according to the Federation of Thai Aquaculture. However, it confirms that production has dropped to 250,000-350,000 tonnes per year due to persistent outbreaks of early mortality syndrome (EMS).

Published : August 08, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40018620

The baht opened at 35.75 to the US dollar on Monday, weakening from Friday’s close of 35.56.

The Thai currency is expected to move between 35.65 and 35.85 against the greenback during the day and between 35.50 and 36 during the week, Krungthai market strategist Poon Panichpibool predicted.

Poon said the baht will likely fluctuate and weaken against a strengthening dollar.

He also warned that foreign investors might sell Thai stocks once they near the resistance level. The baht may also be pressured by the gold price if it falls closer to its support level.

Poon also said the baht could fluctuate during the Monetary Policy Committee’s (MPC) meeting which may push foreign investors to adjust their possession of bonds and baht.

Poon forecast that the dollar’s uptrend has ended but could fluctuate and strengthen in the short term if the US inflation data, including medium-term inflation, estimation is higher than expected which will cause the market to worry that the US Federal Reserve might increase the interest rate.

Moreover, the market in a risk-off state could help the dollar strengthen if investors are disappointed with listed companies’ performances or if they are concerned that Europe’s economic outlook is recessing.

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

He added that investors this week are waiting for the US inflation data from the consumer price index and medium-term inflation estimation which will cause the Fed to change the currency policy’s direction. He also suggested that Thai investors should monitor the MPC’s meeting.

Published : August 08, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/pr-news/business/40018593

According to Hootsuite, a social media management platform, over 30% of the global internet users of all sexes aged from 16 to 64 find and consume news on social media. Therefore, breaking news or trends that interest these netizens gain traction rapidly, creating opportunities for brands to get messages across to their target public.

Recognising the importance of connecting with their audience more personally, many brands have employed an emerging approach to content creation inspired by news items – newsjacking.
 
What is newsjacking?

Brands can utilise two significant categories of trends: micro-trends and macro-trends. The former refers to popular memes, videos, GIFs, TikTok dance, etc., and the latter includes major events such as awards ceremonies or royal weddings.

Newsjacking refers to brands leveraging relevant breaking news and trending topics to share their unique perspectives and engage in conversations online.

How does newsjacking benefit companies?

By jumping on the right trend at the right time, brands can gain more exposure on social media and relate themselves to their current and potential audience. Brands can also enjoy substantial online engagement if they publish a strategic piece of newsjacking.

In addition, by being one of the first to contribute its thoughts to breaking news or an emerging trend, a company is more likely to be cited by journalists as they produce related coverage.

When to newsjack?

The right timing for newsjacking is as soon as a story relevant to your industry breaks before journalists search for information for their coverage.

People’s use of social media for news finding and consumption demonstrates how and when newsjacking can enhance a company’s online visibility and engagement with its audience.

Useful tips to create good newsjacking

Understanding the definition of newsjacking is important, but correctly implementing the concept is essential to using newsjacking as an effective strategic tool.

If misused, newsjacking can backfire and damage your reputation and relationship with your audience.

Keep updated with current events

Continuously monitoring social trends allows you to identify trending topics and add opinions your brand can capitalise on.

Google Trends is an essential tool that can help you keep track of trending topics so you can draft your newsjacking content quickly.

Don’t focus on sales promotion

Ensure that your content is not purely promotional. When your response and content are authentic, your audience will appreciate your efforts to be part of the conversation.

However, the reaction can be disapproving and hostile if they believe you are purely trying to promote your brand.

A previous attempt at newsjacking by Urban Outfitters around extreme bad weather, relating to their delivery times, has been cited as insensitive, as the brand attempted to promote their free shipping by tweeting about a hurricane responsible for over 100 casualties.

Avoid constantly voicing your opinions

The element of surprise is vital to your newsjacking strategy. Netizens are less likely to pay attention to a brand that keeps sharing its thoughts about current events. Be patient and identify the right news moment.

As social media continues to be a leading source of information for consumers, leveraging relevant breaking news to expose your brand to your target audience can benefit relationships with consumers and other stakeholders and reinforce your status and credibility as an industry player.

This article is from Midas PR, experts in creating content that converts and ensures the brand’s presence in the online conversations of the target audience.

Published : August 07, 2022

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40018591

Thailand’s rice exports in the first six months of this year surged 56.6 per cent to 3.50 million, bringing in 60.93 billion baht in revenue, or 42.9 per cent more year on year.

“This is good news for Thai farmers,” Agriculture and Cooperatives Minister Chalermchai Sree-on said on Saturday, adding that this increase in export will help boost the price of rice in the country.

He said Thailand should be able to beat Vietnam and become the world’s second-largest rice exporter if it can ship out more than 7 million tonnes of rice this year.

As per the Thai Rice Exporters Association and Customs Department’s data, Thailand exported 764,131 tonnes of rice worth 13.12 billion baht in June alone, up 69.4 per cent and 57.1 per cent, respectively, compared to 450,973 tonnes worth 8.35 billion in May.

The surge in rice exports in June was put down to the sale of 405,963 tonnes of white rice, marking a 208 per cent increase month on month.

The export of steamed and jasmine rice in June came in at 140,225 tonnes and 103,865 tonnes, up 10.8 per cent and 15.2 per cent month on month, respectively.

Chalermchai reckoned that the global rice trade this year will rise up to 46.4 million tonnes, up 100,000 tonnes compared to 2021.

He also reckoned that the global rice yield during the 2021-2022 production cycle would come in at around 505.4 million tonnes, up 1.9 million tonnes compared to the previous production cycle.

He also said that he expects Australia, Myanmar, Cambodia, Europe, Paraguay, Uruguay and Thailand’s rice exports to rise, and rice export from Colombia, Ecuador, India, Iraq, Madagascar, the Philippines, Sri Lanka, the US and Vietnam to drop.

“We should be able to export at least 7 million to 7.5 million tonnes of rice this year,” he said. “This will make us the world’s second-largest rice exporter instead of Vietnam.”

However, Chalermchai said many factors may affect Thailand’s rice exports in the second half of the year, such as the value of the baht, the productivity of key rice exporters, the Russia-Ukraine war’s impact on production costs and the Covid-19 economic fallout.

Vietnam exported 2.77 million tonnes of rice worth US$1.35 billion in the first five months of this year, up 6.95 per cent and 4.26 per cent year on year, respectively.

Published : August 07, 2022

By : THE NATION