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https://www.nationthailand.com/business/40016907

Exporters of plastic pellets will stand to gain now that the Philippines has formally announced a halt to its so-called safeguard investigation, the Foreign Trade Department said on Wednesday.

Department director-general Phithak Udomwichaiwat said the Philippines’ Department of Trade and Industry (DTI) officially announced it would stop its investigation into safeguards of linear low-density polyethylene (LLDPE) pellets on June 3.

The probe sought to determine whether increased imports of a product were causing, or threatening to cause, serious injury to that country’s industry. During the investigation, importers, exporters and other interested parties were allowed to present evidence and views and respond to the presentations of other parties.

The formal announcement by the DTI came after the Philippine Tariff Commission issued a report on May 20 that the import of LLDPE pellets did not rise significantly as claimed, so no safeguard tariff was required.

The DTI began the probe on August 28, 2020, after a local petrochemical firm called on the government to use a “safeguard” duty to protect the local industry on the charge that imports of LLDPE pellets would increase to a level that would threaten the local industry.

Initially, the DTI found some grounds for the charge, so it ordered the Philippine Tariff Commission to launch the formal probe on September 30, 2021.

Phithak said his department strongly defended Thailand against allegations that it was jeopardising the Philippine pellet industry.

LLDPE pellets are used in making food-grade plastic bags and plastic film for wrapping food.

“The halt in the investigation will bode well for the Thai plastic pellet industry because Philippine importers can be assured that importing pellets from Thailand would not be slapped with any safeguard duty,” Phithak said.

He said plastic pellet exports ranked fourth in terms of value of total goods exported from Thailand.

According to Phithak, Thailand exported about 57 billion baht worth of plastic pellets last year, and in the first quarter of this year the value was 16 billion baht, a 30-per cent increase year-on-year.

He said China was the biggest market for Thai plastic pellets, accounting for 60 per cent of exports, followed by Indonesia, Japan, Vietnam and Malaysia. The Philippines ranked ninth, with a value of 1 billion baht last year.

Although the Philippines is not a big market for Thai plastic pellets, it could turn into one with good prospects in the future, Phithak added.

Published : June 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016902

The Thai economy is expected to grow by 3 per cent this year and 3.7 per cent next year, the Office of the National Economic and Social Development Council (NESDC) has forecast.

Speaking at a seminar on “Stronger Thailand” on Tuesday, NESDC secretary-general Danucha Pichayanan said the council had forecast the Thai economy will grow by 2.5 to 3.5 per cent, or 3 per cent median.

The NESDC has discussed with the Bank of Thailand and the Finance Ministry if the economy may grow by 3 per cent based on several economic factors such as inflation and energy price.

These organisations agreed that it could grow by 3 per cent this year as there are several positive factors such as exports, especially of food.

Moreover, Thailand is welcoming more tourists. The country has welcomed around two million foreign tourists in the past five months and is expected to welcome around 7 to 10 million tourists this year.

The NESDC has forecast that the economy will grow by 3.7 per cent next year, lower than the estimates of other economic bureaus who have forecast 4.3 to 4.5 per cent on average, while some agencies expected the economy to grow more than 5 per cent next year.

The NESDC argued that the Thai economy might not be able to recover as fast as several countries’ recovery and the Thai economy is dependent on the tourism sector, which contributes 40 per cent of Thailand’s GDP.

Meanwhile, the economic structure of other countries is related to the manufacturing sector.

Danucha said that the tourism sector could recover this year while increasing exports might help the service sector. He said revenue from tourism this year might help Thailand from its current account deficit problems of the past two years.

However, the economic situation in foreign countries is uncertain due to inflation and geopolitical risk, which Thailand must be prepared to deal with.

Danucha said, “We have already controlled the spread [of Covid-19]. We are trying to drive the economy as well as change the economic structure. Every sector, including the public and private sectors, must cooperate as there are a lot of external conflicts. However, Thais must get together to face the effects of the uncertainty that might occur in the future.”

Published : June 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016894

Thailand and the United Kingdom have agreed to cooperate on six aspects to boost trade between the two countries, bringing it back to the US$7 billion [247 billion baht] level, Commerce Minister Jurin Laksanawisit said on Tuesday.

His remark came after a Joint Economic and Trade Committee ministerial meeting at Central Hall Westminster, London.

Jurin said he and UK Minister of State for Trade Policy Penny Mordaunt agreed to promote cooperation between the two countries in agriculture, digital technology, foods and beverages, investment, commerce and finance.

He said Thailand would recover its trade value with the UK back to $7 billion as the value has dropped sharply since 2017. The trade value is currently $5.5 billion, Jurin said.

Thailand would boost its economic relationship with the UK, moving from a joint trade committee to an enhanced trade partnership and a free trade area in the future, he said.

Thailand presently has 14 FTA agreements with 18 countries.

“Currently, the UK is Thailand’s 22nd biggest trade partner globally and 4th in Europe, so we have to boost the trade value between the two countries back to $7 billion as soon as possible,” Jurin noted.

He said senior operations managers will hold a meeting to implement the plan, focusing on using the Bio-Circular-Green economic model and the Asia-Pacific Economic Cooperation theme of “Open. Connect. Balance”.

“We believe the results of this meeting will benefit Thai exports by generating revenue. It will also help in the exchange of academics, technology and innovation, especially on a digital economy, which the UK has expertise in,” he added.

Published : June 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016892

The baht opened at 35.25 to the US dollar on Wednesday, strengthening from Tuesday’s close of 35.32.

The currency is expected to move in a range between 35.20 and 35.45 on Wednesday, predicted Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht is finding support and could strengthen as the market gradually opens to more risks.

However, there is a chance it could fluctuate and weaken during the day to test its resistance level of 35.40 to the dollar after foreign investors offloaded Thai assets, selling 7.1 billion baht worth of Thai stocks and bonds.

He suggested investors must beware of the dollar’s volatility before the US Federal Reserve chairman’s testimony to congress. If he does not signal that it is necessary to increase the interest rate by a big margin or is concerned about the shrinking economy, it might pressure the dollar to weaken.

Poon speculated that investors are gradually decreasing possession of the dollar (net long USD positions) even though it went to a new high recently. This shows most investors feel the dollar will not continue to rise and decided to sell the currency for profit.

He expects that the dollar might go down if the Fed does not signal a high rate increase, though its peak hawkishness might occur during a key meeting in July.

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

Published : June 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016883

Thailand’s leading energy company, PTG Energy Plc, is running a corporate social responsibility (CSR) campaign titled “PTG Volunteers Leave No One Behind” with a focus on benefiting local communities and environment in the provinces where the company operates.

On June 17-18, PTG volunteers visited Kudnamsai and Muang Wan in Nam Phong district, Khon Kaen, to donate scholarships, learning materials, sports equipment and medical supplies to 20 schools in the two subdistricts.

Forty-three students were granted scholarships of 2,000 baht each to support their education, while volunteers helped prepare meals for schoolchildren. The PTG volunteers also helped build mushroom sheds and donated oyster mushroom substrate, vegetable seeds, and 6,000 fish hatchlings to villagers to help them grow food for meals for students and their families.

“PTG has been operating in Thailand for 33 years, during which time we have always emphasised helping society, improving people’s quality of life, and promoting environment conservation, education, and health of local people,” said PTG executive vice-president Rangsun Puangprang.

“Nam Phong district is where the company built its first oil plant and service station in the Northeast, so we are closely connected with local people here. The company estimates that the June 17-18 campaign helped to improve the quality of life for 10 communities in Muang Wan subdistrict and 14 communities in Kudnamsai.”

Besides “PTG Volunteers Leave No One Behind”, this year PTG also launched the “PT Brighter Vision” campaign, which provided 1,100 pairs of eyeglasses to underprivileged elderly people. The campaign won the “CSR of the Year 2022” title at the Thailand Top Company Awards 2022, organised by “Business+” magazine and the University of the Thai Chamber of Commerce.

PTG ran the two campaigns in parallel, leading a team of ophthalmologists to examine the eyes of elderly and bedridden patients in each community and prescribe glasses as needed. After the June 17-18 activity, 250 seniors in Kudnamsai and 350 in Muang Wan will each have a new pair of glasses to help make their daily life easier.

After cooking for schoolchildren on June 18, PTG’s volunteers headed to Nong Ben Reservoir in Muang Wan district to plant 300 seedlings of perennial trees around the reservoir as part of the company’s commitment to create a “green lung” for the community.

PTG is also running the “Separating Waste for Our World with PT” activity, in which volunteers will educate community leaders about the importance of separating household garbage from general waste, and how to make fertiliser for garbage. After completion of training, PTG will provide 50 bins for each community so that they can efficiently turn household garbage into fertiliser and keep the community tidy and clean.

“Since its establishment, PTG Energy Plc has been committed to supporting communities and improving local people’s quality of life, in line with our motto of “creating happy bodies, happy minds, and a happy society”, said Rangsun.

Published : June 22, 2022

By : THE NATION

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https://www.nationthailand.com/life/40016850

The baht opened at 35.32 to the US dollar on Tuesday, weakening from Monday’s close of 35.30.

The currency is expected to move in the range of 35.20 to 35.40 during the day, Krungthai Bank market strategist Poon Panichpibool said.

Poon added that the baht may strengthen due to the weakening dollar and the market will be open to more risks.

There is still a chance of the baht fluctuating due to pressure from foreign investors selling off Thai assets, especially stocks.

Meanwhile, bond transactions are slowing down because investors believe high bond yields reflect the Bank of Thailand’s decision to increase the interest rate.

The baht’s resistance level is 35.40-35.50 to the dollar, the level at which exporters will sell the dollar.

Poon does not expect the baht to weaken past this level unless a lockdown is widely enforced in China, forcing investors to dump assets in emerging Asia markets.

Poon advised investors to use hedging tools like options to manage their risks in the highly volatile currency market.

Published : June 21, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016832

The Petroleum Refining Industry Club on Monday dismissed as untrue a claim by Kla Party secretary-general Korn Chatikavanij that Thai refineries were enjoying a high margin of over 8 baht per litre of oil.

The club, which is part of the Federation of Thai Industries, issued a statement that Korn was simply presenting a select part of the information to cause public misunderstanding. It clarified that refining margin had risen by just 0.47 baht per litre, and not by 10 times as claimed by Korn.

Korn had earlier called on the government to ask refineries to reduce their “high refining margin” to bring down oil prices. He proposed that the government slap a “windfall tax” on the refineries as they were enjoying an up to 8.56 baht margin per litre after global oil prices rose. Korn said the refining cost should not change, so the claim of refining cost was an “imaginative cost.

Korn pointed out that gross refining margin rose from 0.87-0.88 baht per litre in June 2019 and in 2020 to 8.56 baht in June this year, up 10 times.

But the Petroleum Refining Industry Club said the figures cited by Korn were not the market gross refining margin and Korn’s figures have not taken into account several other costs.

The club said that Korn had selected figures from the period of Covid-19 restrictions when oil consumption was very low, and compared them with figures when oil prices have soared.

The club clarified that refining margin in the first quarter of this year rose just by 0.47 baht per litre compared to the period before the Covid-19 pandemic.

The club explained that the refining margin was affected by several factors, including crude oil’s premium value — the difference between the crude oil price and the reference price of refined oil — transportation costs, the cost of fuel used in refining, the ever-changing labour cost and the investment cost in machinery to improve refining quality.

The club also pointed out that refineries could not set the refining margin on their own as the margin was calculated from the average value of all types of refined oil that is sold in proportion to the refining production. The average price will be deducted from the price paid for crude oil, which includes premium value, transportation cost and insurance cost.

The club added that the cost of fuel used and cost of loss during the refining process should be also be taken into account in determining the margin. The refining margin would fluctuate depending on global oil prices and demand and supply as well as the reserves of oil, the club added.

Published : June 20, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016825

The Tourism Authority of Thailand (TAT) expects most of the 2.5 million government officials to take advantage of the “Rath Tour Tua Thai” travel scheme and generate up to 50 billion baht in revenue.

This prediction was made on Monday by TAT deputy governor Thapanee Kiatphaibool in reference to the scheme proposed by Tourism and Sports Minister Phiphat Ratchakitprakarn.

Thapanee, who oversees domestic tourism marketing, said TAT is drafting details for the National Tourism Policy Committee to endorse before the minister proposes the project to the Cabinet.

Phiphat revealed the plan on Sunday, saying it would be similar to the “Work from Anywhere” campaign that the government encouraged private firms to adopt to promote local tourism.

He said the Rath Tour Tua Thai (Government Officials Travel around Thailand) will encourage state officials to go on a two-day “workation” to other provinces. The scheme will run from July to December this year.

Thapanee said state officials will be encouraged to visit 55 secondary-tier provinces instead of key destinations in a bid to help distribute income.

She added that each government agency can set its own conditions requiring officials to travel to provinces where they can help promote community tourism or promote local festivals and unique provincial characteristics as soft power.

Thapanee said each official is expected to spend about 4,100 baht per trip and if 90 per cent of the 2.5 million officials take a workation, they will generate some 50 billion baht in revenue.

She believes this scheme will receive a warm welcome because government officials did not suffer from salary cuts during the pandemic, unlike their counterparts in the private sector.

Published : June 20, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016818

Commerce Minister Jurin Laksanawisit led a trade delegation to Denmark and Iceland to introduce Thai products, promote the Kingdom and boost the country’s customer base.

On Saturday, Jurin visited Copenhagen’s ILLUM luxury shopping mall and met its owner.

“ILLUM will let us set up in-store promotion booths for Thai luxury products,” Jurin said. “So, I asked the trade representatives to select high-end products that can be put on display here.”

Later in the day, he visited the MANY supermarket, which has more than 100 outlets in Denmark and 200 worldwide.

Jurin said MANY sells Asian food products, but there are not many Thai products on the shelves. Since the Danish supermarket chain gets its supplies from the Netherlands, Jurin instructed the delegation to contact the Dutch suppliers and encourage them to export more Thai products.

“We plan to open a direct channel for Thai products and put them on the shelves without changing labels or going through middlemen, which will help reduce costs,” the minister said. “The first batch will include ready-to-eat meals, seasoning, organic foods and fruits. These should be on the shelves in the next three to six months.”

On Sunday, Jurin took the delegation to Reykjavik’s Kronan supermarket, which has 23 branches across Iceland and sells products imported from China, Vietnam and Thailand.

“The supermarket buys Thai products from traders in the UK, Germany and the Netherlands, so the choices are very limited. Thai products available at Kronan are coconut, seasonings and frozen meals, but the choices are limited,” Jurin said. “This is a good opportunity for us to start exporting Thai products directly to Kronan. We have spoken to the owner and they have allowed us to hold in-store promotions.”

Jurin expects to add coconut milk, ready-to-eat meals, fruits and organic foods to the shelves at Kronan and has instructed the Department of International Trade Promotion to coordinate with manufacturers, exporters and the Icelandic supermarket to add Thai products to the shelves as soon as possible.

Published : June 20, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016813

The baht opened at 35.23 to the US dollar on Monday, weakening from Friday’s close of 35.21.

The Thai currency is expected to move between 35.15 and 35.35 to the dollar during the day and between 34.90 and 35.50 during the week, Krungthai market strategist Poon Panichpibool predicted.

He added that the baht may fluctuate and weaken to test its resistance level at 35.40 to the dollar because foreign transactions are flowing out of the country. This is because the market is in a risk-off state, while the dollar is not weakening easily until the market is confident that the US Federal Reserve will not increase the interest rate too high.

He added that the baht’s weakening may be limited if the gold price rebounds, which will encourage investors to sell gold.

The baht may also not weaken to the new resistance level of 36 to the dollar unless a new lockdown is enforced in China, forcing investors to dump assets in emerging Asian markets.

He speculated that the dollar may strengthen as the market fluctuates due to concerns over a recession.

However, the dollar may weaken if the Fed does not signal a high increase in interest rates or if the market is in a risk-on state.

Poon advised investors to use hedging tools like options to manage their risks in the highly volatile currency market.

Published : June 20, 2022

By : THE NATION