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https://www.nationthailand.com/business/40015579

The first Tianjin Air Cargo flight carrying Thai durians landed at Nanning Airport in Guangxi, China on Friday, opening a new shipment route for Thailand’s No 1 fruit export.

“This is good news for durian farmers, said Agriculture Ministry adviser Alongkorn Ponlaboot.

“The new cargo flight operation will help stimulate air freight between Guangxi and Thailand, especially of durians, which are popular in China,” he said.

Tianjin Air Cargo operates in China’s Beijing, Tianjin and Hebei regions but has expanded to cover the route between Nanning and Bangkok. China opened Nanning Airport as a gateway for Thai fruit exports on April 1 after trade negotiations between Bangkok and Beijing.

Thailand has also increased sea shipments of fruit to 55 per cent in a bid to reduce congestion at land checkpoints during the durian harvest, Alongkorn said.

The remaining 40 per cent of Thai fruit would be exported by land and 5 per cent by air, he added.

“Last year, Thailand exported 52 per cent of fruit by sea, 48 per cent by land and less than 1 per cent by air,” he noted.

The new gateway at Nanning Airport would boost exports by air, he added.

Friday saw a ceremony welcoming the first shipment of durians at Nanning Airport, aiming to promote opportunities for Chinese importers.

The airport also has quality-checking facilities for live and frozen aquatic food, which will further boost trade between Asean and China.

Published : May 15, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015515

Food security, digitalisation, and Free Trade Agreement in Asia Pacific (FTAAP) will top the agenda when Thailand hosts a meeting of Apec Ministers Responsible for Trade later this month.

Supant Mongkolsuthree, who heads the Asia Pacific Economic Cooperation (Apec) Business Advisory Council (ABAC), said that due to the Russia-Ukraine war, many countries were faced with food and supply shortages. So, the issue is quite urgent for Apec members to discuss in order to find some solution to help stabilise the region’s economy.

He added that digital transformation and further consideration of a free trade area are also needed in the discussion. Digitalisation would sustain growth while more fairness and openness of FTA would support the flow of trade and people. This is a desperate need in the current situation after being severely impacted by the Covid-19 pandemic, he said.

“As a collective force representing the leading growth drivers from 21 economies of the region, the ABAC is committed to upholding not only our own respective businesses but also the business of those people for whom our businesses exist.

“Having been at the receiving end of serious challenges brought about by the global pandemic and other events that affected business operations worldwide, people’s lifestyle, and the sustainable, inclusive and resilient growth of Asia-Pacific, we consider it an opportune time to work together to draft key recommendations that truly represent the voice of the people to the Apec economic leaders in an annual dialogue towards the end of 2022,” said Suphant.

Three major topics have been selected out of eight recommendations that ABAC members had discussed at its second meeting in Canada last month. The eight recommendations to deepen economic integration in the region included: building preparedness against future pandemic shocks; realising the path to an FTAAP; supporting the World Trade Organisation and advocacy for the rules-based multilateral trading system; strengthening services trade; reopening borders for safe and seamless travel; addressing climate change, food and energy security through trade; advancing digital governance; and enhancing Micro, Small and Medium Enterprises’ participation in international markets.

However, of the eight, the focus would be on three topics when the Apec Ministers Responsible for Trade meet in Bangkok on May 21-22.

The members of the ABAC, under Thailand’s leadership, have worked together under five working groups guided by five strategic frameworks to enable stronger regional economic integration, elevated digital capabilities, better-equipped businesses of all sizes, advanced sustainability practices, and resilient financial ecosystem throughout interconnected Asia-Pacific communities, Suphant said. 

Through rounds of meetings, each working group has contributed key developments critical to drafting the best community-centric recommendations for Apec economic leaders, he added.

Published : May 13, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015513

The baht opened at 34.73 to the US dollar on Friday, weakening slightly from Thursday’s close of 34.71 to its lowest value in five years.

The currency is expected to move in a range between 34.65 and 34.80 on Friday, said Krungthai Bank market strategist Poon Panichpibool.

Poon said that the baht could fluctuate and weaken further as the dollar is strengthening and the Asian currency market remains in a risk-off state.

He advised monitoring foreign transactions, especially in Thai stocks. However, any short-term weakening of the baht would be limited unless foreign investors sell a large quantity of Thai assets, he added.

Meanwhile, exporters are waiting to sell the dollar at the resistance level of 34.75.

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

Published : May 13, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015480

The Thai economy will not recover quickly even though exports are likely to expand, Finance Minister Arkhom Termpittayapaisith said on Wednesday.

He pointed out that tourism has not fully recovered yet as about 700,000 tourists entered the country in the first four months.

“We expect about 2 million tourists to visit Thailand this year compared to the previous up to 40 million annually,” he said.

“However, we believe more tourists will enter Thailand with the country fully reopening [from May 1].”

Arkhom went on to say that Thailand’s economy has been affected by rising energy and fresh food prices since the beginning of the year, causing inflation to rise to 5 per cent.

He noted that energy prices have risen sharply due to the Russia-Ukraine war, but said the government had launched measures that include lowering the diesel price to mitigate the impact on the cost of living.

“However, it is necessary to spend more cash to maintain the diesel price at THB30 per litre as the oil price will keep rising,” Arkhom pointed out.

He emphasised that the Finance Ministry needs to take care of the economy while launching measures to ease the impact on citizens to prevent increased financial burden in the future.

Arkhom said the government and business sectors must adapt to a digital economy and society, climate change and an aging society in order to boost economic growth.

“However, the government will invest in infrastructure to boost the country’s competitiveness,” the minister said. “Meanwhile, the Finance Ministry will help facilitate private sector business operations,” he added.

Published : May 12, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015474

The baht opened at 34.68 to the US dollar on Thursday, dropping from Wednesday’s close of 34.61.

The currency is expected to move in a range between 34.60 and 34.80 on Thursday, said Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht could fluctuate and weaken to test the key resistance level of 34.75 as the dollar strengthens and the Asian currency market finds itself in a risk-off state as investors are worried the US Federal Reserve would increase the interest rate.

However, foreign investment has not flowed out of Thailand in significant amounts so the baht will not weaken much, he believed.

As the US 10-year bond yield heads down, it might affect sales of long term bonds in Thailand, which would see a decrease, Poon said.

He recommended keeping a close watch on whether foreign investors would return to buy up Thai stocks as these are plunging.

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

Published : May 12, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015457

Prime Minister Prayut Chan-o-cha said on Wednesday that the Cabinet would deliberate next week on whether to extend the cut in diesel excise tax to help maintain its retail price.

Prayut said the Cabinet would consider the matter during its weekly meeting and a decision would be made before the current relief expires on May 20.

Currently, the excise rate on diesel oil has been cut by THB3 per litre to prevent the retail price of the oil from going higher.

Earlier, the government capped retail diesel price at THB30 per litre but after near depletion of the Oil Fuel Fund, the government decided to lower the subsidy rate, prompting the retail price to rise to THB32 per litre.

Prayut explained that he could not promise the THB3 cut in excise tax would continue because the Finance Ministry is still calculating how much the cut could be and for how long.

“We have to work step by step. We cannot just give a discount,” Prayut said.

He added that the government also needed tax revenue to solve several issues, including using it to boost the liquidity of the Oil Fuel Fund.

“We have to take everything into account. We need to wait and watch the situation for a few months before we can come up with a measure and we also have to consider the global energy situation,” Prayut added.

Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow, meanwhile, said he was considering extending the THB3 cut in diesel excise and he would propose it to the Cabinet on Tuesday.

Wisak Watanasup, director of the Oil Fuel Fund Office, said the Fuel Fund Executive Committee has reviewed the retail diesel price this week and resolved to maintain it at THB32 per litre for this week to help people cope with the rising cost of living.

Published : May 11, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015449

Deputy Agriculture Minister Mananya Thaiset opened a teleconference of agricultural ministers from Asia-Pacific Economic Cooperation nations on biotechnology.

The online meeting was called “Apec High Level Policy Dialogue on Agricultural Biotechnology Webinar, Genetic Engineering and Genome Editing in Agriculture, Application, and Challenges”.

In her opening speech, Mananya said growing global food insecurity required all sectors to deal with challenges in agriculture by using technology to create food stability and sustainability as well as making sure food is safe for global populations.

Agriculture Department director-general Rapeepat Chansriwong gave a lecture on agricultural biotechnology under the Bio-Circular-Green (BCG) economy model.

He told the webinar the Agriculture Department attached importance to the use of advanced agricultural technology and biotechnology to reform the sector, with the three goals of safety, security and sustainability in producing food.

Rapeepat said various research on biotechnology and genome editing have been carried out in the county to improve the quality and production of cash crops and herbs in accordance with the BCG model.

He cited genetic engineering of marijuana and hemp and kratom leaves to yield more substances that are useful for medical and industrial purposes.

Thailand welcomes investment from Apec members in agricultural biotechnology especially in the Eastern Economic Corridor, Rapeepat added.

Published : May 11, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015446

The estimated education expense for parents in Bangkok and its vicinity for the 2022 semester will increase by 2 per cent year over year, Kasikorn Research Centre said.

The centre asked 500 parents in Bangkok and its surroundings about increasing living costs and education spending.

According to the survey, 71 per cent of parents are worried or have financial liquidity problems regarding education spending. Some parents have even gone for loans.

With schools reopening for on-site studies, expenses have increased as new uniforms need to be purchased while there are also expenses for travelling and activities.

The centre expects spending will total THB26.9 billion this semester, with schools scheduled to reopen on May 17.

Moreover, prices of consumer products and energy are increasing while employment and household income are still both weak.

Most parents who are worried or have liquidity problems are people with low to medium incomes. They are likely to borrow money from more than one account or source, the centre noted.

Parents are also worried about the Covid-19 situation despite students being vaccinated, but the number of daily new cases is still high.

Some 56.8 per cent of parents are not confident because their children will have to study on-site amid a fast spreading Covid-19.

However, 43 per cent are confident (mostly parents whose children are aged over 10) because their children are fully vaccinated and they trust the safety measures employed by schools.

Separately, 41.8 per cent of parents said they used their savings and got a loan via credit card, relatives or friends to pay for their children’s education, while 30 per cent used only their savings. However, 27.8 per cent of parents did not have enough savings and were forced to get a loan.

In this situation, 82.6 per cent want the government to come out with support measures to help with education or other expenses.

Tuition fees (not including international schools) have increased by 0.7 per cent on average year-on-year, or THB22.7 billion in total, the centre said. This figure is still lower than 2020, with THB22.9 billion.

It increased from the previous year because schools are reopening this year for on-site study, so tuition fees are back to the normal level.

Some students might head back to tutorial schools but parents of others are worried about the Covid-19 situation. So they might reduce or cut tutorial help altogether until the Covid-19 situation and the economy fare better.

The centre summarised that the increasing expenses this year might not reflect a good business direction. Parents might have to decrease or cut some daily expenses while finding additional sources of income, it concluded.

Published : May 11, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015435

The baht opened at 34.63 to the US dollar on Wednesday, dropping slightly from Tuesday’s close of 34.55.

The currency is expected to move in a range between 34.50 and 34.70 on Wednesday, said Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht could weaken as the dollar strengthens. However, foreign investment has not significantly flowed out of Thailand so the baht will not weaken much but could test the key resistance level of 34.75.

He said the downward direction of the baht might reverse in the short term following market reaction to April’s US inflation report and US Federal Reserve statements. If April inflation slows and the Fed declines to signal a rate rise, the dollar may weaken and the market could return to a risk-on state, causing the baht to strengthen.

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

Published : May 11, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015413

The Finance Ministry will this month borrow THB30 billion from certain commercial banks to boost liquidity of the Oil Fuel Fund, a senior ministry official said on Tuesday.

Thirat Attanawanich, deputy permanent secretary for Finance, said the ministry was still in negotiations with several commercial banks, including Government Savings Bank and Krung Thai Bank. The ministry expects to wrap up the deal within this month.

Thirat said the loan amount would be THB30 billion, in line with the projected spending for fiscal year 2022 as planned by the Public Debt Management Office.

He said the Finance Ministry would borrow the full amount of THB30 billion but the Oil Fuel Fund would be topped up as required.

“The talks should be finalised this month. After we get the loan, we will gradually distribute it to the fund to boost its liquidity,” Thirat said.

He said the fund is now facing a deficit because the government has had to pay high amounts of diesel subsidies due to high global oil prices.

He said the fund needs more money in reserve for handling situations when global prices rise further and when the period of diesel excise tax cut ends on May 20.

As of May 8, the Oil Fuel Fund has a deficit of THB66.681 billion — THB33.258 deficit from diesel price subsidies and THB33.423 billion from LPG price subsidies. The fund has a cash balance of THB12.932 billion in its bank accounts.

Published : May 10, 2022

By : THE NATION