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https://www.nationthailand.com/business/40015407

The baht opened at 34.60 to the US dollar on Tuesday, strengthening slightly from Monday’s close of 34.62.

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

Poon said that the baht was under pressure from a risk-off market that is supporting the dollar. Also, the Covid-19 situation in China is deterring investment in Thailand and other Asian emerging markets.

Poon said the baht now risked testing a new resistance level of 34.75 after breaching 34.50. It would also face downward pressure from purchases of gold if the price goes down, he added.

However, weakening of the Thai currency would be limited unless Thailand suffered large foreign outflows, Poon said.

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 return to a risk-on state, causing the baht to strengthen.

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

Published : May 10, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015378

In a marked changed in tourism sentiment, some 300,000 foreign visitors arrived during the first seven days after Thailand abolished the Test & Go scheme, Government Spokesman Thanakorn Wangboonkongchana said on Monday.

Thanakorn said Prayut was happy with the foreign arrivals figure after the Centre for Covid-19 Situation Administration cancelled the Test & Go scheme on May 1.

The spokesman said the Tourism Authority of Thailand reported to Prayut that more than 300,000 foreign tourists had arrived in the Kingdom during the first seven days after the scheme was abolished.

Cancellation of the scheme means fully-vaccinated foreigners do not undergo the expensive RT-PCR Covid test upon arrival and do not have to be quarantined.

Only unvaccinated tourists, who fail to provide proof of Covid negative test results 72 hours before arrival, will be quarantined in their booked hotels for five days.

While the spokesman called the abolition of the Test & Go scheme as the full opening of the country, all foreign arrivals will still have to register for entry permission via the Thailand Pass website, a process seen by tourism and hotels businesses as the last hurdle for recovery of their industry.

Thanakorn said the TAT expects that some 300,000 foreign tourists will visit Thailand each month from May to September.

He said the number is expected to rise to one million per month from October to December, which is regarded as the high season for foreign arrivals.

The spokesman also quoted Prayut as saying that tourism and hotel operators should retrain their staff to be multiskilled in anticipation of an influx of foreign tourists later this year.

The prime minister has also instructed government agencies concerned to improve and restore sightseeing places to make them more attractive to tourists. The prime minister also suggested that hotel operators improve their facilities ahead of the arrivals, Thanakorn added.

Prayut reminded local people and tourism operators that they should strictly follow Covid-19 preventive measures.

On Monday, the Public Health Ministry reported that 6,484 more people had tested positive during the previous 24 hours of whom four were imported cases.

The spokesman added that 56.4 million people have received the first dose of Covid-19 vaccines, 51.63 million had received both doses, and 26.61 million had received the third jab.

Published : May 09, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015360

Digital Economy and Society Minister Chaiwut Thanakamanusorn held talks in Laos on Saturday, ahead of an expected explosion of digital trade when border checkpoints open on Monday.

Chaiwut was visiting Nong Khai to inspect progress of digital development in the Northeast border province, and dropped in on Lao Science and Technology Minister Boviengkham Vongdara in Vientiane. Their informal talks focused on how the two countries should promote private investment in digital and 5G.

Chaiwut said he expected brisk trade – especially in e-commerce – as soon as the land link between the two countries is restored on Monday. Laotians like to do e-shopping for Thai goods and the reopening Thai-Lao transport routes would boost online trade, he added.

The Digital Economy and Society Ministry is working to extend internet access to all communities in Nong Khai province in a bid to tap e-shopping demand from Laos.

Chaiwut said most residents of the Northeast province now had access to free Wi-Fi.

He also visited local community leaders and chiefs of tambon administrative organisation (TAO)s and municipalities to gather their opinions on developing the province’s digital economy. He said the government was ready to grant more money to Nong Khai’s digital development in line with locals’ needs and suggestions.

Published : May 08, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015343

China’s zero-Covid policy, agricultural import restrictions, and shift away from global dependence will hit Thailand’s economy, warned a government agency on Sunday.

The National Economic and Social Development Council (NESDC) said it was monitoring China closely after the country imposed Covid-19 lockdown measures on Shanghai and other cities.

“China’s economy expanded by only 4.8 per cent in the first quarter this year, lower than forecasts of more than 5 per cent,” said the NESDC, which is Thailand’s national economic planning agency.

Three Chinese policies will impact the global economy, including Thailand, it said.

The first is Beijing’s “Zero Covid” policy.

Lockdowns of large Chinese cities will disrupt Thailand’s industrial supply chain for electronics and electric appliances, the NESDC said.

The second policy affecting Thailand is China’s tighter inspections of agricultural imports, especially via land. China temporarily suspended imports of Thai durians last month after discovering traces of Covid-19 among a rail shipment at the Mohan border checkpoint. The price of Thai durian dropped as a result.

NESDC said it had urged a tightening of Thai export standards to meet China’s demands.

The third policy is China’s switch to stockpiling raw materials for products such as fertilisers, to avoid dependency on imports hit by the Russia-Ukraine conflict and sanctions.

“It appears that China is preparing to deal with crises, including the US and Europe’s sanctions on Russia, NESDC said, adding that this will impact Thailand’s economy.

Published : May 08, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015287

The baht opened at 34.29 to the US dollar on Friday, dropping from Thursday’s close of 34.05.

The currency is expected to move in a range between 34.20 and 34.40 on Thursday, according to Krungthai Bank market strategist Poon Panichpibool.

Volatility in the currency market is still supporting the dollar and pressuring the baht, Poon added. Meanwhile, the Covid-19 situation in China is deterring investment in Asian emerging markets, meaning the baht is likely to swing sideways, he said.

However, the baht would face downward pressure from purchases of gold if the price goes down.
Poon said the Thai currency’s key resistance level would be 34.50, at which point exporters would sell the dollar.

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

Published : May 06, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015271

The Bank of Thailand (BOT) is expected to maintain its key policy interest rate despite the high domestic inflation, Krungthai Bank’s market analyst, Poon Panichpibool, said on Thursday.

He said the high inflation rate would not pressure the BOT to raise the interest rate even though many other central banks had done so.

It is because the price increases in Thailand have affected only a limited number of goods, he explained.

In April, the increase in Thailand’s general inflation slowed down from the first months of the year. The prices of energy products are stabilising although most food items have seen price increases, he noted.

Poon, a strategist on capital and monetary markets at the state-run commercial bank, expected the Thai baht to continue depreciating due to factors like the ongoing Russia-Ukraine war.

The US Federal Reserve Bank (Fed) recently resolved to raise its policy interest rate by 0.50 per cent, as expected earlier. However, Fed chairman Jerome Powell gave no signs there would be a further increase in the policy interest rate, as was the concern in the markets previously.

Published : May 05, 2022

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https://www.nationthailand.com/business/40015270

Thailand will host a meeting of Apec Ministers Responsible for Trade (MRT) from May 19 to 22 to push for the digital economy and post-Covid economic revival among several goals, a senior Commerce Ministry official said on Thursday.

Oramon Sapthaweetham, director-general of the Department of Trade Negotiations (DTN), said Deputy Prime Minister and Commerce Minister Jurin Laksanawisit will chair the Asia-Pacific Economic Cooperation MRT meeting.

The meeting will discuss several issues, including the push for Bio-Circular-Green Model economy, cooperation to ease trade and investment restrictions, tourism promotion, free trade agreements, and the push for implementation of a digital economy and society, Oramon said.

During the meeting, ministers of the member nations will also discuss cooperation for sustainability in food production and “new normal” trade that will be suitable for the post-Covid era, she added.

The member nations will be asked to help support access to vaccines and necessary goods, she said.

In another development, Oramon announced the five-year (2022-2027) vision to mark the DTN’s 80th anniversary this year.

Among other things, the DTN will push for more FTA agreements to cover up to 80 per cent of Thailand’s trading partners.

Currently, the FTA ratio of Thailand with trading partners stands at 64 per cent, while Singapore’s FTA ratio is 96 per cent, Vietnam 73 per cent and the Philippines 71 per cent.

“This year, the DTN plans to complete pending FTA talks, such as Thailand-Turkey FTA, Thailand-Sri Lanka FTA, and Thailand-Pakistan FTA,” Oramon said.

She is confident that the FTA talks with Turkey will be concluded this year and Thailand will then hold talks with the European Free Trade Association as well as with the European Union.

The DTN will also push for an upgrade of Asean-Dialogue Partners’ FTA, covering China, India, South Korea, Australia and New Zealand, Oramon said.

The DTN will gradually hold talks of the joint trade committee (JTC) with key trade partners.

This year, Thailand hosted a JTC meeting with Vietnam and Bhutan in April and will hold more JTC meetings with Singapore, the United Kingdom, Maldives, China and Bangladesh, Oramon added.

She said the DTN has also drafted action plans to help Thai farmers and manufacturers to benefit from current FTA agreements.

For example, the DTN will hold a fair to promote the operations of its provincial FTA centre in Phayao province from May 27 to 29, and in Nakhon Si Thammarat province from June 10 to 12, she said.

The DTN will hold the second fair to promote products of the four southern border provinces to Asean FTA markets in Narathiwat province from June 16 to 18, Oramon said.

The DTN will join hands with the Thai Agricultural Council to hold an event in Mae Hong Son from August 18 to 20 to improve farmers’ capacities to be prepared for exporting products to FTA markets, Oramon said.

Published : May 05, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015268

Thailand’s inflation increased 4.65 per cent in April from a year ago and is expected to climb higher this month due to rising prices of fuel and cooking gas, according to the Ministry of Commerce’s Trade Policy and Strategy Office.

The consumer price index (general inflation) stood at 105.15 in April, up 0.34 per cent from March and 4.65 per cent from April 2021.

The Ministry of Commerce forecast Thailand’s inflation rate at between 4.0 and 5.0 per cent this year, which it described as “suitable” for the current situation.

There are still many factors that have contributed to keeping inflation high, including rising global prices of fuel and commodities, fallout of the boycott measures against Russia, the Covid-19 pandemic, and climate change, according to the ministry.

The office director-general, Ronnarong Phoolpipat, said inflation growth in April was lower than February and March, when the increase was the highest in 13 years at 4.71 per cent.

The surge in inflation was caused by higher prices of fuel (as much as 29.74 per cent) and transport cost (up 10.73 per cent). Also, food prices increased 4.83 per cent on average, covering items ranging from eggs and pork to non-alcoholic beverages and daily goods such as toothpaste and soap.

However, some products saw a decrease in prices over the past month, including rice flour and fresh fruits, such as orange, mango and banana.

The Ministry of Commerce expects inflation to continue its growth in May, when compared to the same period last year after the government lowered its subsidy on diesel oil, while cooking gas prices are increasing. Meanwhile, the prices of fresh and cooked foods have been adjusted higher due to the rising costs of raw materials.

Published : May 05, 2022

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https://www.nationthailand.com/business/40015261

Japan’s visiting Agriculture, Forestry and Fisheries Minister Kaneko Genjiro promised his Thai counterpart Chalermchai Srion on Thursday that his country would make it more convenient to import oranges and mangosteen from Thailand.

Speaking to reporters after meeting Genjiro at the Agriculture Ministry, Chalermchai quoted his Japanese counterpart as saying that he would speed up adjustment of the rules to within this year to smoothen the way for imports of the two types of Thai fruit.

During the meeting, the two sides congratulated each other on the success of earlier consultations on technical issues that hampered fruit exports to Japan.

Thana Chiravinij, secretary to the agriculture minister and the permanent secretary for Agriculture, as well as heads of departments under the ministry attended the meeting.

Chalermchai said the meeting, along with one between the prime ministers of the two countries on May 2, served to strengthen ties.

“This was the first physical meeting in several years,” Chalermchai noted.

“This year commemorates the 135th anniversary of diplomatic ties, with the two nations cooperating on various issues, especially in agriculture.”

Chalermchai said Japan is the second biggest market for Thai agricultural products and food.

He said exports of food and agricultural goods to Japan from 2019 to 2021 constituted 11.35 per cent of all Thai exports.

The value of food and agricultural product exports to Japan has averaged THB144.82 billion a year. Exports included processed chicken, frozen chicken, pet food, tuna and smoked rubber sheets, Chalermchai said.

He said Thailand enjoyed a trade surplus of some THB130 billion a year for agricultural products.

During the meeting, the two sides learned that both countries had similar policies to promote the Bio-Circular-Green Economy model in agricultural, he said.

Chalermchai said the policies were aimed at using technologies and local wisdom to raise standards and increase production and hygiene.

According to Chalermchai, Genjiro also agreed to strengthen cooperation with Thailand on agricultural studies and research for sustainable production of food and agricultural products by 2030.

Additionally, the Japanese minister pledged to exchange knowledge and experience with Thailand on developments to make agricultural products more attractive for international markets, Chalermchai added.

Published : May 05, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015250

The Commerce Ministry unveiled a plan on Wednesday to export 530,000 tonnes of fresh fruit to China this year.

To achieve the plan, exports will be carried out via sea, land and air, said Commerce Minister Jurin Laksanawisit.

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

Jurin said the ministry would focus on exporting fresh fruit by sea as four Chinese border checkpoints – Mohan, Youyiguan, Dongxing and Pingxiang – were closed off and on due to the Covid-19 situation there and the country’s Zero-Covid policy.

“The Department of International Trade Promotion [DITP] aims to export 530,000 tonnes of fresh fruit to China this year,” Jurin said.

He explained that 390,000 tonnes, or 83 per cent, would be exported by sea via five shipping lines – Cosco, SITC, Yang Ming, Maersk and Wanhai – to six Chinese ports, namely Shekou (26.5%), Nansha (20%), Hong Kong (20%), Zhanjian (13.5%), Xinzhou (13.5%) and Xiamen (6.5%).

“Meanwhile, 36,000 tonnes, or 6.5 per cent, will be exported by air via Thai Airways International, Thai Lion Air, AirAsia X and China Southern Airlines to three Chinese airports, namely Guangzhou (80%), Shenzhen (13%) and Kunming (7%),” he said.

“The remaining 10.5 per cent will be exported by land via four checkpoints. If any checkpoint is closed, the Foreign Ministry as well as commercial and agricultural ambassadors are responsible for negotiating with China to reopen the border point as soon as possible.”

The ministry has set up a war room under the DITP director-general to monitor fruit exports and ensure that Thailand achieves success, Jurin added.

The DITP expects Thailand to produce 5.36 million tonnes of fruit this year, up 11 per cent year on year.

In the first quarter, Thailand exported 754,027 tonnes of fruit worth THB33.98 billion. The exports included 225,159 tonnes of fresh fruit, 213,578 tonnes of processed and canned fruit, 180,254 tonnes of dried fruit and 9,620 tonnes of frozen fruit.

Published : May 05, 2022

By : THE NATION