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https://www.nationthailand.com/business/40015249

The baht opened at 34.04 to the US dollar on Thursday, surging back from its previous close of 34.53.

The currency is expected to move in a range between 33.95 and 34.15 on Thursday, predicted Krungthai Bank market strategist Poon Panichpibool.

Poon said the factors that would cause the baht to weaken are decreasing because the market is open to more risks. Meanwhile, the Covid-19 situation in China might pressure Asian currencies and keep foreigners from investing in the EM Asia stock market in the short term.

Poon expected the baht to swing sideways near the 34 range. Therefore, he suggested keeping a close watch on foreign investors to see whether they would purchase Thai stocks and bonds now that the currency market is opening to more risks.

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

The market opened to more risks after the US Federal Reserve did not signal that it would use tight monetary policies as expected. The Fed agreed to increase the policy interest rate by 0.5 per cent as expected and planned to reduce the balance sheet by $47.5 billion (THB1.62 trillion) per month from June before increasing the figure to $95 billion in September.

Chairman Jerome Powell said the Fed might increase the interest rate by around 0.5 per cent at their next meeting to control inflation.

Published : May 05, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015229

Deputy Prime Minister and Commerce Minister Jurin Laksanawisit said his ministry has prepared measures to help distribute some 566,000 tonnes of fruits in the country.

Jurin, who was presiding over the launch of the Commerce Ministry Fruit Festival 2022 at the main ground in front of CentralWorld in Bangkok on May 2, said the measures are needed as Thai farmers’ fruit output this year was 11 per cent higher than last year.

He said 566,000 tonnes, or 30 per cent of the fruits, will be sold in the country with help from the Department of Internal Trade in their distribution.

Jurin said the department would tap 18 proactive wholesale markets to distribute 244,000 tonnes of fruits and it has also arrange cold storage to freeze some 120,000 tonnes of fruits.

The department will also open 10,092 retail outlets nationwide to distribute 145,000 tonnes of fruits.

Jurin added that the Commerce Ministry Fruit Festival 2022 is part of measures to assist retail outlets. He expected the fair, which will continue until May 8, to help sell some 3,500 tonnes of fruits.

The minister added that the first quarter of this year saw the exports of durians rise by 42 per cent, longans by 36 per cent and mangoes by 21 per cent.

Meanwhile, the department announced that the 10,092 outlets would generate about THB12.5 million in sale value.

The department said the outlets include shopping malls, supermarkets, convenience stores. It said 500 of the outlets would be in Bangkok and the rest in the provinces.

Published : May 04, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015228

Thailand’s exports of gems and jewellery shot up 37.01 per cent year on year in March over the previous year, according to a report on Wednesday. 

The exports were worth US$739.13 million, the Gems and Jewellery Institute of Thailand (GIT) said.

Including gold, the country’s gems and jewellery exports in March were worth $3.40 billion, up 341.39 per cent year on year, said GIT director Sumed Prasongpongchai.

“In the first quarter, the country’s gems and jewellery exports were worth $1.89 billion, up 39.96 per cent year on year,” he said. “The total export value, including gold, was $5.48 billion, up 203.93 per cent year on year.”

He said the rise in Thailand’s gems and jewellery exports could be attributed to the global economic recovery, the gradual reopening of countries, rising purchasing power and investment expansion.

He added that Thailand has exported gold to cash in on the global increase in the price of gold. Thailand exported gold worth $3.59 billion, up 699.05 per cent year on year.

Sumed explained that many of Thailand’s major gems and jewellery export markets have expanded, including the US (46.48 per cent), India (113.98 per cent), Hong Kong (14.77 per cent), Germany (7.97 per cent), United Kingdom (88.29 per cent), Switzerland (82.14 per cent), United Arab Emirates (21.25 per cent), Belgium (29.45 per cent), Italy (129.87 per cent) and Japan (11.22 per cent).

Exports of major products have increased, such as silver jewellery (13.98 per cent), gold jewellery (42.02 per cent), rough diamonds (3.11 per cent), polished diamonds (70.90 per cent), rough gems (27.41 per cent), polished hard gems (48.17 per cent), polished soft gems (50.28 per cent), artificial jewellery (37.62 per cent) and scraps made of precious metals (63.48 per cent), he said.

However, the export of platinum jewellery dropped by 19.78 per cent year on year, he added.

Sumed expected Thailand’s gems and jewellery exports to expand further as many countries have eased travel restrictions, leading to an increase in the number of travellers.

“However, it is necessary to monitor the ongoing Russia-Ukraine war that has hiked production costs and inflation, resulting in impact on purchasing power for luxury goods,” he said.

“Also, it is necessary to follow the impact from the US Federal Reserve’s move to raise the interest rate and the Omicron pandemic,” he added.

Published : May 04, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015224

The Fuel Fund Executive Committee is expected to increase retail diesel price by one or two baht next week as the fund’s deficit has soared to over THB60 billion, a well-informed source said.

The source said the committee, chaired by Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow, is now considering the next increase after the price was raised by THB2 to THB32 per litre on May 1.

The source said the next increase would be inevitable as global oil prices are still rising.

As of May 3, the Oil Fuel Fund was still subsidising diesel oil price at THB10.21 per litre, the source said. Without subsidy, the retail diesel would have been THB40, the source added.

“Next week, diesel price may rise by THB1 or THB2 per litre,” the source said.

“Money is flowing out of the fund at about THB10 per litre of subsidy. The fund is using about THB20 billion for the diesel price subsidy. Although the government has borrowed THB20 billion to top up the fund, it will be used up within a month,” the source said.

According to the source, the Oil Fuel Fund has a bank deposit of THB780 million and THB11.575 billion deposited with the Comptroller-General’s Department as of May 1.

He said the fund now has an accumulated deficit of THB60.993 billion — THB28.217 billion deficit for oil subsidy and THB32.776 billion for gas.

In April, the fund spent THB22.242 billion in subsidy — THB20.779 billion for oil subsidy and Bt2.174 billion for gas.

Published : May 04, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015191

The Department of International Trade Promotion (DITP) will celebrate the 10th anniversary of the creation of the Thailand Trust Mark (T Mark) certificate by stepping up promotions of 229 products that have earned the T Mark, the department’s chief said.

DITP director-general Phusit Ratanakul said on Tuesday that 229 Thai manufacturers have earned the T Mark during the past 10 years.

“This year, the DITP will hold promotion activities to ensure recognition of Thai products with T Mark certificate so that they will be widely known in Asia and Oceania, especially in the Chinese and Indian markets,” Phusit said.

He said China and India topped the list of five countries that imported products with T Mark.

Among the planned activities, the DITP will hold an event in Kunming in China this year to promote the T Mark sign and it will also select some products with T Mark certificate to be displayed in leading department stores in India, Phusit added.

The director-general said products certified as T Mark must meet international standards in terms of quality, and their production process must be environmentally friendly while the hiring of workforce must be fair.

Phusit said the T Mark certificate will give foreign buyers the confidence about the quality and origin of the goods.

He added that Thai manufacturers would be encouraged to follow the Bio-Circular-Green Economy model to be eligible for T Mark.

Published : May 03, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015183

Thailand and Japan pledged closer economic cooperation and the visiting Japanese prime minister promised an investment in the electrical vehicles industry in the Eastern Economic Corridor this year.

The pledges were made on Monday when Prime Minister Prayut Chan-o-cha discussed economic cooperation plans with Japanese counterpart Fumio Kishida.

According to Thai officials, the two sides discussed and agreed to draft a five-year plan for economic cooperation as soon as possible to develop their economic partnership. The five-year plan will be used for driving economic cooperation between the two countries.

Prayut also pledged support for the Asia-Japan Investing for the Future (AJIF) initiative of Japan. The Japanese prime minister said the initiative will see Japanese entrepreneurs invest more in the EEC, and especially in the electric vehicle industry.

The Japanese prime minister said Thailand has potential for investments by Japanese firms and Thailand is considered by Japan as the most important investment base in Southeast Asia.

Fumio also said during the meeting that Japanese carmakers would continue to use Thailand as their manufacturing base and would focus on making advanced vehicles.

The two prime ministers agreed to work towards advanced human resources development. Fumio said Japan would build more Kosen (National Institute of Technology) branches in Thailand.

Japan will also cooperate with Thailand to develop infrastructure and develop clean energy technology to promote carbon zero-emission that would benefit Japanese investments in Thailand in the long term, Komio was quoted as saying during the meeting.

EEC Office deputy secretary-general Phet Shinabutr said Japan aims to invest THB25 billion in the EEC this year, compared to THB19.8 billion last year.

Prayut thanked Komio for providing aid and support in various forms to Thailand to mitigate the impact of the Covid-19 crisis. Prayut expressed appreciation for Japan’s donation of Covid vaccines, oxygen-generating machines, and equipment for storing vaccines as well as providing soft loans to Thailand to mitigate the Covid economic impact.

Published : May 03, 2022

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40015181

Owners of fishing boats in Trang province have gradually berthed their fleet after the retail price of diesel oil reached THB32 per litre.

Asurvey by The Nation found that more than half of the fishing boats operating from the Yimsia fishing pier in Trang’s Kantang district had stopped going out to the sea as the owners could not bear the fuel costs.

Subin Ketrat, who owns a fleet of trawlers, said that commercial fishing boat owners were in trouble due to the rise in diesel price, because each fishing trip by their fleet consumed a lot of fuel.

Subin said he has four commercial fishing trawlers and 13 smaller boats with lighting bulbs to attract fish to be caught by the trawls.

For each trip, he deploys a fishing boat and three lighting boats. Each trip would require about 25,000 litres of diesel, so fuel cost for each trip would amount to THB800,000, excluding the cost of ice, foods for fishing crew and wages.

He said each boat is manned by some 30 workers and he has to pay the wages in advance.

Subin said each trip needed to return with catches worth at least THB1.5 million to allow him to stay in business but the fishes are increasingly harder to find.

Subin said he had to berth half of his fishing boats, like other owners, because of the high fuel cost.

Even worse, Subin said the catches did not fetch a good price because it seemed consumers do not have much buying power.

Some fishing crew said they fear that their employers would be out of business and they would lose their jobs.

A fish vendor also complained that fishing boats did not return with enough fish for her to buy for reselling in Pattani like she used to earlier. She said she has concerns that fishing boat owners might stop their business because of the rising oil prices.

Published : May 03, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015170

The baht opened at 34.46 to the US dollar on Tuesday, plummeting in value from Friday’s close of 34.22.

The Thai currency is expected to move between 34.35 and 34.55 during the day and between 34.10 and 34.60 during the week, Krungthai market strategist Poon Panichpibool said.

Poon forecast the baht would fluctuate and likely test the resistance level of 34.50 as the dollar strengthens before the US Federal Reserve’s meeting and gold buying transactions.

He advised monitoring foreign investments in the Thai stock market, adding that inflows could slow the baht’s weakening. However, foreign investors would likely wait for the results of the Fed meeting on Wednesday before making moves.

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

The Fed is expected to signal an interest rate rise to 0.75 per cent on Wednesday. However, anything lower would likely trigger the dollar to weaken, Poon said.

Moreover, if the terminal rate marking the end of the Fed’s current hiking cycle moves to 3.75 per cent, US 10-year bond yields are likely to drop and put more pressure on the dollar to weaken.

However, the dollar is still supported by the Ukraine-Russia conflict and the Covid-19 situation in China, which are driving European and Asian currencies to weaken.

Published : May 03, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40015154

The Finance Ministry may extend the reduction of diesel excise tax when the tax cut period expires on May 20 but the new reduction rate may be just Bt1.5, not Bt3, a ministry source said Monday.

The source said the extension of the excise cut would depend on several factors, including the global oil situation and the government’s capability to find other sources of income.

Following the resolution of the Cabinet, the Excise Department issued a ministerial directive, which took effect from February 18 to May 20, to reduce the excise tax on diesel oil by Bt3 to Bt3.2 per litre.

The source said there is almost a month before the current tax cut period would expire and the global oil price situation may already improve by that time. In that scenario, the excise cut would not be necessary.

The source explained that the Russia-Ukraine war has continued for over 60 days. During the first period of the war, the global oil prices rose to US$120-130 per barrel and gradually declined to the current price of US$105 per barrel. The source said the oil price was not expected to rise more than the current level but it expected to go down after the war situation eased.

The source said if the Finance Ministry had to extend the excise cut, the cut would be Bt1.50, not Bt3 as in the current practice.

Apart from the excise cut, the government also had the Oil Fund subsidize the retail price of diesel at the rate of 50 per cent for the price that is higher than Bt30. Without the tax cut and partial subsidy, the diesel price would have risen to Bt38 per litre from Sunday, the source added. On Sunday and Mondy, diesel oil retails for Bt31.94 per litre.

So far, the government has lost its revenue by Bt17.1 billion from the excise tax cut for diesel from February 18, the source said.

Fortunately, the government could offset the loss of revenue from revenues from state enterprises that had better performance than expected, the source added.

If the government extends the cut on diesel excise tax, it would have to look for other sources of income to meet its target income of Bt2.4 trillion this year, the source said.

Initially, the Excise Department projected revenue from oil excise tax for 2022 at Bt200 billion. But when the government cut the diesel excise for three months, the department lowered its projected income from oil tax to Bt180 billion, the source said.

Published : May 02, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015148

The Commerce Ministry has approved a proposal to increase the quota for import of maize and other crops to make animal feeds for three months to tackle shortages, Commerce Minister Jurin Laksanawisit said on Monday.

Jurin was speaking to reporters after chairing a meeting of the maize policy and management committee and the food policy committee at the Kitiyakara Voralaksana Hall in the Commerce Permanent Secretariat Building.

Representatives from the Internal Trade Department, the National Farmers Council, the Crops Growers and Traders Association, the Thai Feed Mill Association, the Thai Tapioca Trade Association and the hen farmers association attended the meeting.

Jurin said the meeting was held to approve a joint proposal made during a meeting of representatives from five sides recently. The five sides are: representatives of the Commerce and Finance ministries, representatives of maize and tapioca farmers, the Crops Growers and Traders Association, the hen, chicken, and pig farmers associations and the Thai Feed Mill Association.

The meeting agreed with the proposal of the five sides to allow more imports of maize and other crops for making enough feeds for hen, chicken and pig farmers, Jurin said.

The meeting recommended animal feed-makers to import raw materials from neighbouring countries, especially Myanmar, during the next three months.

Jurin said the Commerce Ministry will hold an online business matching activity for Thai importers to match sellers in Myanmar on Tuesday.

The meeting also approved three other measures:

— The requirement for importers of wheat to buy maize in the country in the ratio of 1:3 will be suspended from now until July 31.

— The import quota of maize will be increased from 54,700 tonnes to 600,000 tones from now until July 31 and the import tariff on maize will be reduced from 20 per cent to zero during the period.

— The Commerce Ministry will help hold online business matching for importers of raw materials for making animal feeds.

The quotas of all raw materials during the period will be increased to 1.2 million tonnes during the period, Jurin added.

Published : May 02, 2022

By : THE NATION