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https://www.nationthailand.com/business/40013249

The Commerce Ministry has opened a store on a popular online trading platform in Taiwan to promote Thai goods, a senior official said.

Department of International Trade Promotion (DITP) director-general Phusit Ratanakul Sereroengrit said the new online outlet is called TopThai Store and it has been launched on the PChome platform in Taiwan.

Phusit said the cooperation with PChome will open Taiwan’s constantly expanding online market to Thai exporters and manufacturers. Its online retail market, for instance, expanded 14.75 per cent last year.

Phusuit said PChome is the most popular online trading platform in Taiwan.

The TopThai store is aimed at creating a “good perception” of Thai products among Taiwanese shoppers, the director-general said.

He said the DITP and PChome have teamed up to select fashion brands with “good quality” and “good design” to sell on TopThai.

The products are considered to belong to the so-called Bio-Circular-Green Economy as they are considered to be environmentally friendly.

He said the DITP expects more than 50 Thai brands to sell their products on the platform.

The managing director of PChome (Thailand) said Taiwanese like to visit Thailand and they are aware of Thai goods but the opening of the online store will promote Thai goods “much more”.

Digital Marketing Office director Chanthaphan Panchamanon said TopThai is the sixth store the DITP has opened on online platforms abroad.

He said the DITP had earlier launched two TopThai stores in China on Tmall.com and the Tmall Global platform, one TopThai Store on India’s Bigbasket.com, one on Amazon.com in the US and one on Klangthai.com in Cambodia.

Chanthaphan said the DITP would invite Thai manufacturers to meet PCHome (Thailand) representatives on March 29 for a discussion so that their goods can be selected for sale on the platform.

The online store is interested in house decorations, fashions, dried foods and dried fruits, he added.

Published : March 10, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013248

Precisely 20.9 million smartphones were sold in Thailand in 2021, International Data Corporation (IDC) reported.

According to the IDC’s Quarterly Mobile Phone Tracker, smartphone sales in Thailand grew by 20.9 per cent in 2021 from the previous year, the highest in Southeast Asia, with 5.5 million being were sold in the last quarter of 2021 – a growth of 16.6 per cent – due to seasonal promotions and retail sales recovery after lockdown measures were eased.

One highly popular phone was Apple’s iPhone 13, while 5G smartphones stole one-third of market share in the fourth quarter. Android phones such as the Samsung Galaxy A52s, Vivo Y76 and Redmi Note 10 also proved highly popular.

Sales of 5G smartphones in Thailand were the highest in Southeast Asia. Thailand placed third in sales in the Asia-Pacific region (not including China and Japan), after India and South Korea, respectively.

IDC market analyst Teerit Paowan said sales in 2021 were “extremely strong” because demand had piled up from the previous year as devices were in shortage. Sales were also supported by the government’s Covid-19 compensation and cheap 5G smartphones.

“IDC believes the growth will be stable in 2022 but 14 per cent higher than pre-pandemic 2012,” Teerit said.

“A Dtac-True merger is likely to cause fierce competition in the short term in an expansion of the customer base. However, the limitation in supplies will cause a bottleneck at least in the first half of 2022.”

The top five brands in Q4

Samsung retained the first place even with a shortage of the A-series model. Promotions and incentives were focused on flagship phones that increased the sales of the Galaxy S21.

Xiaomi jumped into second place due to a recovery in the delivery of the Redmi series. The firm tried to expand its offline platforms by opening 13 new Xiaomi stores in December.

Apple grew both year-over-year and on-quarter with the iPhone 13 even amid a shortage and high prices of the iPhone 12 Pro and iPhone 12 Pro Max.

Oppo also witnessed a tight supply of affordable 4G smartphones. Meanwhile, its mid-range Reno 6 was well-received but sales of the Reno 6 Pro weren’t impressive because of its high price.

Vivo too was affected by the shortage, especially for its affordable phones such as the Y series. But the firm boosted its stores and partner stores and increased its sales staff.

Teerit explained that with limited supplies, especially for affordable 4G devices, brands had to adapt to the situation. For example, they branched out into using chips from new manufacturers such as Unisoc and focused on manufacturing best-selling models.

Small brands such as HMD (Nokia), Lenovo (Motorola) and TCL took a significant leap in the market as they focused on affordable phones that were in high demand, Teerit added.

Published : March 10, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013240

A survey carried out by the Commerce Ministry found the majority of people were aware of key ministry projects, while the programme to guarantee crop prices won the most public satisfaction.

The results of the survey were announced by Trade Policy and Strategy Office director Ronnarong Phoolpipat.

Ronnarong said the survey was conducted in January among 10,072 respondents from all districts across the country.

Sixty per cent of the respondents, who were asked whether they knew about the Commerce Ministry policies for 2021, voiced their affirmation, the director said.

He said 75 per cent of those who were aware said they were happy about the projects because they helped increase people’s incomes while reducing expenses during the time of economic hardship.

Ronnarong said the highest rate of public awareness and satisfaction – 81.3 per cent – was for the scheme guaranteeing crop prices for farmers.

It was followed by the project to sell consumer goods at discount prices, which was cited by 76 per cent of the respondents.

Meanwhile, 73.5 per cent voiced happiness over a project promoting online sales of goods, Ronnarong said.

The programme guaranteeing crop prices came out on top as the most liked, with 81 per cent of respondents citing it, he said.

“The price guarantee project was continued for the second time last year after the first in 2020. It helped farmers earn more income when they had to sell their crops amid low market prices,” Ronnarong pointed out.

The second most liked project was one promoting online trading, with 77 per cent of respondents mentioning it, the director said.

It was followed by the project to speed up registration of geographical indication goods, with 75.8 per cent citing it, Ronnarong added.

Published : March 10, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013234

The Ukraine-Russia war has already caused the Thai economy to shrink, the Thai Chamber of Commerce (TCC) reported on Wednesday.

TCC chairman Sanan Angubolkul said the chamber is closely monitoring the situation.

In his opinion, the Russian economy is still strong even though the value of the rouble has taken a dive.

He said Russia has not used the full force of its military power so there still might be a chance for a peace breakthrough.

The war has sent the oil price soaring and the Thai economy to shrink, Sanan said, expecting the government to be able to keep the fuel price on the stable side until March.

He suggested that the government prepare a plan in advance as the situation might prolong and the oil price could stay at high levels all year long.

Sanan said the government measure cutting excise tax on diesel for generating electricity for six months might help the public as the power price would decrease by 1-1.5 baht per unit.

However, he said, the government must also plan for other emergencies because the situation is uncertain and it would be difficult to evaluate how long Thailand can keep prices from skyrocketing.

Sanan said the TCC is monitoring the rise in product costs, especially those to do with corn, wheat and sunflower seeds because of a shortage of these crops.

Moreover, rare earth elements might affect circuit board and chip manufacturing and will increase the import costs for related products, he warned.

The TCC is also worried about the rising fertiliser price because Thailand imports 5 million tonnes of fertiliser per year. If the price shoots up, farmers will be forced to use less fertiliser and this would affect production.

Sanan said this problem would crop up soon, so the government needs to prepare for it.

As for trade with Russia and Ukraine, Thailand has not been affected much directly, but it has been affected a lot indirectly because the price of many products is increasing, Sanan said.

Furthermore, the issue of shipping prices is worrying, especially international freight rates, he said, advising the government to allow the baht to weaken so exports won’t be affected to a major extent.

The TCC is also concerned that the economy would be affected by stagflation or high inflation while economic growth slows. The increasing cost of living will be higher than the expected revenue, so this situation too requires close monitoring, Sanan said.

The TCC believes tourism is a key factor for economic recovery, so Thailand should maintain a neutral stance in the conflict and welcome travellers from all countries, he added.

Published : March 10, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013228

The baht opened at 33.00 to the US dollar on Thursday, strengthening from Wednesday’s close of 33.06.

Krungthai Bank market strategist Poon Panichpibool predicted the Thai currency would move between 32.85 and 33.10 during the day.

Poon said the baht might begin to strengthen as the market was open to more risks.

Foreign investors are waiting for the baht to strengthen in an attempt to make a profit.

Investors should speculate on transactions of short-term bonds to see if these increase in value or not, he recommended.

Moreover, the baht might gain support from gold sales, he said.

If the market is not in a risk-off state, the baht might slow its trend of weakening and swing sideways, Poon felt.

The support level for the Thai currency will be from 32.80 to 33.00, a level importers are waiting for so they can purchase dollars, while the resistance level will be 33.30, a level eyed by exporters so they can offload their dollars, he said.

The Russia-Ukraine war has forced markets into a risk-off state, which means they will remain volatile. Poon said business operators should use hedging tools such as options to manage risks.

He explained that the market was open to more risks as negotiations between Ukraine and Russia saw some progress.

However, with the discussions as well as the war still continuing, the currency market could remain volatile in the short term, he added.

Published : March 10, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013225

The Stock Exchange of Thailand (SET) Index is expected to rise to between 1,655 and 1,660 points on Thursday on hopes of negotiations between Russia and Ukraine, which could lead to an end of the war, Krungsri Securities said.

However, it predicted the falling oil price and mass share sell-offs to cope with the US Consumer Price Index (CPI) results would pressure the index.

It added that the results, to be announced today, are expected to rise by 7.9 per cent year on year.

Krungsri Securities recommends purchase of the following as an investment strategy:

• SCC, GPSC, BGrim, SCGP, EPG and Tasco, which would benefit from falling stocks and oil prices.

• KBank, BBL, TTB and KTB, which would gain from the rising US bond yield and news of a US interest rate hike.

• PSL and TTA, which would benefit from an increase in the freight rate.

The SET Index closed at 1,643.64 on Wednesday, up 24.54 points or 1.52 per cent. Transactions totalled 115.03 billion baht with an index high of 1,643.87 and a low of 1,610.34.

Published : March 10, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013206

Manufacturers of consumer goods, including instant noodles, will not be allowed to increase their prices in the near future, the chief of the Department of Internal Trade said on Wednesday.

The department’s director-general, Watanasak Sua-iam, said cooperation was still being sought from manufacturers to maintain the current prices so as to mitigate the impact on consumers from the fallout of the Russia-Ukraine war.

Watanasak said the department had held talks with two manufacturers of two popular instant noodle brands after it was reported that they planned to raise their prices due to rising costs.

He clarified that the manufacturers had only raised their wholesale prices without affecting the retail prices. Watanasak quoted the instant noodle manufactures as explaining that they had simply reduced the margin they offered to retailers earlier and the move would not affect the retail prices.

Watanasak said the instant noodle manufacturers promised to continue to cooperate with the department to maintain the current prices until the economic crisis caused by the war eases.

Commenting on reports that the makers of canned pasteurised and condensed milk would raise their prices because of rising cost of tin plates, Watanasak said his department had yet to consider the issue.

Watanasak said the department had yet to consider the structure of cost of the milk to see whether the cost had really risen and by how much to approve the price hike.

“We must consider the request to increase prices with fairness to allow all sides to survive,” Watanasak said.

“Other goods will be treated in the same manner. If manufacturers want to raise prices because of rising cost, they must submit their request to the department to be considered on a case-by-case basis.

“We still seek cooperation from the manufacturers to maintain the current prices and the Commerce Ministry has no policy to allow increases in prices yet.”

Watanasak said his department had not yet allowed the prices of fertilizers to be increased as sought by the Thai Fertilizer and Agricultural Marketing Association.

He said the department is still monitoring the impact from the war in Ukraine but it still wants fertilizer traders to maintain the prices.

Regarding complaints of rising prices of raw materials for making animal feed, Watanasak said the department had yet to consider the pros and cons of the proposals for the government to lower import tariffs of soy meal and to expand the period for importing maize to avoid negative impact on local farmers.

Jakkara Yodmanee, deputy director-general of the department, confirmed that several manufacturers had submitted requests for price increases but none has been approved so far.

Jakkara said officials from his department have been monitoring the prices of consumers’ goods every day by checking the prices both in Bangkok and the provinces.

He said although consumers complained that current prices of limes had risen to about Bt5 to Bt7 per piece, the prices were still lower than during the peak period last year.

Meanwhile, Narongsak Putthapornmongkol, chairman of the Thai-Chinese Chamber of Commerce, said the chamber had surveyed opinions of its members and found that their costs had increased by over 10 per cent because of the increase in oil prices.

Narongsak said the manufacturers complained that they needed to raise prices within one to three months to survive.

Published : March 09, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013204

The energy and foreign affairs ministries are negotiating with oil producing countries, including Saudi Arabia, the purchase of crude oil at lower than the global market price, Deputy Finance Minister Santi Promphat said on Tuesday.

“We are lucky the government has successfully revived diplomatic ties with Saudi Arabia for the first time in over 30 years,” he said. “We hope Saudi Arabia agrees to sell us oil at a friendly price, at least until the Russia-Ukraine conflict is over.”

Finance Minister Arkhom Termpittayapaisith meanwhile warned a rise in global energy prices “could cause domestic consumption to slow down”.

Arkhom said the war could produce a global economic impact that causes Thailand’s gross domestic product this year to miss the lower end of the estimation at 3.5 per cent expansion.

The National Economic and Social Development Council (NESDC) last month estimated that Thai GDP for 2022 would rise by 3.5 to 4.5 per cent thanks to increasing domestic demand, exports and an accelerating recovery in tourism after Covid-19 restrictions were lifted. The council reported a 1.9 per cent GDP expansion in the last quarter of 2021, and 1.6 per cent expansion for the whole year.

“The ministry wanted to see the economy in 2022 expand at 4 per cent, which is a median of the estimation made by the NESDC,” Arkhom said.

“However, the current global situation is volatile and requires reevaluation periodically. We estimate that in a worst case scenario, the 2022 GDP could be slightly below the 3.5 per cent expansion, as the value of exports to the Russian market is only 32 billion baht, or less than one per cent of our overall exports,” he pointed out.

“Meanwhile, the tourism sector, which had set a target of 7 million foreign tourists this year, may have to adjust down its goal to reflect the current situation.”

Arkhom said his ministry would continue to monitor the situation closely to accurately evaluate the extent of the impact on different sectors of the Thai economy, while using inputs from relevant agencies.

The finance minister also said the Oil Fund may have to borrow up to 40 billion baht from the original 20 billion baht limit allowed by the Cabinet to subsidise the cap on the diesel price at not over 30 baht per litre, while keeping the prices of benzene and cooking gas from rising too high.

“If the cabinet allows an increase in the borrowing limit to 40 billion baht, we believe we can continue our subsidies until the end of May this year, provided the price of oil on the global market does not exceed $130 dollar per barrel,” he said.

Related News

Thai GDP exceeds expectations with 1.9% rise in 2021 Q4

Thailand’s digital economy likely to account for 30% of GDP by 2030: DES minister

NESDC forecasts 3.5 to 4.5 per cent GDP expansion in 2022

Published : March 09, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013196

The Revenue Department collected 700 billion baht in tax, 85 billion baht more than the estimated 615 billion, in the first five months of fiscal year 2022 (October 2021 to February 2021), it reported on Tuesday.

“The higher-than-estimated collection is mainly due to an accelerating economic recovery from the impact of Covid-19 in late 2021 and early 2022,” said director-general Ekniti Nitithanprapas.

He said the department expected tax collection for fiscal 2022 to meet the target of 1.87 trillion baht.

“Businesses such as wholesale, retail, logistics and medical equipment have seen a steady growth amid the Covid-19 situation,” Ekniti said.

“Furthermore, we have started collecting a new e-service tax, which is responsible for about 3 billion baht of revenue. So far, 123 foreign companies have registered with the department to pay the tax. We expect more to sign up this year,” he added.

Related News

Four-month revenue collection exceeds government estimates

Diesel tax cut to cost 17 billion baht in lost revenue

Port Authority hoists revenue to Bt15.6 billion in 2021

Published : March 09, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013195

The baht opened at 33.22 to the US dollar on Wednesday, weakening from Tuesday’s close of 33.19, the weakest in a month.

Krungthai Bank market strategist Poon Panichpibool predicted the Thai currency would move between 33.10 and 33.30 during the day.

Poon said the baht was weakening due to foreign investors selling their short-term bonds.

He expected they would offload fewer Thai assets amid a price increase in gold, which would influence investors to sell the precious metal.

If the market is not in a risk-off state, the baht might slow its trend of weakening and swing sideways.

He said the resistance level would be from 33.30 to 33.40, the level exporters are waiting for to sell the dollar.

The currency market is fluctuating as investors are in a risk-off state after US President Joe Biden announced a ban on import of Russian energy. Investors are worried that Western countries might intensify sanctions against Russia.

Published : March 09, 2022

By : THE NATION