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https://www.nationthailand.com/business/40012499

Thailand’s agricultural product exports grew 17 per cent last year despite the Covid-19 pandemic, the Office of Agricultural Economics said.

Chanthanon Wankhajorn, secretary-general of the Office of Agricultural Economics, said exports of Thai agricultural products from January to December last year were valued at Bt1.3 trillion, a 17 per cent increase over exports in 2020.

He said the high value of exports had enabled Thailand to enjoy a trade surplus of Bt813.69 billion in agricultural products trade.

Bilateral trade of agricultural products with other Asean nations increased by 4.86 per cent to Bt422.75 billion.

Chanthanon said Thailand’s exports of agricultural products to Asean countries grew 3.46 per cent, allowing the Kingdom to enjoy a trade surplus of Bt171.35 billion.

Malaysia was the top importer of Thai agricultural products in the region, followed by Vietnam and Cambodia.

The top five Thai agricultural product exports in terms of value were UHT milk and UHT soya milk with the export value of Bt46.64 billion, sugar and products from sugar (Bt38.07 billion), rubber (Bt29.9 billion), edible seasonings (Bt28.43 billion) and food dressings made from cereals, flour and milk (Bt25.09 billion).

Chanthanon added that Thailand also enjoyed export growth of agricultural products through free trade agreements outside Asean. The growth was 33.06 per cent with last year’s value of Bt653.66 billion, allowing Thailand to enjoy a trade surplus of Bt474.19 billion for agricultural product trade.

The markets that saw the highest export growth rates last year were India, China, South Korea, New Zealand, and Japan. The agricultural goods with the highest export growth were palm oil (Bt22.78 billion), tapioca (Bt41.02 billion), rubber (Bt175.97 billion), fresh fruits (Bt135.99 billion), and starch and inulin products (Bt52.8 billion).

“It was a good year for the export of Thai agricultural products, despite the pandemic. It might be partly because consumers and businesses have adapted to the situation,” Chanthanon said.

He said the Agriculture Ministry will make sure that Thailand’s agricultural products will not be contaminated when exported and the country is confident of seeing higher growth this year.

Published : February 18, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012496

Foreign businesses in Thailand have called on the government to push for digital transformation and economic modernisation this year if it wants to maintain the country’s competitiveness in the global market.

The Joint Foreign Chambers of Commerce in Thailand (JFCCT) led by chairman Stanley Kang made the plea at a meeting with Prime Minister Gen Prayut Chan-o-cha recently, Thai Chamber of Commerce chairman Sanan Angubolkul said on Thursday.

Kang urged the government to maintain tangible and efficient green policies, including the BCG (Bio-Circular-Green) economy and ESG (Environmental, Social, and Governance) principles. He said foreign chambers of commerce were also ready to submit proposals for projects that would benefit Thailand and foreign trade partners both economically and socially.

The JFCCT represents 36 foreign chambers of commerce.

“PM Prayut said during the meeting that the government is focusing on improving the cost of doing business in Thailand among foreign investors and entrepreneurs,” said Sanan. Efficient Covid-19 preventive measures to ensure public safety and recovery of the business sector were also a focus, he added.

The PM said the government was drafting the 13th National Economic and Social Development Plan, which will focus on digital transformation to ensure that Thailand is up to date with global changes and new developments, Sanan said.

PM Prayut also insisted that Thailand would continue to prioritise development of human capital, technology transfer and innovations to add more value to Thai products and services.

Kang thanked the government for providing Covid-19 vaccines to foreigners and for its efforts to facilitate operations of foreign companies during the pandemic.

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Published : February 18, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012485

The baht opened at 32.14 to the US dollar on Friday, strengthening from Thursday’s close of 32.18 to its highest level in seven months.

The Thai currency is likely to move between 32.10 and 32.20 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht was supported by gold trading and foreign inflows to the Thai stock market, even though the currency market is in a risk-off state.

Moreover, the baht has risen past the key support level, causing some exporters to sell dollars which is allowing the baht to strengthen.

He said these factors – especially gold trading due to risks from the Ukraine crisis – would continue to support the Thai currency.

He added that if the crisis eases, the baht could weaken, triggering sales of energy stocks and foreign outflows from Thai stocks.

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He advised keeping a close watch on the Omicron situation as rising cases and bed occupancy rates could pressure the public health system. He said the worst-case scenario would see the government tightening prevention measures again.

A further sudden rise in the baht could trigger controls by the Bank of Thailand, he added.

He concluded that the currency market is highly volatile and in a risk-off state after the US emphasised that Russia could attack Ukraine at any time. Investors are choosing to cut risks and seek “safe havens” such as the dollar, Japanese Yen, gold, and government bonds.

Published : February 18, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012482

The Stock Exchange of Thailand (SET) Index was expected to fall to the support level between 1,700 and 1,705 points on Friday due to tensions between Russia and Ukraine, Krungsri Securities said.

It said this negative sentiment had driven investors to seek a safe haven in gold due to the index volatility.

“However, mass buy-ups of company shares that are expected to rise based on their business turnover last year will help boost the index,” Krungsri Securities said.

It recommends the purchase of the following assets as an investment strategy:

• EA, GPSC, AMATA, WHA, AH and STANLY will benefit from the government’s electric vehicle promotion package.

• BBL, KBANK, KTB, SCB, TTB, BLA and THREL will benefit from news of the US interest rate hike.

• IVL, SPRC, GULF, BANPU, TU, CPF, ORI, WHA, AMATA, HMPRO, CPN, CRC, BLA, NER, ITEL, XO, ASK, UBE, FORTH, TH and SNNP that are expected to grow based on their business turnover last year.

The SET Index closed at 1,711.58 on Thursday, up 10.13 points or 0.60 per cent. Transactions totalled 101.53 billion baht with an index high of 1,718.55 and a low of 1,708.43.

Published : February 18, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012465

A three-baht reduction in the excise tax for diesel oil, which takes effect from midnight on Thursday, will cost the state 17 billion baht in lost revenue over the next three months, but will benefit the country’s economy in the long term, Excise Department director-general Lavaron Sangsnit said.

He said on Thursday that the excise tax cut would bring the domestic price of diesel oil to a “suitable level” that would be beneficial to the Thai economy.

The tax reduction came at a time when the Oil Fuel Fund reached its ceiling of 30 billion baht allowed by the Cabinet to borrow.

The oil fund is expected to get certified by the Office of the Auditor-General in March so that it can negotiate with financial institutions regarding its debts.

“The three-baht tax reduction for three months will lead to about 17 billion baht in lost [state] revenue. We trade this for a smooth economic recovery that is not affected by high energy cost,” Lavaron said.

He explained that when economic activities return to normal, the lost revenue would be offset by increased taxes.

“Tax revenue often outgrows the economic growth rate. We hope that will happen,” the official said.

It has become a practice for Thai authorities to keep the price of diesel oil at no more than 30 baht a litre.

The rising global oil prices have increased diesel prices and led to calls from truck operators for a government subsidy to help curb their costs.

Published : February 17, 2022

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012463

The Eastern Economic Corridor (EEC) Office has invited the Russian president to visit the EEC when he visits Thailand for the Apec Summit.

The EEC also held meetings with the Russian and Hungarian envoys on economic cooperation.

Phet Shinnabutr, deputy secretary-general of the EEC Office, said his office has invited Russian President Vladimir Putin to visit the Eastern Economic Corridor of Innovation (EECi) when he attends the Asia-Pacific Economic Cooperation Summit in Thailand in November.

Phet said the invitation was made when the deputy head of the Russian ambassador’s office in Thailand led a delegation to visit the EEC Office to discuss prospects of cooperation in the EEC.

Phet said the Russian delegation and the Thai side discussed cooperation in four target areas — medical, digital, carbon emission reduction, and logistics.

The Russian delegation expressed interest to cooperate on digital, medical, and alternative energy industries in the EEC, and expressed interest to build smart cities and to develop the U-Tapao international airport as the aviation hub for the eastern region.

The delegation also expressed interest in helping Thailand develop education and personnel training.

Earlier, the EEC Office received Hungary’s ambassador to Thailand, Sandor Sipos, Phet added.

His office showed him progress of the EEC development as well as benefits Hungarian businessmen would receive from investing in the region as well in helping Thailand develop human resources.

The two sides discussed how to attract Hungarian businesses to invest in the EEC. The Hungarian side expressed interest in water resources management and smart city development.

Phet said the Hungarian ambassador promised to help the EEC Office invite Hungarian businesses to invest in the economic corridor by matching them with Thai businesses.

Phet said the EEC Office is now implementing the second phase of its investment plan, which aims at drawing 2.2 trillion baht in investments from 2023 to 2026. The plan aims at drawing foreign investors to invest in new industries to increase Thailand’s competitiveness.

He said the EEC Office has started pushing for negotiations between Thai businesses and foreign investors from Asia and Europe since the beginning of this year.

Published : February 17, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012460

Thai representatives are attending an advisory council meeting of Asia Pacific Economic Cooperation (Apec) members in Singapore.

The first Apec Business Advisory Council (Abac) meeting for 2022 is being held from February 15 to 18 at the Resorts World Sentosa Convention Centre with 300 participants from 21 economic territories of the Asia-Pacific region.

Suphan Mongkolsuthee, chairman of the advisory council, said the first Abac meeting this year is being held in hybrid format – both onsite meeting and online conferences.

Suphan said Thai representatives, who attended the meeting in Singapore, included Dr Poj Aramwattananont, deputy chairman of the Thai Chamber of Commerce, and Kasemsit Pathomsak, deputy secretary-general of the Thai Chamber of Commerce. Poj attended the meeting as an Abac Thailand member and chairman of the Apec CEO Summit 2022 and chairman of the working committee preparing the Apec CEO Summit. Kasemsit is a member of the Apec CEO Summit working committee.

According to Suphan, the Abac meeting was kicked off by Gan Kim Yong, Singapore’s Trade and Industry minister. The meeting was chaired by Suphan.

Suphan said the Abac members also held a meeting with officials of the Apec’s Senior Officials’ Meeting (SOM). This year, Thanee Thongphakdee, permanent secretary at the Foreign Ministry who chairs the SOM 2022, attended the meeting with Abac members under the topic “Free Trade Agreement of the Asia-Pacific.

Suphan said the meeting discussed the issue of sustainability in the bio, circular, green economy.

Suphan said Abac’s Region Economic Integration committee held a meeting in the afternoon of the first day.

Published : February 17, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012454

The ongoing training of “provincial sales teams” is expected to help secure international acceptance for goods made in the provinces, the Department of International Trade Promotion (DITP) said.

Department director-general Phusit Ratanakul Sereroengrit said the New Economy Academy (NEA) is training the second class of “provincial sales teams” to teach them how to conduct international trade deals.

The training, called “Provincial Salespeople Go International”, is being held on Thursday and Friday.

Phusit said the teams of provincial sales personnel are provincial commerce officers, members of the provincial chambers of commerce, members of provincial agricultural councils and entrepreneurs who are members of the Ministry of Commerce Biz Club. They must receive training from the NEA to be called “provincial salesperson”.

Phusit said so far members of “provincial sales teams” had acted as commerce envoys to help provincial enterpreneurs conduct over 100 international trade deals online, resulting in orders from overseas worth more than Bt1 billion.

Phusit added that the provincial sales force would use social media as a soft power to help promote geographical indication goods of certain districts in provinces.

The department is banking on “provincial sales teams” to help small and medium-sized enterprises (SMEs) and micro-SMEs in provinces push for international acceptance of their products.

Published : February 17, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012435

The business sector is expected to postpone product price hikes for three months after the Cabinet approved a move to reduce the excise tax for diesel fuel by 3 baht per litre for three months, Thai Chamber of Commerce vice president Wisit Limleucha said on Wednesday.

ACabinet meeting on Tuesday approved a proposal by the Finance and Energy ministries to seek a 3-baht reduction in diesel tax from the current 5.99 baht per litre, which is based on oil consumption of about 2 billion litres per month. The date from which this reduction will take effect has yet to be announced.

The tax cut came amid protests by truckers and transport operators against the high diesel price. The protesters wanted the excise tax to be cut from 5.99 baht to 0.10 baht per litre for a year.

“The diesel fuel cost is responsible for 10-15 per cent of product transport costs,” Wisit pointed out.

“A reduction in the diesel tax will put the brakes on the continually rising fuel price since the start of the year and help manufacturers in accurately estimating production costs in the next three months. This will also eliminate the need to raise the price of many products until the measure ends.”

Wisit said many businesses had been shouldering rising costs for several months now and did not raise prices because they realised that people had lower purchasing power amid a recessive economy.

“Many businesses, especially SMEs, have had to temporarily suspend operations due to a lack of capital,” he said. “So the reduction in diesel tax by 3 baht per litre will greatly help bring down the transport cost as well as energy costs for businesses that use the fuel in electricity generation,” Wisit said.

“We estimate that the move could help many businesses postpone a hike in product prices for three months or until a better measure is announced,” he added.

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Published : February 17, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012432

The baht opened at 32.27 to the US dollar on Thursday, strengthening from Tuesday’s close of 32.37.

The Thai currency is likely to move between 32.20 and 32.40 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht may stop strengthening and swing sideways because it has risen far beyond the estimated support level due to stock and bond transactions by foreign investors and gold sales.

However, Russia-Ukraine tension is keeping the market in a risk-off state and helping the dollar to advance, which might slow down the strengthening of the baht in the short term.

Poon suggested speculating on foreign investor transactions of Thai assets and the gold price. He said that if investors continued to sell their assets, it would lead to further strengthening of the baht.

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Published : February 17, 2022

By : THE NATION