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https://www.nationthailand.com/blogs/business/40011463

Consumers are fretting about bottled palm oil being sold at prices higher than the 55 baht per bottle set by the Department of Internal Trade.

Aone-litre bottle of palm oil sells at 59 baht in supermarkets of department stores. Some brands are in short supply, as a result some stores are allowing a person to buy no more than six bottles.

Meanwhile, the retail market and local shop price is in the range of 62-67 baht.

The price spike is mainly due to the rising price of crude palm oil, which is the main cost of producing bottled palm oil. Currently, it sells at 56-57 baht per kilogram, which is 12-13 baht per kg more expensive than the world market price, even though Thailand is a major grower of oil palm fruit.

In comparison, palm oil sells in Malaysia at only 5,425 ringgit per ton, or 43-44 baht per kg.

Crude palm fruit last week moved up to 11.70 baht per kg.

The latest oil palm price on Monday hit 12 baht per kilogram, an unprecedented high. At the same time, prices of chemical fertilizers and pesticides, as well as the prices of consumer goods, have also gradually increased.

Palm oil price is expected to shoot up further until next month. If the cost of crude palm oil remains at 56-57 baht, the price of bottled palm oil will be more than 70 baht per litre.

Though they are happy about the 12 baht per kg palm price, the farmers are seeking a price guarantee in the long term at 5-7 baht per kilogram to balance the price of fertilizers, pesticides and various tonics used for palm oil.

Commerce Minister Jurin Laksanawisit has asked the Department of Internal Trade to call palm oil operators and discuss solutions, as the authorities are afraid if the price is fixed for too long, manufacturers may halt production until the palm oil market faces a supply shortage, eventually pushing up the prices.

Published : January 24, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011460

Exports of finished cars rose 2.51 per cent in December from November, hitting a nine-month high of 101,307 units, the Federation of Thai Industries (FTI) said on Monday.

Figures broke through the 100,000 level after a 47.93-per-cent rise in exports from December 20 thanks to increased supply of semiconductors and auto-parts.

Thai auto exports increased to all markets – up 101 per cent to Australia and Oceania, 64.96 per cent to Europe, 54.99 per cent to North America, and 121.87 per cent to Central and South America – driven by the global economic recovery.

Thai auto-parts exports also grew, in response to increasing demand from trading partners.

Finished car exports in 2021 (January-December) rose 30.35 per cent from 2020 to 959,194 units – rising in value 36.56 per cent to 561.15 billion baht.

This year, the FTI is targeting production of 1.8 million cars, an increase of 6.78 per cent from 2021. Of these, 1 million units will be for export and 800,000 units for domestic sale.

Published : January 24, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40011459

Thailand remains the 13th largest food exporter in the world, unchanged from the previous year, the Chamber of Commerce of Thailand said yesterday.

Poj Aramwattananon, vice chairman of the chamber, said that measures to ease the lockdown of trading partner countries had helped the economy recover. The depreciation of the baht also have made Thai food products more competitive in price.

It is expected that in 2022, the Thai food export sector will still have to overcome the inflationary barrier, whether from agricultural product prices, energy prices, or transportation costs, leading to a decline in consumer purchasing power, while the cost of goods would increase.

Visit Limlurcha, President of Thai Food Processors Association, said that Thai food exports in 2021 were valued at 1.107 trillion baht, an increase of 11.8 per cent over the previous year.

Thailand’s global market share, however, dropped to 2.30 per cent from 2.32 per centt in 2020. 
Most of Thailand’s food export markets in 2021 expanded, except the United States, Africa, Oceania and the United Kingdom.

Currently China is Thailand’s No. 1 food export market, making up 24.5 per cent of food exports, valued at 271.674 billion baht, an increase of 50 per cent from the previous year, mainly from fresh fruit and cassava starch exports, followed by Cambodia, Laos, Myanmar and Vietnam in the region, and Japan.

Thai food exports in 2022 are expected to be worth 1.2 trillion baht, an increase of 8.4 per cent, which will be a new record.

Published : January 24, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011429

The baht opened at 32.98 to the US dollar on Monday, unchanged from the previous closing.

The Thai currency is likely to move between 32.85 and 33.05 during the day and between 32.80 and 33.20 during the week, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is likely to swing sideways as it might fluctuate against the dollar before the US Federal Reserve meets on Tuesday.

He said investors will also speculate on the Omicron situation in the country, while the easing of measures by the government will affect short-term foreign investments.

Poon also said the baht will strengthen from the sale of gold if the price of the precious metal stays at between 1,830 and 1,840 dollars per ounce.

The key support level for the Thai currency would be at 32.80 – a level that importers are waiting for so they can purchase dollars. Meanwhile, the baht’s key resistance level would be at 33.20 – a level eyed by exporters so they can offload their dollars, he added.

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Poon said the dollar may strengthen before the Fed’s meeting if the market is highly volatile, which will encourage investors to hold on to their dollars instead of safe-haven assets.

However, he said the dollar might weaken if the Federal Reserve does not send a clear signal about raising the policy rate to beyond the market’s expectations or decrease the balance sheet fast.

Published : January 24, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011428

The Stock Exchange of Thailand (SET) Index is expected to hover between 1,640 and 1,645 points on Monday, Krungsri Securities said.

It forecasts that the index will be under pressure from the mass sell-offs expected once the US Federal Reserve meets on January 25-26 to decide whether it will raise interest rates to tackle inflation.

However, mass buy-ups of company shares whose business turnover is expected to grow and those that have gained positive sentiment will help bolster the index, Krungsri Securities said.

It recommends the following purchases as an investment strategy:

• AOT, MINT, CENTEL, ERW and AAV will benefit from the government’s move to relaunch the Test & Go scheme from February 1 and the fourth phase of the “Rao Tiew Duay Kan” (We Travel Together) travel subsidy this week.

• PTTEP, TOP, PTTGC, IVL and SPRC will benefit from the rising price of oil and gross refining margin.

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

The SET Index closed at 1,652.73 on Friday, down 4.23 points or 0.26 per cent. Transactions totalled 81.33 billion baht with an index high of 1,655.42 and a low of 1,641.86.

Published : January 24, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011418

The Energy Policy and Planning Office (EPPO) has proposed cutting the fuel tax to reduce pressure on the Oil Fund.

EPPO director Wattanapong Kurowat said the urgent proposal was sent to the Energy Ministry after the global oil price rose to nearly US$87.50 per barrel.

“We have to discuss this issue with the Finance Ministry as soon as possible,” he said.

He added that the Finance Ministry had previously rejected a proposal to cut oil tax by up to two baht from the current level of Bt5.99 per litre.

Oil Fund director Wisak Watthanasap wants the energy and finance ministries to agree on reducing fuel excise tax quickly as the rising oil price is draining the fund’s liquidity.

Wisak said about 6 billion baht in subsidies is flowing out from the Oil Fund each month. Despite being given permission to borrow 20 billion baht in January, the fund can only maintain retail fuel prices at their current level for a few months, he added.

“So cutting oil excise tax would help reduce cash outflow.”

The Energy Ministry forecasts that prices will drop in March as energy usage declines, but Wisak said international politics would trigger volatility in the global price, impacting fuel prices in Thailand.

The Federation of Thai Industries this week voiced concern that global oil prices may reach US$100 a barrel.

Wisak said banks would submit loan proposals to the Oil Fund before the end of January and the debt would be repaid within three years.

Krungthai Bank, Government Savings Bank and Kasikorn Bank have contacted the Oil Fund office to request additional information.

The Oil Fund was 8.78 billion baht in the red as of January 16. The fund is currently paying out 6.5 billion baht each month – 4.6 billion baht to subsidise the diesel price and 1.9 billion baht to subsidise the LPG price.

Related stories:

• Fuel Fund borrowing Bt20 billion to freeze diesel at Bt30/litre until March end
• Hike in transport fees all part of free trade, says minister
• Covid-related lockdowns reduce Thailand’s fuel consumption this year

Published : January 23, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011415

A shipment of 500 tones of broken sticky rice will leave Thailand for Chongqing in China on Wednesday via the new Laos-China railway system, Alongkorn Polabutr, adviser to the agriculture and cooperatives minister, said on Saturday.

He said the delivery will take only three or four days, about four times faster than maritime transport.

Alongkorn went on to say that another cargo train containing 1,000 tonnes of Thai rice has arrived in Laos’ Thanaleng Station and is awaiting approval from the Laos Agriculture and Forestry Ministry’s approval.

He added that the Thai ministry has called on Vientiane Logistics Park CEO Chan Sittichai and Thanaleng Station to cooperate on this issue.

“We have been told that the cargo will be delivered to the Southern Vientiane station on Monday before heading for Chongqing on January 26,” he said.

“We are meeting the Laos ambassador and other related agencies on Saturday to discuss the export of other agricultural goods, like fruit, via the Laos-China railway. Fruits will be ready for harvest from March,” he said.

Alongkorn said that Agriculture and Agricultural Cooperatives Minister Chalermchai Sreeon has spoken to the Laos government and Chinese ambassador on what can be done to solve export issues amid the Covid-19 crisis.

He added that the agriculture ministries of Thailand and China will be officially meeting in the latter part of this year.

Related stories:

• Japanese company recalls Lay’s potato chips imported from Thailand
• Gems and jewellery exports ride out the Covid crisis
• Thailand exports record-breaking 1,000 tonnes of rice to Chongqing via E-san Gateway

Published : January 23, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40011370

Thailand’s export growth in December soared by 24.2 per cent year on year, Commerce Minister Jurin Laksanawisit said on Friday

The growth keeps up last year’s momentum when overall export growth was 17.1 per cent, exceeding by four times the original target of 4 per cent.

He said the Commerce Ministry expected the country’s exports to continue growing, at around 3-4 per cent this year.

Exports in December were valued at US$24.9 billion (Bt821.7 billion), while imports were up 33.4 per cent to $25.2 billion (831.6 billion), resulting in a trade deficit of $354.2 million (Bt11.6 billion).

Thailand’s exports in 2021 totalled $271.1 billion (Bt8.94 trillion), a 17.1 per cent rise over the previous year. Imports jumped 29.8 per cent year on year to $267.6 billion (Bt8.83 trillion), for a trade surplus of $3.57 billion (Bt11.78 billion), said Jurin, who also doubles as a deputy prime minister.

The commerce minister attributed the “success” to various factors, including close coordination between his ministry and the private sector, economic recovery in many importing countries, global economic expansion, increased competitiveness resulting from a weaker baht, and higher oil prices.

Thailand’s exports of major products have seen increases last year — 21.1 per cent in agricultural products, 24.1 per cent in processed farm products, and 24 per cent in industrial products.

Among Thailand’s key export markets that saw a high growth last year were Australia (increasing by as much as 54.4 per cent), Russia and CIS countries (up 45.8 per cent), the United States (36.5 per cent), Latin America (36.5 per cent), Asean (35 per cent), and Africa (34.1 per cent).

Thailand’s food-products exports totalled Bt819.8 billion last year, up 23.5 per cent. Durian, rubber and mango were among the major export products, with mangosteen being a “rising star”.

Exports of processed agricultural products totalled Bt607.2 billion last year, increasing by 6.7 per cent. Among the major goods were chilled and frozen fruit, dried and canned fruit, and animal feed.

Industrial products accounted for Bt6.79 trillion worth of exports last year, a 16 per cent increase, including oil-related products, steel, gems and jewellery, cars and parts, and air-conditioners.

Published : January 21, 2022