“PT Service Masters” revolutionise petrol stations with 7-star quality

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https://www.nationthailand.com/business/corporate/40024361

“PT Service Masters” revolutionise petrol stations with 7-star quality

“PT Service Masters” revolutionise petrol stations with 7-star quality

THURSDAY, JANUARY 26, 2023

PTG Energy has launched its new service enhancement program by assigning “PT Service Masters” – experts in petrol station services – to provide 7-star services at selected PT stations nationwide, being the first brand in Thailand to do so.

After winning the “Business+ Product of The Year Awards 2022” jointly organised by Business+ magazine and College of Management Mahidol University, PTG Energy Public Company Limited continues its journey into 2023 as a modern organisation that focuses on improving service quality and customer satisfaction in all aspects. 

Intending to revolutionise old images of petrol service stations, PTG recently launched its new service-focused program titled “PT Service Master” at selected PT stations nationwide. Every PT Service Master is committed to taking care of customers, providing advice on products and services, and ensuring customers’ highest satisfaction and benefits from each visit to the PT station. The program aims to create a positive impression that prompts customers to come back in the future and establish PT as a top-of-mind brand among Thai motorists.

“PT Service Masters” revolutionise petrol stations with 7-star quality

Pitak Ratchakitprakarn, president and chief executive officer of PTG, said that to increase service quality the company has been surveying customers’ needs and empathy, as well as collecting input from service staffers in the past five years. 

Under the program, PTG carefully handpicked qualified personnel who are well-trained in all aspects of petro station’s services and gave them personality training to become PT Service Masters, he added.

“PT Service Masters’ task is to upgrade the service quality of PT stations to the same level as 7-star hotels. At these pilot stations there will no longer be Dek Pump (pumping boys), but will have Service Masters instead,” said Pitak. 

“These specialists will assist customers in all aspects with a focus on selecting the best services and benefits for each customer, ranging from privileges of PT Max Card, motor oil change, and other promotional campaigns. PT Service Masters are also responsible for surveying customers’ needs and collecting feedback to further improve their service quality,” he added.

“PT Service Masters” revolutionise petrol stations with 7-star quality

PTG has been selecting qualified personnel to join the PT Service Master workforce from within the organisation and by recruiting from the general public. The company has been providing extensive training in the petrol business and customer service by experts and instructors who are well-known at the national level. “PTG is committed to taking care of our employees and making them happy, which will prompt them to pass on the happiness to customers and surrounding communities,” added the CEO.

Currently, 200 PT Service Masters have been providing top-notch services at 100 selected PT stations. The company plans to increase the number of PT Service Masters to 500 within this year and to 2,000 in the next three years to expand the program’s coverage to all PT stations nationwide.

PTG is the first petrol service provider in Thailand that uses “Service Master” to take its service quality to the next level, distinguishing itself from other brands of petrol stations. The program is a huge success as can be seen from the 25% jump in PT Max Card membership subscriptions at petrol stations that have PT Service Masters.

“PT Service Masters” revolutionise petrol stations with 7-star quality



PT Service Master


++Responsibilities

  • Provide services to customers of PT petrol stations, ensure their highest satisfaction and maintain a customer base
  • Provide consulting service and coordinate with other departments to solve problems related to customers’ usage of petrol station
  • Present the company’s products, services and sales promotion campaigns to customers


++ Workforce overview

  • 200 PT Service Masters at present 
  • Stationed at 100 selected PT petrol stations nationwide 
  • To be expanded to 500 PT Service Masters in 2023
  • Target 2,000 PT Service Masters in three years, covering all petrol stations nationwide

Finance Ministry raises 2023 growth forecast to 3.8%

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Finance Ministry raises 2023 growth forecast to 3.8%

Finance Ministry raises 2023 growth forecast to 3.8%

FRIDAY, JANUARY 27, 2023

The Finance Ministry on Friday raised the growth forecast for Thailand this year from 3% to 3.8%, citing a near 150% year-on-year rise in tourist arrivals as well as higher than expected domestic consumption as the main factors.

Declining fuel prices and weakening demand in key export markets, however, will help offset inflationary pressure, said Pornchai Thiraveja, the ministry’s spokesperson and director of its Fiscal Policy Committee.

He said the surge in tourists will primarily be from other Asian countries.

“This year, 27.5 million foreign tourists are expected to visit Thailand, up 147% year on year,” Pornchai said.

Exports, however, are expected to increase just 0.4% due to declining demand in key markets, he said.

He forecast that trade would see a surplus of US$3.1 billion this year, equivalent to about 0.5% of the country’s gross domestic product.

Private consumption and investment are forecast to expand by 3.5% and 3.6%, respectively, due to rising incomes and greater confidence in the domestic economy, he said.

Economic slowdowns and financial market volatility among trading partners, especially the United States and European Union, would negatively impact Thailand’s economy, he said.

“Geopolitical risks across the region will affect Thailand’s security and production,” Pornchai added.

Thailand’s economy will also be affected by China’s economic growth, following the relaxation of its zero-Covid policy, he said.

“Fiscal policy still has an important role for mitigating the impact of various crises and supporting economic expansion,” Pornchai said.

Related stories:

Thailand hikes key interest rate by 25 basis points

2023 Thailand’s Economic Outlook

Arkhom says rising baht a measure of foreign confidence in Thai economy

Thailand’s SCB expects two more policy rate hikes to 2%

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https://www.nationthailand.com/thailand/economy/40024356

Thailand’s SCB expects two more policy rate hikes to 2%

Thailand’s SCB expects two more policy rate hikes to 2%

THURSDAY, JANUARY 26, 2023

Siam Commercial Bank (SCB)’s research arm predicts the Bank of Thailand will raise the policy rate twice by 0.25 points to 2% this year.

The SCB’s Economic Intelligence Centre (EIC) issued the forecast on Thursday, a day after the Monetary Policy Committee raised the rate by 0.25 points to 1.5%.

The EIC said it expected two more hikes, in March and May.

It also forecast Thai GDP growth of 3.4% this year driven by tourism, consumption and spending by the private sector. It cited the return of Chinese tourists after Beijing eased travel restrictions sooner than expected. The tourism revival would lead to increased consumption and spending, it added.

But the EIC warned that growth of the Thai export sector would be sluggish following contraction in three successive months up to December 2022 due to the global economic slowdown.

Thai exports would also come under pressure from new import taxes imposed by Europe and India, which are key trading partners, it added.

The headwinds would see Thai export growth of only 1.2% growth this year, the EIC said.

It predicts Thailand’s headline inflation will drop from 6.1% last year to 3.2% this year, still above the central bank’s 1-3% target. Inflation would exceed the target due to high energy and food prices.

It forecast core inflation would rise from 2.5% last year to 2.7% this year.

The EIC’s currency prediction has the baht rallying to between 31.5 and 32.5 against the US dollar by the end of this year. The Thai currency has risen 5.6% against the greenback since the start of the year.

“Singha Drinking Water” launches 15 new bottle labels in collaboration with “Toy Story”

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https://www.nationthailand.com/pr-news/more/pr-news/40024340

“Singha Drinking Water” launches 15 new bottle labels in collaboration with “Toy Story”

“Singha Drinking Water” launches 15 new bottle labels in collaboration with “Toy Story”

WEDNESDAY, JANUARY 25, 2023

Singha Drinking Water continues its strategy of collaboration with world-class cartoon characters “Toy Story” by Kicking off the campaign “Singha Drinking Water: Never Ending Friendship” through 15 labels to deliver happiness and harmony to people of all generations across the country.

Mr. Titiporn Thammapimookkul, Chief Marketing Officer, Boon Rawd Trading Co., Ltd. revealed that besides the development of the product’s quality, “Singha Drinking Water” also focuses on the strategy of collaboration, in terms of marketing through many world-famous cartoon characters to continuously build colorful marketing such as My Little Pony, Mickey Mouse, Frozen, and Doraemon.

This year, Singha Drinking Water launches the first campaign of the year by collaborating with “Toy Story”, the world-famous cartoon character under the concept of “Singha Drinking Water: Never Ending Friendship” on the label of Singha Drinking Water, size 330ml., in 15 designs, to spread happiness and harmony to people of all generations across the country.

“Toy Story” is an animated cartoon that has long triumphed in the hearts and minds of people around the world. After all, Toy Story is one of the world’s highest-grossing film franchises or sequels and stands as one of the top 20 hits of all time for cartoon characters that have a fan base of all genders and ages and can connect people across generations, which is in line with the idea of Singha Drinking Water as a brand that connects families and children of all ages, moreover with product quality, that provides the highest level of cleanliness and safety, with a smart production technology, the Smart Micro Filter, which is unique to Singha Drinking Water, including a complete development with a focus on the environment, which has received the award for the most trusted drinking water in Thailand from the leading magazine Media.

“Singha Drinking Water” launches 15 new bottle labels in collaboration with “Toy Story”

However, the highlight of the “Singha Drinking Water: Never Ending Friendship” campaign is to bring popular Toy Story characters such as Woody, Buzz Lightyear, Jessie, Alien / Little Green Men, Rex, Mr. Potato Head, etc. to be on 15 product labels by divided into 12 designs to deliver the cuteness to consumers across the country. And the product will be sold via leading department stores across the country, and 3 exclusive designs at Lotus retail channels with activities to grab dolls by the doll claw machine to win prizes in 10 branches as well.

In addition, the company is opening up the opportunity for consumers who purchase Singha Drinking Water to enter the draw for exclusive premium products through 3 channels at Singha Online Store (https://www.singhaonline.com), e-commerce platform Shopee / Lazada and platform LINE @ Singha Rewards. Consumers can participate in the game by spinning the wheel and finding toys by collecting points, which they can exchange for a chance to win premium items such as Blanket with Toy Story design, Buzz Lightyear tumbler, Toy Story keychains, Stickers full of Toy Story motifs, and Toy Story Figure dolls, etc.

Asset World spending 1 billion baht to rebrand flagship

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Asset World spending 1 billion baht to rebrand flagship

Asset World spending 1 billion baht to rebrand flagship

WEDNESDAY, JANUARY 25, 2023

Nongluck Ajanapanya

Asset World Corp (AWC) is investing 1 billion baht to turn its flagship office tower, The Empire, into what it calls a “revolutionary lifestyle space that embraces the future of work-life integration”, the company announced on Wednesday.

AWC CEO and President Wallapa Traisorat told a press conference that 1,500 square metres of The Empire will be turned into a co-living space, bringing a home-like experience and large facilities to the workplace. These will include a living room, a communal kitchen and dining area, a kids’ room, and a pet hotel, she said.

The company is also rebranding the building’s rooftop, saying it will offer a wider range of international food and beverages.

AWC will continue to offer tenants hotel-like services through an app connecting them to all AWC-affiliated hotels.

Wallapa said The Empire was “currently valued at 20 billion baht”.

Its renovation and rebranding will be completed in November, with its co-working space opening in the first quarter of this year, she said.

Wallapa Traisorat Wallapa Traisorat

Asset World spending 1 billion baht to rebrand flagship

Nongluck Ajanapanya

Cat litter Thai startup forges new partnership to penetrate domestic market

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Cat litter Thai startup forges new partnership to penetrate domestic market

Cat litter Thai startup forges new partnership to penetrate domestic market

WEDNESDAY, JANUARY 25, 2023

Nongluck Ajanapanya

A fully Thai-owned organic cat litter startup is tying up with Thonglor International Pet Hospital and a private investor to scale up its manufacturing process and grow sales by 10 per cent over the next five years.

Wealthy Moggie Innovation (WMI) expects the 10-million-baht investment to assist the company in implementing an active marketing strategy to raise brand awareness of “Hide and Seek” cat litter in the domestic market.

Vattanaporn Tungsagna, WMI’s sales director, co-founder, who is also a cat lover, told a press conference on Wednesday that Hide and Seek is made entirely of Thai cassava.

“After finding out that the majority of cat litter in Thailand is imported, we were perplexed as to why there has been no made-in-Thailand product, even though we have plenty of natural sources. So we started experimenting until we found the right ingredients that are both effective at eliminating odours and safe for cats, owners, and the environment,” he explained.

He estimates the product currently has a 1-2% market share in Thailand. He expects to reach at least 10% in the next five years. Meanwhile, he hopes to expand his pet shop partners from the current 400. According to Wattanporn, there are over 5,000 pet stores in Thailand.

The company aims to earn 22 million baht from product sales this year as there has been a surge in international orders. The company’s plant can produce 40 containers per month.

“We also intend to launch a new innovative cat-litter product that will aid in the early detection of feline disease. The product will be available around the middle of the year,” he said.

He added that the products were well received in the market, particularly in the international market. When compared to other brands, Hide and Seek clumps up quickly, according to customer feedback. Furthermore, the product is chemical- and odour-free, has long-lasting odour control, high absorbtion, and is safe to flush.

“We are now exporting to South Korea, Malaysia, Australia, and Dubai. We are in discussions with dealers both in India and Japan. Unfortunately, we are not popular in our home country. So, we need a more comprehensive marketing strategy to raise brand awareness,” Wattanaporn said.

He added that Hide and Seek cat litter sales would help increase the value of cassava grown by Thai farmers by up to 16 times.

Cat litter Thai startup forges new partnership to penetrate domestic market

Poolperm T.charoenpoolporn, Thonglor International Pet Hospital executive director and finance director, said that growth opportunities in the pet industry average about 5-10% per year, as couples without children, LGBTQ groups, and the elderly are increasingly looking for pets. These people are willing to spend money on food, utensils, and services to improve the quality of life of their pets.

He believes that the joint investment with WMI will yield enormous returns.

Boonpaween Boonmechote, an independent investor and Thai Union Frozen Products’ planning and strategy department manager, added that the goal of his joint venture is to bring about improvements in production processes, cost reduction, productivity improvement, expand distribution channels, and the opportunity to export cat litter products.

Wealthy Moggie Innovation has received support from Thailand’s National Innovation Agency (NIA) through “Nilmangkorn” (Onyx Dragon horse), an accelerator programme that helps Thai entrepreneurs and startups grow their businesses.

Krithpaka Boonfueng, NIA deputy executive director, said the programme would educate and assist in the development of business plans and products by connecting business owners with NIA researchers and the investor network.

“WMI is our first onyx dragon horse from this programme. However, we intend to expand our Thai unicorn creations with ‘Nilmangkorn Season 2’, which will be open for applications soon,” she said.

Pan-arj Chairat, president of the NIA, said that the programme was part of the agency’s efforts to promote and support Thailand’s innovation ecosystem. The goal is to address innovative business development and use innovative tools to increase their own competitiveness as well as build a better understanding of the mechanism of joint ventures, he added.
 

Nongluck Ajanapanya

JKN Global selects El Salvador to host 72nd Miss Universe pageant in Nov-Dec

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JKN Global selects El Salvador to host 72nd Miss Universe pageant in Nov-Dec

JKN Global selects El Salvador to host 72nd Miss Universe pageant in Nov-Dec

WEDNESDAY, JANUARY 25, 2023

After the grand success of Miss Universe 2022’s final round that registered almost one billion viewers from 121 countries, El Salvador has announced its decision to pay an undisclosed sum of money to JKN Global Group Public Company Limited to host Miss Universe 2023 pageant.

The 2022’s final round was broadcasted via streaming channels, social media as well as television networks including the number one Spanish channel Telemundo.

JKN Global selects El Salvador to host 72nd Miss Universe pageant in Nov-Dec

One of the key moments of the event that was lauded by foreign media worldwide was the beautiful speech by Anne Jakapong Jakrajutatip, Chief Executive Officer of JKN Global Group, and the owner of the Miss Universe organization.  

The CEO’s Woman Empowerment Vision celebrates feminism, while promoting cultural diversity, social opportunities, and gender equality. The speech also focuses on how to empower all women to feel empowered, through the concept of Transformational Leadership or leadership reforms to enhance the value of the Miss Universe pageant.

JKN Global selects El Salvador to host 72nd Miss Universe pageant in Nov-Dec

The television network Telemundo cited data from AGB Nielsen Media Research Company ratings survey that the live broadcast of the 71st Miss Universe Finals on Saturday January 14, was rated as the number one among channels in viewers aged 18 – 49. The channel, the only television network live broadcasted in the glamourous pageant, attracted more than 2.4 million viewers, with the highest number of viewers among the age group 18-49 years old, or 84% growth and a 54% increase in overall audience numbers compared to the previous year.

JKN Global selects El Salvador to host 72nd Miss Universe pageant in Nov-Dec

In the United States, audiences in the 18-49 age bracket are number one in Los Angeles, New York, Miami, Dallas, and Chicago. Talkwalker, a social media analysis website, said that the 71st Miss Universe Finals was ranked No. 1 in the lifestyle and social program category. It has 10.6 million social media views and 5.7 million audience participation from live broadcasts, online media, and social media distribution. 526 million minutes of content related to the Miss Universe Finals were watched, a 37% increase this year compared to last year.

JKN Global selects El Salvador to host 72nd Miss Universe pageant in Nov-Dec

As a result of the vision of supporting the empowerment and elevation of women and the success of the 71st Miss Universe pageant, Nayib Bukele, El Salvador’s President, decided to pay an undisclosed sum of money to JKN Global Group Public Company Limited under the leadership of Anne Jakapong to host the 72nd Miss Universe pageant. The event will take place from November to December 2023, which was earlier announced on the Miss Universe stage for the first time in 12 years. The deal is considered one of the successes and pride of the Bangkok-based JKN Global Group.

JKN Global selects El Salvador to host 72nd Miss Universe pageant in Nov-Dec

After managing the Miss Universe Organization for two and a half months, Miss Anne Jakapong said, “We are committed to further developing and integrating the Miss Universe organization as a platform for empowering women for all people in the universe, to lead, to be able to inspire, to be role models to others, and the Miss Universe pageant must be a platform that is conducted with the most transparency and fairness.”

From all the statistics and achievements, Miss Universe is considered the world’s number one beauty pageant and is ready to move into a new dimension of the contest that will drive society and empower women as leaders of social reform. This will give Thailand a standing ovation in the eyes of the world as well as the power to drive global society towards better change in all dimensions.

Capital investment up by THB200m in 2022, but nearly 22,000 businesses fold up

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Capital investment up by THB200m in 2022, but nearly 22,000 businesses fold up

Capital investment up by THB200m in 2022, but nearly 22,000 businesses fold up

WEDNESDAY, JANUARY 25, 2023

As many as 21,880 businesses with a total registered capital of 127.04 billion baht ceased operations in 2022, the Department of Business Development said on Wednesday.

“This is in line with liquidation trends in the past five years,” said Thosapone Dansuputra, the department’s director-general.

The top three types of businesses going into liquidation were: 2,012 general building construction enterprises, which accounted for 9% of total enterprises that went into liquidation, followed by 1,023 real estate firms (5%), and 623 restaurant businesses (3%).

Businesses with less than 1 million baht capital accounted for 71.52%, or 15,649 businesses. It was followed by 5,200 businesses with capital of 1-5 million baht (23.77%); 916 businesses with 5-100 million baht capital (4.19%), and 115 businesses exceeding 100 million baht capital (0.53%).

In 2022, 76,488 new businesses were established across the country, 3,530 — or 5% — more than in 2021.

The top three businesses were general construction (7,061), accounting for 9%; real estate (4,833), accounting for 6%; and restaurant (3,014) accounting for 4%.

Total capital investment of newly established business was 429.82 billion baht in 2022, up 200.02 billion baht, — 87.04% — over 2021.

Of the newly established businesses, 52,674 (68.84%) have capital of less than 1 million baht; 22,583 businesses (29.52%) have capital in the range of 1-5 million baht; 1,014 businesses (1.33%) have capital of 5-100 million baht; and 217 businesses (0.28%) have capital of over 100 million baht.

Capital investment up by THB200m in 2022, but nearly 22,000 businesses fold up

As many as 850,480 businesses with a total capital of 21.19 trillion baht are operating in Thailand, as of December 2022.

Of the total, 200,437 — 23.57% — were limited partnership and registered ordinary partnership; 648,661 — 76.27% — were limited companies; and 1,382 — 0.16% — were public limited companies.

Meanwhile, 499,669 businesses — 58.75% — have less than 1 million baht in capital, followed by 257,061 businesses (30.22%) with 1-5 million baht capital, 76,340 businesses (8.98%) with 5-100 million baht capital, and 17,410 businesses (2.05%) with more than 100 million baht.

Related Stories: 

Despite global slowdown, Asia’s economies show resilience and growth for 2023

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Despite global slowdown, Asia's economies show resilience and growth for 2023

Despite global slowdown, Asia’s economies show resilience and growth for 2023

WEDNESDAY, JANUARY 25, 2023

Asia can defy a global economic slowdown in 2023 through an acceleration in digital transformation, greater regional coordination, and balanced monetary policies, according to new research from the London-based think tank, Asia House. 

The Asia House Annual Outlook 2023 examines how Asia’s economies can prevail and deliver robust growth through increased domestic demand for goods and services, countering the global headwinds of high inflation, tighter monetary policy and increasing geopolitical tensions.  

Key among the Annual Outlook’s recommendations are those relating to prioritising innovation – to spur carbon pricing, lower green premiums for zero-carbon alternatives, and boost underfunded and high-impact projects with blended finance.

‘Asia is likely to prove resilient if investment and financial flows are directed to digital and green innovation to underpin sustainable growth and investment,’ the Annual Outlook finds.

However, and mirroring the global outlook, Asia is susceptible to risk and faces multiple and multi-faceted shocks, such as energy-price volatility, geopolitical conflict, and higher borrowing costs.  

Asia House assessed eight key economies in Asia across metrics conducive to meeting these challenges. In two indices published today, the think tank analyses the performance of China, India, Indonesia, Japan, Malaysia, the Philippines, Thailand, and Vietnam in the critical areas of green finance and digitalisation readiness – areas that will unlock future productivity and enable sustainable growth across the continent.

Asia House’s Economic Readiness Indices suggest that prioritising economic readiness to tackle both climate change and digitalisation, and the policies that link the two, will create higher growth.

China will see increased growth – albeit sluggish – having abandoned its zero-Covid policies.  It also shows an improvement in its scores for economic readiness for green finance.

India will see continued economic recovery and is on track to be one of the fastest-growing economies globally. However, the country is susceptible to financial volatility and it has the lowest readings in readiness for both green finance and digitalisation.

Japan is likely to bear the brunt of multiple financial shocks, including a weak yen and higher energy prices – both of which reduced its Readiness Index for green finance. Japan’s digital readiness scores improved for 2023.

Vietnam is likely to register one of the strongest economic growth rates in 2023, owing in part to its vibrant external sector and domestic policy settings that will catalyse inward investment.

Malaysia is making significant strides, underpinned by the strength of domestic demand and digitalisation.

Thailand‘s economic readiness readings for green finance registered the largest rise according to Asia House.

Indonesia will show economic resilience in 2023. It has struck the right balance in monetary policy in terms of encouraging growth while taming inflation.

The Philippines is likely to grow, which presents an opportunity for the country’s policymakers to improve the domestic ecosystem for green finance and digitalisation.

Asia House comment

Michael Lawrence, Chief Executive of Asia House: “Against the backdrop of a weak global economic outlook for 2023, Asia’s economies may defy the trend and deliver robust growth despite the challenges of high inflation, rising interest rates, fuel price volatility and geopolitical tensions.

“The Asia House Annual Outlook is published to give key insights into the region’s economies and increase understanding of the opportunities and obstacles in Asia in an increasingly unpredictable and turbulent world”.

Phyllis Papadavid, Director of Research and Advisory, Asia House: “Our outlook indicates that Asia’s growth prospects continue to hinge on an acceleration in digital transformation, greater regional coordination, and striking the right balance in broader monetary policy across the region.

“Furthermore, the Asia House Economic Readiness Indices suggest that prioritising economic readiness for both climate change and digitalisation, and the policies that link the two, will be essential for Asia’s higher growth trajectory.”       

Policy recommendations

Drawing on the Indices, the Asia House Annual Outlook 2023 report includes several recommendations for policymakers across Asia.

Scaled-up regional coordination in Asia is necessary to bolster economic integration further, particularly in the form of expanded economic zones and investment corridors.

Enhanced and coordinated reserve management is needed at a time when Asia’s reserves are declining.

By adopting carbon-pricing mechanisms, the ‘green-premium’, or the additional costs of opting for green technology, will be reduced.
The leveraging of private investment and risk absorption will support scaled-up sustainable finance.

Innovations in blended finance – using development funds to spur private investment – need to funnel capital into high-impact and under-capitalised green projects.

Asia’s broader digital access and digital skills, particularly in the rural sectors in its larger economies, is a policy gap. 

Thai exports fell for third successive month in December

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Thai exports fell for third successive month in December

Thai exports fell for third successive month in December

WEDNESDAY, JANUARY 25, 2023

Thai exports fell for a third consecutive month in December but the 2022 total rose 5.5% year on year to US$287.06 billion (9.406 trillion baht), according to the Commerce Ministry.

Total imports last year rose 13.6%, leading to a trade deficit of $16.122 billion (528.56 billion baht).

December saw exports contract 14.6% year on year while imports shrank 12%, generating a trade deficit of US$1.03 billion (33.85 billion baht).

December’s export contraction was driven by industrial products (down 15.7%), agricultural products (down 11.6%), and agro-industrial products (down 10.8%).

Thai export markets that saw the biggest expansion in 2022 were the Middle East, United Kingdom, Canada, United States, CLMV, other Asean countries and South Asia.

Thai export growth last year was led by sugar, telephones, gems and jewellery, vegetable/animal fats and oil, transformers and components, semiconductors, and processed chicken.

The Commerce Ministry has targeted a 1-2% export expansion in 2023, lower than the 4% targeted in 2022. It said the lower target was due to the stagnating global economy, baht strengthening, rising fuel prices, and manufacturing costs.

Export expansion this year would be driven by the reopening of border checkpoints, increasing global food demand, and easing of global logistics problems including the container shortage, it added.

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