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https://www.nationthailand.com/business/40015268

Thailand’s inflation increased 4.65 per cent in April from a year ago and is expected to climb higher this month due to rising prices of fuel and cooking gas, according to the Ministry of Commerce’s Trade Policy and Strategy Office.

The consumer price index (general inflation) stood at 105.15 in April, up 0.34 per cent from March and 4.65 per cent from April 2021.

The Ministry of Commerce forecast Thailand’s inflation rate at between 4.0 and 5.0 per cent this year, which it described as “suitable” for the current situation.

There are still many factors that have contributed to keeping inflation high, including rising global prices of fuel and commodities, fallout of the boycott measures against Russia, the Covid-19 pandemic, and climate change, according to the ministry.

The office director-general, Ronnarong Phoolpipat, said inflation growth in April was lower than February and March, when the increase was the highest in 13 years at 4.71 per cent.

The surge in inflation was caused by higher prices of fuel (as much as 29.74 per cent) and transport cost (up 10.73 per cent). Also, food prices increased 4.83 per cent on average, covering items ranging from eggs and pork to non-alcoholic beverages and daily goods such as toothpaste and soap.

However, some products saw a decrease in prices over the past month, including rice flour and fresh fruits, such as orange, mango and banana.

The Ministry of Commerce expects inflation to continue its growth in May, when compared to the same period last year after the government lowered its subsidy on diesel oil, while cooking gas prices are increasing. Meanwhile, the prices of fresh and cooked foods have been adjusted higher due to the rising costs of raw materials.

Published : May 05, 2022

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https://www.nationthailand.com/business/40015261

Japan’s visiting Agriculture, Forestry and Fisheries Minister Kaneko Genjiro promised his Thai counterpart Chalermchai Srion on Thursday that his country would make it more convenient to import oranges and mangosteen from Thailand.

Speaking to reporters after meeting Genjiro at the Agriculture Ministry, Chalermchai quoted his Japanese counterpart as saying that he would speed up adjustment of the rules to within this year to smoothen the way for imports of the two types of Thai fruit.

During the meeting, the two sides congratulated each other on the success of earlier consultations on technical issues that hampered fruit exports to Japan.

Thana Chiravinij, secretary to the agriculture minister and the permanent secretary for Agriculture, as well as heads of departments under the ministry attended the meeting.

Chalermchai said the meeting, along with one between the prime ministers of the two countries on May 2, served to strengthen ties.

“This was the first physical meeting in several years,” Chalermchai noted.

“This year commemorates the 135th anniversary of diplomatic ties, with the two nations cooperating on various issues, especially in agriculture.”

Chalermchai said Japan is the second biggest market for Thai agricultural products and food.

He said exports of food and agricultural goods to Japan from 2019 to 2021 constituted 11.35 per cent of all Thai exports.

The value of food and agricultural product exports to Japan has averaged THB144.82 billion a year. Exports included processed chicken, frozen chicken, pet food, tuna and smoked rubber sheets, Chalermchai said.

He said Thailand enjoyed a trade surplus of some THB130 billion a year for agricultural products.

During the meeting, the two sides learned that both countries had similar policies to promote the Bio-Circular-Green Economy model in agricultural, he said.

Chalermchai said the policies were aimed at using technologies and local wisdom to raise standards and increase production and hygiene.

According to Chalermchai, Genjiro also agreed to strengthen cooperation with Thailand on agricultural studies and research for sustainable production of food and agricultural products by 2030.

Additionally, the Japanese minister pledged to exchange knowledge and experience with Thailand on developments to make agricultural products more attractive for international markets, Chalermchai added.

Published : May 05, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015250

The Commerce Ministry unveiled a plan on Wednesday to export 530,000 tonnes of fresh fruit to China this year.

To achieve the plan, exports will be carried out via sea, land and air, said Commerce Minister Jurin Laksanawisit.

Last year, Thailand exported 52 per cent of fruits by sea, 48 per cent by land and less than 1 per cent by air, he noted.

Jurin said the ministry would focus on exporting fresh fruit by sea as four Chinese border checkpoints – Mohan, Youyiguan, Dongxing and Pingxiang – were closed off and on due to the Covid-19 situation there and the country’s Zero-Covid policy.

“The Department of International Trade Promotion [DITP] aims to export 530,000 tonnes of fresh fruit to China this year,” Jurin said.

He explained that 390,000 tonnes, or 83 per cent, would be exported by sea via five shipping lines – Cosco, SITC, Yang Ming, Maersk and Wanhai – to six Chinese ports, namely Shekou (26.5%), Nansha (20%), Hong Kong (20%), Zhanjian (13.5%), Xinzhou (13.5%) and Xiamen (6.5%).

“Meanwhile, 36,000 tonnes, or 6.5 per cent, will be exported by air via Thai Airways International, Thai Lion Air, AirAsia X and China Southern Airlines to three Chinese airports, namely Guangzhou (80%), Shenzhen (13%) and Kunming (7%),” he said.

“The remaining 10.5 per cent will be exported by land via four checkpoints. If any checkpoint is closed, the Foreign Ministry as well as commercial and agricultural ambassadors are responsible for negotiating with China to reopen the border point as soon as possible.”

The ministry has set up a war room under the DITP director-general to monitor fruit exports and ensure that Thailand achieves success, Jurin added.

The DITP expects Thailand to produce 5.36 million tonnes of fruit this year, up 11 per cent year on year.

In the first quarter, Thailand exported 754,027 tonnes of fruit worth THB33.98 billion. The exports included 225,159 tonnes of fresh fruit, 213,578 tonnes of processed and canned fruit, 180,254 tonnes of dried fruit and 9,620 tonnes of frozen fruit.

Published : May 05, 2022

By : THE NATION

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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