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https://www.nationthailand.com/thailand/economy/40022928

Thai businesses target three major markets to boost exports next year

FRIDAY, DECEMBER 09, 2022

Thai exporters are working closely with the Commerce Ministry to explore three markets with high potential — the Middle East, South Asia, and Thailand’s neighbouring countries — next year, according to the commerce minister.

The three major markets have seen an estimated 1.7 trillion baht in exports this year, which are expected to increase by another 300 billion baht next year to 2 trillion, said Jurin Laksanawisit, who also doubles as deputy prime minister.
He said on Friday that a “war room” would also be set up for a joint committee comprising his ministry and exporters.
The panel agreed at its meeting on Friday to set up the war room that would be staffed by Commerce Ministry officials, relevant state agencies, and private businesses involved with exports, according to Jurin.

“We will work together closely throughout 2023 to deal with the global economic slowdown and problems from 2021 and 2022,” the minister said.
The focus in the Middle Eastern market will be on Saudi Arabia, the United Arab Emirates (UAE) and Qatar, which are importers of food, car parts, air-conditioners and construction materials, Jurin said. He said the goal for next year was to increase exports to those three countries by 20% — from US$8.9 billion (310 billion baht) this year to $10.3 billion next year.
Regarding the South Asian market, the focus would be on India, Bangladesh and Nepal, which mainly import chemical products, plastic pellets, automobiles and car parts. The goal is to increase export value by 10% — from $12 billion this year to $13.2 billion next year.
As for the CLMV (Cambodia, Laos, Myanmar and Vietnam) market, the goal is to boost export value by 10-15% — from $28 billion this year to $33.5 billion next year. These countries mainly import construction materials, electrical appliances, plastic pellets, textiles, food products, fruits and vegetables.
The joint public-private committee also resolved on Friday to send Thai delegations to the UAE, India and China’s Yunnan province in a bid to boost trade ties, according to the commerce minister. The panel also urged the government to expedite Thailand’s negotiations for “mini” free trade agreements with certain cities in the United Kingdom, Pakistan and Persian Gulf states, he said.

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https://www.nationthailand.com/thailand/economy/40022924

Incentives jolt Thai EV market with 25,000 sales expected this year

FRIDAY, DECEMBER 09, 2022

The Excise Department expects some 25,000 electric vehicles (EVs) to be snapped up this year under the government’s subsidy scheme.

It also said that 81 million baht of the subsidy funds have been disbursed so far this year.

Under the scheme, EV automakers are entitled to subsidies and cuts on import duties of up to 150,000 baht per vehicle priced below 2 million baht, and up to 800,000 baht on EVs going for more than 2 million baht.

Ekniti Nitithanprapas, Excise Department director-general, said on Friday that the department will disburse the second lot of 194.5 million baht of subsidy before year-end.

“This campaign will bring down the price of electric vehicles and boost the adoption rate in Thailand, which in turn will reduce emissions and bring the country closer to becoming a carbon-neutral society,” he said.

The Excise Department also signed an agreement with Mercedes-Benz Manufacturing (Thailand) on Friday under the EV subsidy scheme. The pact requires Mercedes to produce as many EVs in Thailand as they import until 2025.

Companies that have already signed such agreements include the Thai assembly units of Chinese automakers like MG and GWM as well as Japanese giants like Toyota and Thai EV maker Mine Mobility.

Assembly units of electric motorcycles like Thai Honda and Deco Green have also signed similar pacts.

Ekniti added that the Excise Department is in talks with US EV maker Tesla into joining the programme.

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Mercedes-Benz joins Thailand’s EV subsidy program

EV board changes gear to promote the use of electric vehicles

Thailand EV sales soar 223% as buyers take advantage of incentives

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https://www.nationthailand.com/thailand/economy/40022921

Thai exporters get ready for Europe’s control on carbon-emission imports

FRIDAY, DECEMBER 09, 2022

The Department of Trade Negotiations (DTN) has warned Thai exporters to brace for the impact of the European Union’s Carbon Border Adjustment Mechanism (CBAM), which should be finalised by December 15.

Under CBAM, a carbon tariff will be placed on carbon-intensive goods like cement and energy imported by EU countries. It is likely to take effect in 2026 with reporting starting next year.

A discussion between the European Commission, the European Parliament and the EU Council for the final phase of the measure is still pending, DTN director-general Auramon Supthaweethum said on Friday.

She said there were still some disagreements between the three parties, especially in terms of adding hydrogen, chemicals and plastics to CBAM products, the extension of the transition period and the revocation of free allowance for products costing less than 150 euros (about 5,500 baht).

However, she expects the differences to be ironed out and details finalised by December 15.

The transition to carbon-free imports is scheduled to begin on January 1, 2023, when importers will have to start submitting reports on carbon emissions “embedded” in their imports. These “embedded” emissions refer to the carbon emitted directly or indirectly during the production process.

“CBAM currently covers five products, namely cement, iron and steel, aluminium, fertilisers, and electricity,” Auramon said. “The list of products covered by CBAM will be expanded in coming years.”

However, she said, though details of CBAM are yet to be finalised, Thai exporters should follow its progress closely so they can adjust before the new regulations affect their exports.

She added that the ministries of Commerce and Natural Resources and Environment, along with the Thailand Greenhouse Gas Management Organisation, are working to help Thai businesses meet international standards.

Auramon said this is one of the key steps Thailand needs to take on its road to becoming a low-carbon society and economy.

Related Stories

Thai police reassure EU of commitment to fight IUU fishing

Bankers warn US, Europe economic slowdown may tame Thailand’s roaring exports

Thailand brings its carbon neutral, net zero dreams forward by several years

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https://www.nationthailand.com/thailand/economy/40022916

17,000 workers wanted on Phuket as tourism rebound sparks labour shortage

FRIDAY, DECEMBER 09, 2022

Phuket now has more than 17,000 job vacancies amid a serious labour shortage sparked by the post-Covid-19 tourism boom.

The holiday island is welcoming about 8,000 foreign tourists per day, Phuket governor Narong Woonciew told a press conference on Friday.

He said the number of tourists is expected to increase until the start of next year, swelled by a 41.34% rise in Thai visitors compared with 2019.

The Phuket Provincial Employment Office reported that 1,423 local businesses vacancies for 17,173 workers.

The office said the hotel business has the highest demand for workers, followed by service and retail businesses.

“Receptionists are in highest demand, followed by food and beverage service staff and spa masseurs,” the office said.

The labour shortage in the province is severe with only one worker for every five tourists, Phuket employment officer Pichit Singthongkham said.

The employment office has organised a press briefing to attract more workers from around the country. It will also hold a recruitment drive at Central Phuket on December 27, Pichit said.

Patong Hotel Association president Supattra Jaruariyanon urged the government to relieve Phuket’s labour shortage as quickly as possible.

“Hotel operators are handing employees overtime and hiring student interns on daily and monthly terms to tackle the issue,” she said.

The association is also urging Phuket recruitment agencies to take on local university students to work in the hotel sector.

Related stories:

• Thai employees likely to seek new jobs if their salaries remain unchanged: survey
• Job creation in first nine months exceeds pre-Covid level
• A new wave of ‘Great Resignation’ looms in 2023: Adecco research

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https://www.nationthailand.com/thailand/economy/40022908

Baht opens stronger against dollar on Friday but all eyes on US data

FRIDAY, DECEMBER 09, 2022

The baht opened at 34.70 to the US dollar on Friday, strengthening slightly from Thursday’s close of 34.79.

The currency will likely move between 34.60 and 34.80 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.

Poon said that the baht is likely to swing sideways, bounded by a range of 34.50 to 35.20 to the dollar.

A risk-on market may pressure the dollar to weaken or swing sideways, supporting strengthening of the baht.

However, any baht strengthening would be hampered as investors had not yet adjusted their holdings of risky assets, bonds and currency to take account of new US economic data.

Poon warned of possible baht volatility when the market reacts to the latest US producer price index, due today, and US inflation data.

If these numbers do not reflect market expectations of an economic slowdown, the dollar may strengthen and breach its resistance level of 105 points on US Dollar Index (DXY). This would trigger market concern that the US Federal Reserve could hike the interest rate, Poon said.

However, he doubted the baht would weaken much, projecting its key resistance level at 35.20, supported by foreign investors who are still buying Thai short-term and long-term bonds and concern about a slow economy.

He forecast exporters would wait until the baht dropped close to its resistance level before selling dollars.

He also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Related stories

• Thai business survey finds optimism about economy despite headwinds
• Finance Ministry brushes off protest over upcoming tax on stock trades
• TMBThanachart hikes loan interest rate but GHB maintains status quo

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https://www.nationthailand.com/thailand/economy/40022904

Thailand set to overtake Vietnam as world’s No 2 rice exporter

FRIDAY, DECEMBER 09, 2022

Thailand is on course to overtake Vietnam as the world’s second-biggest rice exporter this year, according to the Thai Rice Exporters Association (TREA).

India tops the list of rice exporters in the first 10 months with 17.06 tonnes million, while Thailand is second with 6.02 million tonnes, the TREA reported on Thursday.

Vietnam, which was the world’s No 2 exporter last year, was pushed into third with 6.01 million tonnes. Pakistan and the United States are in fourth and fifth places, with 3.4 and 1.9 million tonnes, respectively.

The list of biggest rice importers so far this year is led by Iraq with 1.3 million tonnes, followed by South Africa (0.64 million), the US (0.54 million), China (0.53 million), and Benin (0.3 million).

TREA added that in October, Thailand exported 0.79 million tonnes of rice worth 13.97 billion baht, up 24.7% and 20.5% from the previous month, respectively.

It projects exports in November of 0.8 million tonnes, rising higher in December due to demand during the Christmas and New Year holidays. TREA is confident that Thailand’s total rice exports this year will hit the target of 7.5 million tonnes, significantly higher than last year’s total of 6.12 million tonnes.

Thailand’s biggest rice markets are Iraq, South Africa, the US, China, Benin, Japan, Senegal and Angola.

Related Stories

Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022

Surge in rice exports puts Thailand on track to becoming 2nd largest global supplier

Thailand’s rice exports boom, Iraq emerges as largest customer

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https://www.nationthailand.com/thailand/economy/40022884

Thai business survey finds optimism about economy despite headwinds

FRIDAY, DECEMBER 09, 2022

Thailand’s economy will face several challenges in the first quarter next year, including inflationary pressure and the ongoing impact of the war in Ukraine, according to the latest survey of 200 leading executives by the Thai-Chinese Chamber of Commerce released on Thursday.

Despite headwinds, the survey of chamber members was generally optimistic: more than half of respondents forecast that the Thai economy’s performance will improve in the first quarter of next year.

Chamber president Narongsak Putthapornmongkol said respondents were most worried about inflation and the fallout from the war.

Narongsak said the survey, which was conducted from November 24 to December 1, aims to “predict the economic direction in the first quarter of next year”.

He said respondents were less worried about rising fuel prices because they believed they were likely to drop.

The survey also found concerns about household debt, non-performing loans, currency exchange volatility, and a decline in exports.

Still, respondents were optimistic about the return of foreign tourists and more foreign investment.

“Respondents believe that the return of foreign tourists, especially Chinese tourists, and the potential to draw foreign investors into ‘new industries’ will help Thailand’s economy recover quickly,” Narongsak said.

The survey found that foreign investors are most interested in Thailand’s electric vehicle, e-commerce, agriculture and foods, renewable energy and tourism industries.

Narongsak said the survey also found that rising consumer confidence and the government’s investment in utilities are seen as additional drivers of future growth.

Moreover, 57% of respondents expect Chinese companies to increase their investment in Thailand as they select the country as a production base for Asean.

Key responses to the survey include:

When asked if they were confident that the return of foreign tourists will help the Thai economy recover, most respondents expressed optimism:

24.3% very confident

58.6% moderately confident

When asked when inflation would stabalise, slightly more than 50% of respondents said in the first half of next year:

33.2% second quarter

23.7% third quarter

21% first quarter

When asked to forecast China’s economic health in the first quarter of next year compared to this year, the majority of respondents said it would either improve or remain the same:

37.6% better

32.6% remain the same

When asked about Thailand’s exports to China in the first quarter of next year, about half of respondents said they would rise:

50.3% increase

33.7% remain the same

When asked about Thailand’s imports from China in the first quarter next year, respondents said:

44.8% increase

32.6% remain the same

When asked about Thailand’s economic performance in the first quarter next year, more than half of respondents said it would improve:

55.3% better

31.5% remain the same

10.5% slow down

When asked about Thailand’s stock market in the first quarter next year, respondents were mixed:

37% rise

33.1% remain the same

27.1% drop

Related stories:

• Business bodies show the red flag to Pheu Thai’s minimum wage hike pledge
• Future business travel: From a frequent flyer’s viewpoint
• Lawyer targets TCC chief, ex-NBTC member over ‘leaks’ on Thailand’s True-Dtac merger