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https://www.nationthailand.com/thailand/economy/40021815

Thai govt revenue in FY2022 exceeds target as economy rebounds

TUESDAY, NOVEMBER 08, 2022

Revenue collection in fiscal year 2022 — from October 2021 to September 2022 — reached 2.53 trillion baht, exceeding the government’s target by 130 billion baht or 5.4%, the Finance Ministry said on Monday.

The Revenue Department was the biggest contributor, collecting 2.16 trillion baht in the past fiscal year, beating its target by 15.5% or 290 billion baht.

Most of the increased revenue came from value-added tax and import tax, which have been rising in line with the increased domestic consumption amid the continued economic recovery, said Pornchai Theeravet, director of the Fiscal Policy Office (FPO) and the ministry’s spokesperson.

However, the Excise Department collected 503 billion baht, missing its target by 15.7% or 93.5 billion baht. Pornchai said the drop was due to the cut in diesel tax imposed to reduce people’s cost of living amid soaring global energy prices.

The Customs Department collected 110 billion baht, exceeding its target by 10.5% or 10.4 billion.

Revenues contributed by state enterprises in fiscal year 2022 also exceeded the target by 0.6% or 858 billion baht, with 143 billion baht collected.

For fiscal 2023, which began last month, the government has set a revenue target of 2.49 trillion baht, or 13.91% of gross domestic product, while total expenditure is set at 3.18 trillion baht, or 17.79% of GDP.

The FPO estimates that Thailand’s economy will expand 3.4% in 2022 thanks to rising domestic consumption and further recovery of the tourism industry. The office expects the economy to expand 3.8% next year, driven by around 20 million tourist arrivals, about half the number recorded before the Covid-19 pandemic.

Related Stories

Revenue Department to come up with carbon tax plan next year

Govt slices excise tax for vehicles to boost industry, safety and reduce pollution

Income tax for high-skilled expats in target industries lowered to 17%

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https://www.nationthailand.com/thailand/economy/40021801

Saudi investment minister attends Thai-Saudi Investment Forum in Bangkok

MONDAY, NOVEMBER 07, 2022

Saudi Arabia’s investment minister and Thailand’s Foreign Minister attended an investment forum held at a Bangkok hotel Monday with the goal of drawing Saudi investments to the Eastern Economic Corridor.

Saudi Investment Minister Khalid Abdulaziz Al-Falih attended the Thai-Saudi Investment Forum held at the Royal Orchid Sheraton Hotel from 9am to 2pm on Monday.

The forum was held jointly by the Thai Foreign Ministry and the Eastern Economic Corridor Office of Thailand (EECO) to present business opportunities for Thai investors in Saudi Arabia and investment opportunities for Saudi investors in the EEC.

The event was jointly opened by the Saudi minister and Foreign Minister Don Pramudwinai.

Key speakers during the forum included Narit Therdsteerasukd, secretary-general of the Board of Investment; Kanit Sasngsubhan, EEC chief adviser; Sanan Angubolkul, chairman of the Thai Chamber of Commerce; Kriengkrai Thiennukul, chairman of the Federation of Thai Industries; Payong Srivanich, chairman of the Thai Bankers’ Association; and Bads Aldadr, deputy minister of Investors Outreach of Saudi Arabia’s Investment Ministry.

The forum was expected to conclude with a signing of memorandums of understanding between some Saudi firms and the EECO.

Two sideline seminars on hotel businesses and oil businesses were also held.

The event was off-limits to the media.

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https://www.nationthailand.com/thailand/economy/40021787

Base price will stop foreigners using proxies to grab Thai land: TREA

MONDAY, NOVEMBER 07, 2022

The Thai Real Estate Association (TREA) said it will meet with the prime minister to propose ways of stopping foreigners from abusing the new law permitting them to buy Thai land.

The Cabinet approved the directive permitting foreigners to buy land on October 25. The move is aimed at attracting investment to boost the economy.

The directive allows foreigners to purchase property and up to one rai (1,600 square metres) of land if they invest at least 40 million baht for a minimum of three years. To be eligible, they must also qualify for the Long-Term Resident (LTR) visa.

The policy has sparked fierce public and political opposition, with critics accusing the government of putting the country up for sale. It has responded by promising to revise the draft.

TREA president Meesak Chunharakchot said on Monday he will meet with PM Prayut Chan-o-cha on Thursday (November 10) to present the association’s opinions on the draft.

Measures must be set to deter foreigners from using nominees to buy land next to their one-rai plots and stitching it into larger plots, said Meesak.

One way to do this would be to set a minimum price of land for foreigners, he said.

For land plots up to 50 square wah (200sqm), he suggested a minimum price of 5 million baht in Greater Bangkok and 3 million baht in other provinces. For 51-100sqw, he said it should be 10 million baht and 8 million baht; for 101-200sqw it should be 50 million baht and 20 million baht; and for 201sqw to 1 rai, 100 million baht in Greater Bangkok and 30 million baht in the provinces.

For properties in residential projects, foreign owners should have half the rights of Thais according to area owned when it came to voting on matters related to the project, said Meesak.

The new law should also require evidence that the money used to buy properties in Thailand comes from legal financial institutions, he added.

Related Stories

LTR, 40m baht investment necessary for foreigners to buy land in Thailand: govt

Thai govt pays heed to critics, revising rules on selling land to foreigners

‘We can explain’, says Thai PM as outcry over land for foreigners gets louder

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https://www.nationthailand.com/thailand/economy/40021780

Thailand’s trade deficit with Saudi Arabia hits THB166.91 billion in first 9 months

SUNDAY, NOVEMBER 06, 2022

Thailand’s trade deficit with Saudi Arabia has risen to 166.91 billion baht in the first nine months of this year mainly due to rising oil prices, the Commerce Ministry said.

The statement from the ministry’s permanent secretariat issued recently said bilateral trade between the two kingdoms has risen a lot since ties were normalised for the first time in 32 years this year.

Bilateral relations had soured in 1989 over the Blue Diamond Affair when a Thai janitor stole around US$20 million worth of jewels from a Saudi prince.

However, diplomatic ties were restored in January and bilateral trade picked up almost immediately.

The first nine months of the year saw 265.29 billion baht worth of business between the two countries, marking a 65.52% surge from the same period last year.

Thailand’s exports to Saudi Arabia accounted for 49.19 billion baht, marking an increase of 29.83%, but imports from the Middle East came in at 216.10 billion baht, up 76.57% year-on-year.

According to the Commerce Ministry, the top five imports from Saudi Arabia in the January-September period this year are:

• Crude oil: 153.693 billion baht (+70.66%)

• Fertilisers, herbicides, pesticides: 19.198 billion baht (+125.83%)

• Refined oil: 15.106 billion baht (+130.50%)

• Chemicals: 14.476 billion baht (+7.96%)

• Natural gas: 6.53 billion baht (+3.02%).

The top five exports to Saudi Arabia in the first nine months are:

• Vehicles, parts, accessories: 24.252 billion baht (+45.88%)

• Wood, wood products: 4.869 billion baht (+20.11%)

• Rubber products: 2.96 billion baht (+32.82%)

• Canned and processed seafood: 2.39 billion baht (+11.34%)

• Air-conditioners, parts: 1.803 billion baht (+3.67%).

Related stories:

Thailand to import another 100,000 tonnes of fertiliser from Saudi Arabia

Commerce Ministry takes steps to flood Saudi Arabia with Thai exports

SEC officials visit Saudi Arabia’s Capital Market Authority

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https://www.nationthailand.com/thailand/economy/40021777

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

SUNDAY, NOVEMBER 06, 2022

Iraq has become the world’s largest export market for Thai rice, after shipments in the first nine months soared 511 per cent to 15.405 billion baht, the Commerce Ministry said.

Global exports of Thai rice from January to September surged 40% from last year to 5.41 million tonnes, with earnings rising 36% to 95.232 billion baht, the ministry said.

Thailand is now the world’s second-largest rice exporter after India.

The top five export markets for Thai rice in the first nine months were:

– Iraq with exports worth 15.405 billion baht (up 511%)

– United States, 14.029 billion baht (up 29%)

– South Africa, 8.017 billion baht (down 3%)

– China, 7.439 billion baht (up 30%)

– Hong Kong, 3.56 billion baht (up 1.6%).

The Rice Exporters Association of Thailand forecasts the country will export between 7 million and 8 million tonnes of rice this year as the weakening baht boosts competitiveness over India and Vietnam.

Iraq has returned to buying Thai rice in large quantities for the first time in seven years, with over one million tonnes purchased so far this year, the association said.

Meanwhile Phuket will host the 14th World Rice Conference from November 15 to 17, with Commerce Minister Jurin Laksanawisit scheduled to give the opening speech.

Thailand’s foreign trade agencies will be at the conference to showcase the country’s potential as a rice exporter.

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https://www.nationthailand.com/thailand/economy/40021754

Economic recovery, revival of businesses help reopen jobs in Thailand

SATURDAY, NOVEMBER 05, 2022

Unemployment in Thailand has improved considerably with the rate of joblessness falling to 1.2% in the third quarter of this year from 2.3% in the same period last year.

Deputy government spokesperson Traisuree Taisaranakul said on Saturday that Prime Minister Prayut Chan-o-cha was satisfied to learn that the rate of employment has risen to the level before the Covid-19 crisis hit the country.
“This reflects the government’s success in maintaining employment rates and ensuring people have an income,” she said. “The successful implementation of public health policy has helped the country survive the crisis and helped the economy recover from all dimensions.”
Of Thailand’s 40.1-million-strong workforce, 491,000 were recorded as unemployed in the third quarter of this year, down from 546,000 in the second quarter and 911,000 in the third quarter of last year, Traisuree said.

She added that the number of employed people came in at 39.6 million in the third quarter, up from 39 million in the second quarter and 38.7 million in the third quarter of 2021.
Employment has risen by an average of 2.1% from last year, mostly outside the farming sector, the spokesperson said. Service and retail sectors, meanwhile, saw 4.3% more jobs in the third quarter, while employment in the agriculture sector suffered a 2.4% decline.
Traisuree said businesses are hiring more staff because the economy has started recovering after the fallout of Covid-19.
“The outlook is particularly bright for the tourism and aviation sectors as the number of tourists is rising,” she said, citing next week’s Suvarnabhumi Airport Job Fair.
The fair is scheduled to be held from November 9 to 11 from 9am to 3pm at the airport’s Public Transportation Centre.
She said some 30 companies operating out of Suvarnabhumi Airport are looking to fill up to 1,500 vacancies, including those of electrical engineers, ground staff, warehouse workers, passenger screening personnel, security officers and technicians.

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https://www.nationthailand.com/blogs/thailand/economy/40021733

Surging animal feed prices a blessing in disguise for Thai cassava growers

FRIDAY, NOVEMBER 04, 2022

The Philippines is set to sign a 20-billion-baht pact with Thailand to purchase cassava chips and pellets.

Ronnarong Phoolpipat, Department of Foreign Trade director-general, said on Thursday that the rising price of animal feed due to the Russia-Ukraine war is a blessing for Thailand.

The department has teamed with the Bureau of International Trade Promotion Strategy to hold a meeting with the Philippines Association of Feed Millers (PAFMI) and cassava processing firms on Sunday. The meeting, scheduled to be held in Nakhon Ratchasima province, will see the signing of a memorandum of understanding (MoU) on the purchase of 20 billion baht worth of cassava-based animal feed yearly.

Since the price of cassava products has reached a satisfactory level, the Commerce Ministry is taking steps to expand the market and boost production.

In the first nine months of this year, Thailand exported 8.73 million tonnes of cassava products worth over 115.48 billion baht. Of the exports, 36% were cassava chips and pellets, and the remainder cassava starch.

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https://www.nationthailand.com/thailand/economy/40021729

BOI lures investors with 9 new measures to build ‘new economy’ in Thailand

FRIDAY, NOVEMBER 04, 2022

The Board of Investment (BOI) has come up with nine new measures to attract investment as part of Thailand’s move to create a “new economy”.

Under this five-year investment promotion strategy, which kicks off next year, the BOI will support investment in high technology, green and smart industries as well as businesses driven by creativity and innovation.
It is believed that these sectors will boost Thailand’s competitiveness and spark the start of a new economy.
The nine measures, some of which cut down on bureaucratic red tape for prospective investors, were approved by BOI’s executive board on Friday.
BOI secretary-general Narit Therdsteerasukdi said the list also includes measures like the retention and expansion program as well as the relocation program, which will promote Thailand’s standing as a key base for new industries and international businesses.
There are also measures promoting industries necessary for national development and improved competitiveness.

The measures also aim to promote economic recovery and social development by encouraging investment in small and medium-sized enterprises. The proposal also includes a measure to upgrade existing industries to become “smart” and sustainable.
The new measures go into effect from January 2023, the BOI chief said.

“Thailand’s strength lies in its ability to respond to global challenges on food security and clean energy. We have a strong support base for industries, which is key to future investment,” he said.
Narit added that additional BOI benefits will be available for investors in specific industries, especially those that involve advanced technology and innovation. The targeted industries include biotech, nanotech and advanced materials technology in which know-how is transferred in joint projects with academic institutions or research centres. Investors in these industries are entitled to A1+ benefits, including tax exemption for 10 to 13 years.
New industries eligible for BOI benefits include the manufacturing of fuel-cell electric vehicles (FCEV), battery swapping stations, generation of hydrogen-based electricity, space-related businesses and the production of food for the future.
Apart from devising the nine measures, BOI has also set up a subcommittee to tackle obstacles facing investors, especially those in targeted industries, Narit said.
He added that the panel is chaired by Energy Minister Supphattanapong Punmeechaow.