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https://www.nationthailand.com/thailand/economy/40023349

Thailand opens rice DNA testing centre after Hom Mali loses world crown

THURSDAY, DECEMBER 22, 2022

Thailand has opened a genetic testing centre to improve its rice after the country’s famed Hom Mali (jasmine) grain was dethroned by a Cambodia strain at the World Rice Conference.

The DNA testing centre at Ubon Ratchathani Rice Research Centre will boost Thailand’s export competitiveness under the 2020-2024 rice plan, said Department of Foreign Trade (DFT) chief Ronnarong Phoolpipat on Thursday.

The DNA testing service will help rice farmers, millers and traders ensure the authenticity of their product via rapid genetic tests at low cost.

The service aims to strengthen the international reputation of Thai rice and create an advantage amid fierce competition, he added.

Judges at last month’s World Rice Conference complained that Thai Hom Mali had lost its famous fragrance, and crowned Cambodia’s Phka Rumduol jasmine variety as the globe’s best.

Thai Hom Mali exports rose 27% to 1.28 million tonnes in the first 10 months of 2022 from a year earlier, Ronnarong reported.

Monthly rice export volume is likely to increase as the economies of trading partners recover from the Covid-19 pandemic, he said.

The easing of China’s zero-Covid policy is also expected to boost demand for Thai rice.

Related stories

• New, expanded markets may see Thai rice exports cross 2022 target
• Thai rice exports lose ground, prices tumble as India, VN go in for price undercut
• UAE interested in purchasing Thai rice: Sansern

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https://www.nationthailand.com/thailand/economy/40023348

Innovation is the key to unlocking Thailand’s digital potential, PTT CEO says

THURSDAY, DECEMBER 22, 2022

Jarupong Krisanaraj

Increased innovation is required to drive Thailand’s digital economy, PTT CEO and president Auttapol Rerkpibool told a forum on Wednesday.

During a talk on innovation for sustainable business, Auttapol told the “Next Step Thailand 2023” forum that the kingdom’s economy faced challenges from decentralisation, and the shifts to green energy and a digital world.

Enhanced innovation is required to meet the challenges posed by social and economic transformations, he told the forum hosted by three Nation Group media outlets: Spring News, Nation TV and Post Today.

Auttapol said innovation to tackle climate change and improve the quality of life is necessary for Thailand to create a digital economy.

For innovation to tackle climate change, Auttapol explained that renewable energy, carbon capture and storage (CCS), and carbon capture and utilisation (CCU) could help Thailand reduce greenhouse gas emissions.

“Renewable energy can help Thailand reduce carbon dioxide emissions, while CCS and CCU will enable carbon dioxide emitters to capture, store and utilise them,” he explained.

Auttapol noted that many countries are developing solar and wind energy alternatives to mitigate climate change, and called for increased cooperation between countries to develop these technologies.

Auttapol said that even though Thailand’s digital competitiveness is ranked at only 40 globally, the country has potential in agriculture and next-generation automotive and medical technology.

He said the agriculture sector needs artificial intelligence to increase production and sales through the development of smart farming and farm management.

“32% of Thais work in agriculture, but they generate only 8% of the country’s gross domestic product,” he said.

Auttapol praised the development of electric vehicles in Thailand, saying it was a good example of the positive impact government support can have. However, he urged for the development of related technologies, calling for investment in battery factories and charging stations.

He said Thailand’s potential in medical technology was outstanding, especially as the country is beginning to age.

Relevant agencies should help develop medicine production for older patients as well as robotics and “future food”, Auttapol said, adding that the high quality of the country’s medical professionals increased the medical sector’s potential.

He also urged Thai entrepreneurs to put technology at the core of their business models and increase cooperating to develop the country’s digital economy.

Related stories:

• Spend more on cybersecurity, panel advises at HackaThailand 2023
• Thailand’s improved business registration law to go into effect from Feb 7
• DES Ministry in major push for digital economy as driving force for growth

Jarupong Krisanaraj

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https://www.nationthailand.com/thailand/economy/40023335

Thai mangosteen association formed as hunger grows in China, Mideast

THURSDAY, DECEMBER 22, 2022

The Thai Mangosteen Association (TMA) was founded on Wednesday to promote, support and solve problems related to cultivation and trade in the purple fruit.

Thai mangosteen production is set to rise 38% this year to 378,400 tonnes, feeding growing demand from China and the Middle East, according to the Agriculture Ministry.
 

Seventy-five members joined the first TMA meeting at the Office of Agricultural Research and Development in Chanthaburi to set up objectives and frameworks for the association.

Pattama Narmwong was selected as chairman of the TMA, whose headquarters are located in the heart of the country’s mangosteen-growing area of Tha Mai district, Chanthaburi.

The meeting forged six objectives for the TMA:

1. Support the stability and sustainability of mangosteen growers and related businesses.

2. Support and aid TMA members in solving problems while also monitoring developments in domestic and international mangosteen trade and other issues.

3. Research and develop mangosteen cultivation, exchanging and publishing academic studies and other information.

4. Improve the quality of Thai mangosteen for good agricultural practices (GAP) certification.

5. Cooperate with the government in supporting production, trade, and export processes.

6. Promote the image of Thai mangosteen and create trust in Thai and foreign consumers.

Related stories

• Food delivery businesses face slump in demand next year: KResearch
• New, expanded markets may see Thai rice exports cross 2022 target
• Farm output set to accelerate its rise next year: Office of Agricultural Economics

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https://www.nationthailand.com/thailand/economy/40023330

Baht up slightly against dollar but all eyes on Thai export data

THURSDAY, DECEMBER 22, 2022

The baht opened at 34.68 to the US dollar on Thursday, strengthening slightly from Wednesday’s close of 34.70.

The currency will likely move between 34.55 and 34.75 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.

Poon said that the baht’s recent strengthening was supported by the market’s risk-on state and gold sales.

However, amid dollar strengthening reflected by a rise in the US Dollar Index (DXY) to nearly 104 points, he expected the baht to swing sideways and not strengthen much.

Moreover, foreign investors are selling short-term bonds in the belief that the baht will strengthen.

He expected the baht’s support level to be at 34.50-34.60 to the dollar.

He warned that the baht might fluctuate and weaken on Thursday if Thailand’s export numbers shrank, resulting in a higher-than-expected trade deficit.

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

Related stories

• Baht gains against dollar, but experts see limited potential for further appreciation
• Baht hits 6-month high against dollar after US Fed meeting
• Baht opens 34.58/dollar on Wed but all eyes on Fed meeting

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https://www.nationthailand.com/thailand/economy/40023315

Seven high-potential product trends for next year

WEDNESDAY, DECEMBER 21, 2022

Bangkokbiz, a news agency, on Wednesday identified seven product groups which it predicts will be trending next year. They are:

1. Products for the elderly

The market for the elderly will mainly focus on health products. This group has a lot of purchasing power from savings and pensions, while not having to spend as much as young adults.

Therefore, healthy foods and beverages as well as products that increase convenience, such as ready-to-cook boiled rice, have huge potential.

2. Convenience products

Current consumer behaviour emphasises convenience, so operators must try to make life easier, for instance, sliced fruits.

3. Health and beauty products

Consumers are increasingly focused on their health and themselves, even more after the Covid-19 pandemic, offering a ready market.

4. Small-size products

People of the new generation like to try something new and convenient, while living on their own or with small families. Operators must make smaller products at affordable prices.

5. Environmentally friendly products

Consumers are focusing more on the environment, so manufacturers must make products that are environmentally friendly throughout the manufacturing process.

6. Local products

The trend of love for local products has grown continuously since the Covid-19 pandemic. Operators could get a geographical indication from the Intellectual Property Department to verify that the product is local.

7. Innovation products

Innovation is a growing trend as it will make products different and add value, such as naem (pork sausage) with food irradiation technology to make it last longer for up to two months.

Related stories

• Thailand’s economy to grow by 3.6% in 2023, riding on tourism recovery: UTCC
• Food delivery businesses face slump in demand next year: KResearch
• Foreign investment jumps 74% to THB112 billion, with largest share from Japan

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https://www.nationthailand.com/thailand/economy/40023313

World Cup fails to lift advertising industry as ad revenues plunge

WEDNESDAY, DECEMBER 21, 2022

This year’s World Cup failed to come close to its predecessors in terms of advertising revenues, earning just 136 million baht compared to the more than 500 million baht as usual, according to Pawat Ruangdejworachai, director and CEO of Media Intelligence.

Pawat said regional and global sports events draw massive audiences in Thailand, and brands and companies spend a lot of money on advertising to reach them.

Before the Covid-19 pandemic, the World Cup and other global sporting events drew more than 500 million baht in advertising, Pawat said.

The 2022 FIFA World Cup drew about one-quarter of this amount.

Prawat said the game with the highest rating was the match between Germany and Japan. Even though it was a group-stage match, its ratings were high because it was broadcast at 8pm on a single channel.

The final between Argentina and France ranked second. It started at 10pm and was broadcast on two channels – True4U and Channel 7 – simultaneously.

True4U was the biggest beneficiary, earning slightly more than 93 million baht in advertising revenue from this year’s World Cup. 

Channel 7 earned 350,000 baht per minute for advertising during the final match, but per minute advertising in most other matches earned only five-digit fees.

Pawat added that most advertisements came from those who helped buy the broadcasting rights.

Only a few brands actually paid for advertising during broadcasts of World Cup matches, Pawat said, adding that Euro Cake and Pepsi were the two highest spenders.

The World Cup did not live up to its record and failed to boost the advertising industry, Pawat said.

Related stories

• AIS Playbox users told they won’t get to watch World Cup finals on the service
• True widens access for viewing World Cup finals
• Sports Authority told to repay THB600m or scrap True World Cup deal

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https://www.nationthailand.com/thailand/economy/40023304

Baht gains against dollar, but experts see limited potential for further appreciation

WEDNESDAY, DECEMBER 21, 2022

The baht opened at 34.65 to the US dollar on Wednesday, strengthening from Tuesday’s close of 34.78.

The currency will likely move between 34.50 and 34.70 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.

Poon said that the baht might strengthen due to the weakening dollar and gold sales, but it would not strengthen past its support level of 34.5 to the dollar because the currency market is fluctuating and foreign investors could sell more Thai stocks after net sales of 1.7 billion baht on Tuesday.

Moreover, foreign investors could also sell Thai long-term bonds as the global bond yield is increasing.

He believes that some of them might wait for the baht to reach close to its support level to short for profit following net sales of 8 billion baht of short-term bonds this week.

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

Related stories

• Baht hits 6-month high against dollar after US Fed meeting
• Baht opens 34.58/dollar on Wed but all eyes on Fed meeting
• World Bank urges government to increase tax revenue and reduce inequality