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https://www.nationthailand.com/thailand/economy/40022804

Inflation, supply chain constraints to squeeze Thai exports in Q4

TUESDAY, DECEMBER 06, 2022

Thailand’s exports will contract by 1-3 per cent in the fourth quarter compared to last year due to global inflation and raw material shortage, the Thai National Shippers’ Council (TNSC) forecast on Tuesday.

The council estimates that total exports in 2023 will grow marginally by 2-3%.

“Despite several monetary policies having been implemented by the US Federal Reserve, overall inflation is still high worldwide,” said TNSC chairman Chaichan Chareonsuk. “Meanwhile, major manufacturers are suffering from materials shortage, including semiconductors, wheat, soybean, corn, sunflower seeds and fertiliser.”

The TNSC estimated that total exports in November and December would come in at US$23.5 billion and $25 billion, respectively, growing from $21.7 billion in October.

Chaichan said the ongoing stagnation in the global economy will continue until the end of 2023, slowing Thailand’s export sector growth to 2-3%, or an average of $25 billion per month.

The TNSC chief urged the Bank of Thailand to help exporters by maintaining the baht’s stability, and keeping the policy rate at a suitable level to avoid adding to the manufacturing costs in 2023.

He also asked the government to consider adjusting the FT, or fuel adjustment cost for electricity generation, in gradual steps for both household and manufacturing sectors to cushion the impact from rising power bills.

“Next year we want to see more free trade agreements with international partners to maximise opportunities for Thai exporters, such as the European Union, United Kingdom, Turkey, RCEP [Regional Comprehensive Economic Partnership] members and other Asia-Pacific countries,” he added.

Chaichan pointed out that next year exporters should focus on new markets instead of current ones that are becoming saturated. These new potential markets include the Middle East, India and CLMV (Cambodia-Laos-Myanmar-Vietnam).

Related Stories

Global factors could slow Thai export growth in second half of 2023

Thai exports grow substantially, but imports still surging ahead

Thai food exports to China expanded 50 per cent in 2021

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https://www.nationthailand.com/thailand/economy/40022798

Thailand’s improved business registration law to go into effect from Feb 7

TUESDAY, DECEMBER 06, 2022

The amendments to the business registration law, which will make it easier for entrepreneurs and support the digital economy, will go into effect from February 7.

“These amendments aim to boost business flexibility and competitiveness, as well as support the digital economy and society,” Deputy Commerce Minister Sinit Lertkrai said on Tuesday. “Most importantly, they will help reduce expenses and operation costs among entrepreneurs in line with the government’s policy.”

Some key amendments are:

• The required number of company founders will be reduced from three to two;

• Merger process will become more flexible with business owners deciding whether the merger will result in a new company or hold its old identity;

• Businesses will not be required to publish meeting invitation letters in the newspaper unless they have many shareholders.

He added that the amendments also include other points, like a business will have to be registered within three years or its memorandum of association will expire, all share certificates will require a company’s seal and companies can use technology to hold board meetings.

Sinit said the amendments were announced in the Royal Gazette on November 8 and will go into effect from February 7.

Related stories:

• Baht plummets against dollar on Tuesday
• 90% of durians imported by China come from Thailand: Agriculture Dept
• Thailand’s exports to Russia drop by 40% during first 10 months

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https://www.nationthailand.com/thailand/economy/40022791

Baht plummets against dollar on Tuesday

TUESDAY, DECEMBER 06, 2022

The baht opened at 35.03 to the US dollar on Tuesday, plummeting from Friday’s close of 34.75 after the Father’s Day holiday on Monday.

The currency will likely move between 34.90 and 35.10 against the greenback during the day and between 34.50 and 35.20 during the week, Krungthai market strategist Poon Panichpibool said.
 

Poon said the baht could weaken further as the dollar strengthens and cautioned investors to keep a close watch on Asian assets and currency sales in the short term.

He said the market has reverted to a risk-off state, and purchases of gold if the price falls would pressure the baht to weaken further.

Poon said the dollar is likely to strengthen if the market remains in a risk-off state as investors are concerned that the US Federal Reserve could increase the interest rate, especially if the US producer price index shows inflation is not slowing much.

The dollar could also be supported if China’s Covid-19 situation worsens and Beijing is unable to relax more disease control measures.

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

Related stories

• Thai govt reforming revenue generation to repay Covid debt: Finance minister
• Surging baht prompts expectation of response from Bank of Thailand
• Budget Bureau, development council support financial transaction tax

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https://www.nationthailand.com/thailand/economy/40022767

90% of durians imported by China come from Thailand: Agriculture Dept

MONDAY, DECEMBER 05, 2022

Ninety per cent of durian imported by China now comes from Thailand, according to data released by the Department of Agriculture.

Thailand fed China’s huge appetite for the pungent spiky fruit by exporting 779,206 tonnes between February 1 and November 24 this year, generating 82.8 billion baht in revenue, government spokesperson Anucha Burapachaisri said on Monday.

“All thanks to Thailand’s success in fruit export development,” he said.

Prime Minister Prayut Chan-o-cha had also urged agencies and producers to help boost foreigners’ confidence in the quality of Thai durian, Anucha said.

The PM’s intervention comes after controversy over reportedly unripe and substandard durian being sent for export by Thailand.

Anucha advised to growers to check for three signs of ripeness:

1. The durian’s stem must be dark brown, swollen and rough.

2. The spikes should be spread out and springy when squeezed together, with dark brown, dry and brittle tips.

3. The interior fruit lobes or segmentation must be clearly visible.

Meanwhile, Covid-19 is also a concern after China briefly banned Thai durian shipments earlier this year following the discovery of virus-contaminated fruit.

Anucha hailed Thailand’s durian exports as yet another success for the Kingdom’s fruit quality, standards and export management.

These were part of Thailand’s five-year (2022-2027) fruit development plan covering production, transport and exports, he added.

“The plan also focuses on sharing information between related agencies to further develop and manage the Thai fruit trade in the future,” he said.

Related stories:

• China’s durian market threatens to become less juicy for Thai exporters
• Vietnam fast becoming Thailand’s competitor in China durian market
• Smell of success: PH durian soon exported to China

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https://www.nationthailand.com/thailand/economy/40022766

Thailand’s exports to Russia drop by 40% during first 10 months

MONDAY, DECEMBER 05, 2022

Thailand’s exports to Russia during the first 10 months of this year fell by 40.31% to US$494.57 million (about 17.1 billion baht) from the same period last year, according to the Commerce Ministry.

Exports to Russia in October were worth $40.5 million, down 24.58% from the previous month and 67.87% from the same period last year.

Figures for the four main Thai product categories exported to Russia from January-October were as follows:

– Agricultural and fishery products: $50.25 million, down 17.40%

– Agro-industrial products: $93.91 million, up 12.53%

– Industrial products: $329.27 million, down 50.65%

– Minerals and fuel: $21.15 million, up 24.03%

The top 10 Thai products exported to Russia during the first 10 months in terms of value were:

– Vehicles, parts and accessories: $79.11 million, down 68.81%

– Rubber products: $67.27 million, down 17.13%

– Plastic pellets: $42.14 million, up 32.31%

– Machines and parts: $38.87 million, down 10.96%

– Canned and processed fruits: $38 million, down 0.23%

– Canned and processed seafood: $24.86 million, up 61.09%

– Refined oil: $21.12 million, up 25.25%

– Rubber products: $14.29 million, down 52.26%

– Food seasoning products: $13.24 million, up 41.15%

– Air-conditioners and parts: $10.74 million, down 69.41%

The ministry’s Information Technology and Communication Centre blamed the export slowdown on the ongoing war between Russia and Ukraine.

It said the value of Thailand’s exports to Russia fell by 73% in March after Russia invaded Ukraine in late February. The contraction continued with exports down 77% in April, 65% in May, 53% in June, 43% in July, and 25% in August.

The centre said the major reason for the slowdown was a shortage of ships and containers after western shipping lines boycotted Russia because of the war.

The value of exports also fluctuated each month mainly because of uncertainties in shipping and Russian purchase orders, it added.

The ministry forecast Thailand’s exports to Russia would drop by about 40% this year.

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https://www.nationthailand.com/thailand/economy/40022752

Thailand can expect THB300 billion in Saudi investment next year

SUNDAY, DECEMBER 04, 2022

Saudi Arabian companies are expected to invest up to 300 billion baht in Thailand next year, especially in targeted industries in the Eastern Economic Corridor (EEC).

Government spokesman Anucha Burapachaisri said on Sunday that Prime Minister Prayut Chan-o-cha has been informed of these projected figures.

Prayut led a delegation to Saudi Arabia earlier this year to rebuild bilateral relations after they were downgraded over the Blue Diamond Affair in 1989.

On November 18, Prayut also held talks with Crown Prince Mohammad bin Salman on the sidelines of the Apec Summit in Bangkok and signed pacts to expand diplomatic ties.

The spokesman said after the Saudi delegation visited the EEC during the Apec Summit last month, they showed interest in investing in digital innovations, medical tourism, precision medical equipment, food processing, clean energy and electric vehicles.

Anucha added that the EEC Office has expressed confidence that Thailand will become an EV manufacturing hub in Asean after many automakers decided to set up their manufacturing bases here.

“The prime minister is pleased that all relevant sectors have cooperated to help make Thailand’s manufacturing sector outstanding in the eyes of foreign investors,” he added.

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https://www.nationthailand.com/thailand/economy/40022751

China still Thailand’s largest market, but trade value slumping

SUNDAY, DECEMBER 04, 2022

Though China remained Thailand’s biggest bilateral trade partner in the first 10 months of this year, the Kingdom suffered a 1.07 trillion baht deficit during the period.

The Commerce Ministry’s Permanent Secretariat said bilateral trade between the two countries during the first 10 months came in at 3.06 trillion baht, up by 14.07% compared to the same period last year.

According to the centre, Thailand’s exports to China during the period were valued at 996 billion baht, up 2.82%, while imports rose by 20.40% to 2.07 trillion baht.

The top five products exported to China in terms of baht value were:

• Fresh, frozen and dried foods: 146 billion (+2.20%)

• Rubber products: 95.4 billion (+31.38%)

• Plastic pellets: 91 billion (+5.05%)

• Tapioca: 81.9 billion (+18.66%)

• Computers and parts, +5.31%.

The top five imports from China in baht value were:

• Electronics and parts: 266 billion (+25.50%)

• Chemical products: 119 billion (+35.95%)

• Machines and parts: 185 billion (+11.48%)

• Household appliances: 178 billion (+6.08%)

• Computers and parts: 126 billion (-2.62%)

However, Assoc Prof Dr Aat Pisanwanich, director of the Centre for International Trade Studies of the University of the Thai Chamber of Commerce, said trade between the two countries is expected to contract compared to last year.

He said the contraction was inevitable as China keeps locking down its cities again and again in line with its zero-Covid policy, which is affecting its factories and import of raw materials.

Separately, the United States came in second in the list of Thailand’s top trading partners, with a trade value of 1.9 trillion baht, up 32.18% compared to the same period last year.

Thailand’s exports to the US were valued at 1.36 trillion baht, up 28.18%, while imports stood at 531 billion baht, up 43.71%. With this trade connection, Thailand achieved a surplus of 838 billion baht.

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https://www.nationthailand.com/thailand/economy/40022747

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

SUNDAY, DECEMBER 04, 2022

Thailand’s rice exports in the first 10 months of the year rose by 33%, a recent report from the Thai Rice Exporters Association (TREA) shows.

According to TREA, Thailand exported 6.20 million tonnes of rice during the period, up 33% from 4.66 million tonnes in the same period last year.

Rice exports generated US$3.17 billion (110.21 billion baht) during the period, up 32% compared to $2.63 billion (91.33 billion baht) in the same period last year.

“TREA expects Thailand’s rice exports to reach this year’s target of 7.50 million tonnes thanks to rising demand during Christmas, New Year and Chinese New Year,” deputy government spokesperson Traisuree Traisaranakul said on Sunday.

She added that the demand for rice in Iraq, South Africa, the US, China, Benin, Japan, Senegal, Angola, Yemen, the Philippines, Mozambique, Hong Kong and Canada continues rising.

“The prime minister is pleased that the trend of rice exports is positive,” she said, adding that the price of Thai rice is rising thanks to the government’s price-guarantee scheme.

She added that the Department of Internal Trade recently approved price-difference compensation for rice harvested between November 26 and December 2. “Farmers will be paid by December 8 [Thursday],” she said.

Related stories:

• Trip by Hong Kong importers lands Thailand 81,200 tonnes rice export orders
• ‘Masita’ Korean-style roasted seaweed introduces Big Size and 2 flavors of seaweed rice seasoning
• ‘Unauthentic seeds’ blamed for Thailand’s humiliating defeat to fragrant Cambodia rice