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https://www.nationthailand.com/thailand/economy/40021850

Baht ‘might continue strengthening’ if market remains in risk-on state

WEDNESDAY, NOVEMBER 09, 2022

The baht opened at 36.95 to the US dollar on Wednesday, the lowest since September 20, strengthening from Tuesday’s close of 37.27.

The currency will likely move between 36.80 and 37.10 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the baht strengthened quicker and more than he expected after the market went into a risk-on state the previous night.

It pressured the dollar to weaken while investors sold gold for profit after the price of the precious metal climbed to near its resistance level, Poon said.

All this has caused the technical graph of the baht to change in the short term. If the market continues to be in a risk-on state, the baht might strengthen to near its new resistance level of 36.80 to 36.90 to the dollar, he believed.

Moreover, the strengthening of the baht “might affect exporters psychologically” and influence them to adjust the level they are waiting for to sell the dollar – from 38 or higher to 37.50-37.70, which will lower the baht’s resistance level, Poon said.

However, he suggested being cautious of the currency market as investors might not be in a hurry to adjust their possessions before the US midterm election and Thursday’s consumer price index inflation data is made public.

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

Related stories

• Baht slide could slow after passing resistance level of 38/dollar: market strategist
• Baht might weaken but resistance level will be 38: market strategist
• Baht advances but could be affected by results of key US Fed meeting

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https://www.nationthailand.com/thailand/economy/40021816

Demand for luxury houses rising in Thailand despite economic woes

TUESDAY, NOVEMBER 08, 2022

Luxury urban houses priced over 10 million baht are in high demand in 2022 with almost 2,000 units sold in the first half of the year, property agency Knight Frank (Thailand) said on Monday.

Demand has been rising this year despite the ongoing economic recovery from Covid-19, said Nattha Kahapana, the company’s executive director.

He said urban zones are attracting new buyers as facilities and infrastructure expand from the inner city, as can be seen from new projects being opened in outer suburbs. Buyers in the luxury housing market are high-income earners who are looking to change their living conditions or to buy their second or third house, he added.

The first half of 2022 saw total sales of 1,944 houses worth over 10 million baht, rising from 1,813 units recorded during the same period last year. Total house sales in the first half reached 17,283 units from a supply of 20,794 units, a take-up rate of 83% or 6% higher than last year.

Nattha added that the luxury housing market in the second half shows positive signs from new projects being opened in outer Bangkok and surrounding provinces. This also indicates a changing trend among consumers, who are favouring suburbs instead of inner-city areas where property prices tend to be inflated, he said.

Among the most promising zones, he said, is the Krungthep Kreetha area in eastern Bangkok, where new residential projects are being built around golf courses, international schools and community malls.

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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

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‘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.