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Shippers see temporary lull in exports

Shippers expect the coronavirus outbreak to have the greatest effect on farm product exports, notably fresh fruits and vegetables, with an impact also seen on imports of raw materials to make certain finished products like automotive tyres and face masks. The Thai National Shippers’ Council estimates the outbreak to hit exports of Thai products bound for China to the tune ... Read More »

Private sector forecasts deeper export decline

The slowing world economy, widespread domestic drought and the deadly virus outbreak have prompted the private sector to lower the export forecast to a 1.8% contraction this year. Sanan Angubolkul, vice-chairman of Thai Chamber of Commerce, said representatives from many trade associations were consulted before the forecast of US$242 billion for export value was decided. Late last year, Mr Sanan ... Read More »

Bank cuts Thai 2020 GDP growth outlook to 2.7%

SCB’s Economic Intelligence Center (EIC) has released its latest forecast, indicating that the Thai economy at the end of 2020 will have grown by 2.7 percent, showing a s recovery from just 2.5 percent economic growth in 2019, thanks to a better performing export sector and improved global economy. Earlier this week the World Bank also downgraded Thailand’s economic growth ... Read More »

BOI steps up investment promotion measures in the EEC

BANGKOK: The Board of Investment of Thailand (BOI) has approved measures to promote investment in the Eastern Economic Corridor (EEC) by expanding the number of target industries and increasing corporate income tax benefits. A meeting of the BOI, chaired by Prime Minister and Defense Minister, Gen. Prayut Chan-o-cha, approved the measures to attract more investors to the EEC. The first ... Read More »

Bitcoin in wait-and-see mode as downward trend persists

With bitcoin’s wild price swings subsiding over the past week, investors are now looking ahead to its next potential breakout. Bitcoin’s price has stabilized above its support level of the initial gap created on May 10, potentially marking a bottom for the largest cryptocurrency around $6,500. However, the coin continues to move in the bearish pattern it formed in late ... Read More »

Bank of Thailand projects 2.8% economic growth for 2020

The Bank of Thailand has announced a 2.8% growth projection for the Thai economy in 2020 thanks to a better performing export sector. Meanwhile the country’s economic performance in November 2019 is still in a slowdown due to declining export figures affected by economic slowdowns among trading partners. The Bank of Thailand’s economic analysis bureau has released updated economic projections ... Read More »

Asia Pacific to outperform other regions in 2020 for real estate investment

According to the real estate consultancy, foreign investments into Asia Pacific are at a decade-high, making up 35 per cent of total volumes, mostly driven by private equity funds and large-scale transactions. “Over the next two years, we expect global real estate transaction volumes to stay elevated and Asia Pacific to outperform Europe and the Americas with an outsized portion ... Read More »

Nov exports drop 7.39% y-o-y, worse than forecast

Thailand’s customs-cleared exports in November fell 7.39% from a year earlier, after falling 4.54% the previous month, the commerce ministry said on Monday. November’s export numbers came in worse than a Reuters poll forecast for a decrease of 4.5% in shipments, a main driver of Thai growth. Shipments to China rose 2.3% in November from a year earlier, while those ... Read More »

Bangkok Bank vies with SMFG for StanChart Indonesia Bank

Bangkok Bank Plc is emerging as a leading bidder for control of Standard Chartered Plc’s Indonesian bank, according to people familiar with the matter. The Thai lender is competing with Sumitomo Mitsui Financial Group Inc in the final race for almost 90% of PT Bank Permata, a stake with a market value of about US$2.3 billion, said the people, asking ... Read More »

Thai court fines Philip Morris $39.7M for under-declaring imports from Philippines

BANGKOK: A court in Thailand found the local unit of tobacco giant Philip Morris guilty of evading taxes by under-declaring the value of cigarettes it imported from the Philippines. It ordered the company to pay a fine of 1.2 billion baht ($39.7 million). The Criminal Court found Philip Morris Thailand as a company guilty, but acquitted seven employees for lack ... Read More »

Nov inflation rate quickens to 0.21%, but below forecast

Thailand’s headline consumer price index (CPI) rose 0.21% in November from a year earlier, quickening from the previous month but lower than expectations, commerce ministry data showed on Monday. A Reuters poll had forecast that the CPI would rise 0.34% in November year-on-year after October’s 0.11% increase, which was the lowest in more than two years. November’s headline inflation remained ... Read More »

Trade War Incentive Schemes flourishing in ASEAN

Governments across ASEAN have been unveiling an array of incentive packages to entice businesses affected by the US-China trade war. Countries such as Thailand, the Philippines, Malaysia, and Indonesia have introduced tax breaks and initiatives to improve the ease of doing business whereas Vietnam, Singapore, and Cambodia have accelerated business reforms, such as executing free trade agreements (FTAs), and double ... Read More »

Thai exports down 4.5% in October

BANGKOK: The overall export sector performance in October 2019 has lagged for the third consecutive year, resulting in a negative 4.54 percent growth, mainly due to the consequences of the trade war between the U.S. and China as well as lower oil prices. The overall export sector performance in the first 10 months of 2019 remained negative. The Thai export ... Read More »

Corporate debt market in Thailand well positioned for further growth

Corporate debt markets in Brazil (Ba2 stable), China (A1 stable), South Africa (Baa3 negative) and Thailand (Baa1 positive) are best-placed to achieve further growth in the coming years, Moody’s Investors Service said today in a report that analyzed trends in 35 emerging markets. Study of 35 EMs highlights the key factors for growth of domestic corporate bond markets These four ... Read More »

GDP growth slows to 0.1% in Q3

Thailand’s trade-dependent economy grew at its slowest quarterly rate in a year in the third quarter, official data showed on Monday, leading the government to cut this year’s growth estimate once again. Southeast Asia’s second-largest economy expanded 0.1% on a seasonally adjusted basis, the weakest rate since a contraction in the third quarter of 2018, the National Economic and Social ... Read More »

Finance Ministry cuts economic growth outlook to 2.8%

BANGKOK: After three quarters, the global economic slowdown and the ongoing trade war between China and the United States, are still having an adverse impact on the Thai economy. The Ministry of Finance has now cut the country’s economic growth outlook to 2.8%, from the previous 3%. The Director-General of the Fiscal Policy Office (FPO), Lavaron Sangsnit, said today that ... Read More »

Foreign investment applications rise 69% in first nine months

Thailand continues attracting foreign direct investment, with applications rising 69% in the first nine months of 2019, according the Board of Investment (BOI). Applications in the electronics and electrical sector, and the digital and automotive sectors, represented 131.78 billion baht, or 65% of the total. The value of applications, up to September this year, was 203.37 billion baht, according to ... Read More »

Hand-wringing over tariffs

The US recently stunned long-time ally Thailand by revoking trade privileges worth US$1.3 billion (39.2 billion baht) under the Generalized System of Preferences (GSP), stirring up anti-American sentiment among locals online after the latest in a string of protectionist trade policies favoured by US President Donald Trump. The US’s rationale for the move was Thailand’s failure to adequately protect worker ... Read More »

EIC Export growth forecast for 2019 is maintained at -2.5%

Although China and the US reached a preliminary trade agreement on October 10-11, 2019, the ongoing trade war should still drag on, pressuring export growth throughout the remainder of the year. Hence, EIC maintains its -2.5% export growth forecast for 2019. As for 2020, various factors will continue to suppress export growth, for example, sluggish key trade partners’ economic growth, ... Read More »

Huawei vows to boost Thailand’s tech ecosystem as it marks 20 years in Thailand

Huawei Thailand on announced its mission to build a thriving technology ecosystem in celebration of its 20th anniversary in Thailand. In line with the theme “Together for a Fully Connected, Intelligent Thailand”, Huawei said it was committed to bringing the latest information and communications technology to the country. “This year marks a significant milestone for Huawei, as we are celebrating ... Read More »