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Trade spat hands Thailand chance to lure more Chinese


Thailand’s tourism sector is expected to get a windfall from the growing tension between the US and China as tourists from the mainland shorten their long-haul journeys to visit closer destinations instead. Thailand will monitor whether the Chinese government will issue a travel ban to the US for its residents, similar to those issued prohibiting visits to South Korea and ... Read More »

Thai exports continued to contract in March


The value of Thai exports dropped by -4.9%YOY in March 2019, a contraction continuing from February 2019 with -3.4%YOY growth (excluding one-time shipments of arms and military weapons sent back to the US). As a result, declining export growth in March 2019 registered a 5 consecutive months drop. EIC revises down import growth for the year 2019 to 3.2% from ... Read More »

Thailand’s richest man, 12 others to build US$6.8 billion high-speed rail


BANGKOK: Thai conglomerate Charoen Pokphand Group (CP) and 12 other companies were selected to build a US$6.8 billion high-speed train project that will link three major airports in the country, the government said on Monday (May 13). The committee, chaired by Thai Prime Minister Prayuth Chan-ocha, chose a joint investor for the public-private partnership that required the lowest amount of ... Read More »

Thailand slashes 2019 exports estimates as trade war escalates

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Thai exporters are expected to pay a heavy price as the ramping up of the US-China trade war continues. The US has now launched a new round of tariffs on Chinese imports. Last Friday US President Donald Trump tweeted: “Talks with China continue in a very congenial manner, there is absolutely no need to rush, as Tariffs are NOW being ... Read More »

Thai banks on 156 billion baht spending spree for recovery

Thai Airways International is seeking cabinet approval to buy or lease 38 new planes at an estimated cost of 156 billion baht. In the proposal 31 planes will be acquired over the next five years. Thai Airways president Sumeth Damrongchaitham says the proposal would reach Deputy PM Somkid Jatusripitak this week and be put to the cabinet later this month. ... Read More »

Thai business sector drops 2019 export projections by 1%


The Thai Chamber of Commerce and Board of Trade are revising down Thailand’s 2019 export growth projections from 3.1% to 2.1%. They say several unfavorable external factors are contributing to the revised outlook. Thai PBS reports that Mr. Sanan Aung-ubonkul, vice president of TCC and BoT, says that, in order to maintain the 3.1% growth projection, the value of monthly ... Read More »

Thai exports drop 4.9% in March


Thailand’s exports in March were down 4.88 per cent year on year (YoY), leading to a 1.6-per-cent contraction in exports in the first quarter of this year compared to the same period last year. The Commerce Ministry reported on Monday Thailand’s customs-cleared exports fell to US$21.4 billion after a 5.9% rise in February to $21.6 billion. Pimchanok Vonkorpon, director-general of ... Read More »

TCEB inks MoU with four foreign Chambers of Commerce


BANGKOK: The Thailand Convention & Exhibition Bureau (TCEB) is leveraging the development of Thai MICE business in long-haul markets in collaboration with foreign chambers of commerce representing Australia, the UK, the US and Germany. TCEB President Chiruit Isarangkun Na Ayuthaya explained at the signing of an Memorandum of Understanding (MoU) on Thursday (Apr 25) , “The signing of this MoU ... Read More »

Thailand plans $630m in economic measures to boost growth: Finance minister

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Thailand will introduce economic measures worth about 20 billion baht ($629.52 million) to spur its slowing economy, the finance minister said. The measures will be aimed at boosting consumption, tourism and helping low-income earners, and will be submitted to cabinet within two weeks, Apisak Tantivorawong told reporters, Reuters reported. Thailand’s economic growth is expected to slow to about three percent ... Read More »

Thai fruit exports rise to $2.65 bln under FTA deals


BANGKOK: The Director-General of the Department of Trade Negotiations, Auramon Supthaweethum, said Thailand exported fruits worth 2.65 billion US dollars. This is a 17 percent increase year-on-year, driven by the country’s free trade agreements (FTA) with the ASEAN, China, Japan, South Korea, India, Australia, New Zealand, Peru, Chili, and Hong Kong. Ms. Auramon said the ASEAN and China are the ... Read More »

Forecasts for Thai export growth revised upwards


The meeting of the Joint Standing Committee on Commerce, Industry and Banking has revised upwards its forecast of export growth in 2019 to between 6.5 – 7.5% from the previous forecast of between 3.5 – 4.5%. The revision is in line with export growth in the past eight months, the committee said. Growth momentum is expected to continue during the ... Read More »

Thai Airways cancels all flights to Pakistan, Iran and Europe


All Thai Airways International flights between Thailand, Pakistan, Iran and Europe were cancelled after Pakistan closed its airspace. Initial flights cancelled were four from Suvarnabhumi – TG974 to Moscow, TG954 to Oslo, TG930 to Paris, and TG916 to London – and TG296 from Phuket to Frankfurt. Thai Airways International president Sumeth Damrongchaitham described the situation as an emergency The situation ... Read More »

Japanese hotels ramp up investment in Thailand


Japanese hotels are investing more in Thailand to meet rising demand for high-end accommodation, vying for market share with such global players as Marriott of the United States and Accor of France. Okura Nikko Hotel Management Co plans to set up a third hotel in 2021 after opening its 22-story, 301-room Hotel Nikko Bangkok in January with a luxury Japanese ... Read More »

Remittance scheme for Myanmar migrant workers introduced


Krungthai Bank, Everex and Shwe Bank have signed an agreement on a Thai-Myanmar cross-border remittance service. Rawin Boonyanusasna, Senior Executive Vice President – Head of Global Markets Group of Krungthai Bank, Alex Lane, CEO of EVX Holdings, and Thein Zaw, Executive Vice Chairman of Shwe Rural & Urban Development Bank signed a Letter of Intent for the provision of Thailand-Myanmar ... Read More »

SET mulls partners for digital assets


The Stock Exchange of Thailand (SET) is open to joining with local and foreign partners to build up the digital asset ecosystem, with a focus on developing three asset-backed digital tokens in the initial stage. Under a plan to launch the digital asset exchange next year, the bourse will emphasise the development of three asset-backed digital tokens in the initial ... Read More »

Thailand Sees Strong Year End Economic Growth


The Deputy Prime Minister for Economic Affairs has revealed that Thailand’s GDP growth this year is likely to end above four percent and that over 2 trillion baht is to be invested by the state in mega projects next year. Speaking at Thailand’s Economic Outlook 2019, Deputy Prime Minister Somkid Jatusripitak pointed out that if 3.3 percent in economic growth ... Read More »

Feb exports unexpectedly rise 5.91% year-on-year


Customs-cleared exports unexpectedly rose in February, after contracting for three consecutive months, due to one-time shipment of arms and weapons, the Commerce Ministry said on Thursday. Exports in February rose 5.91% from a year earlier, compared with a Reuters poll prediction of a 1% drop in shipments, a key driver of Thai growth. In January, shipments contracted 5.65% from a ... Read More »

No major harm to Thailand from Brexit, say experts


UK lawmakers rejected May’s Brexit agreement proposal by 391 to 242 votes in the House of Commons. The no-deal Brexit option – a scenario in which the UK would leave the EU without any agreement in place – was also rejected by the Commons. The UK is due to leave the EU on March 29. UK lawmakers were voting last ... Read More »

Bangkok Bank showcases innovative technologies from eight finalists


Bangkok Bank InnoHub, the first global FinTech taccelerator in Thailand, has showcased innovations and real-use cases from the programme’s eight finalists to the public, potential investors and others in Thailand’s innovation ecosystem on Demo Day. The eight startups, which were selected from 128 applicants across 28 countries, have all passed a “real use-case” with Bangkok Bank, meaning that everyone has ... Read More »

Bank of Thailand awaiting KTB probe of Energy Earth loans


The Bank of Thailand is waiting for a complete report from Krungthai Bank (KTB) on the investigation into loans extended to Energy Earth, including serious allegations against CIMB Thai (CIMBT) chief executive Kittiphun Anutarasoti, before deciding on whether he is eligible to be a bank executive. KTB has consistently reported on findings regarding its accusation against Mr Kittiphun to the ... Read More »