Connect with us

Business

How Japan disaster will affect Thai economy ?

Damage estimates are up to US$183 billion, amounting to as much as 3 per cent of Japan’s gross domestic product, according to Credit Suisse economist Hiromichi Shirakawa and analysts at Barclays Capital, whereas other experts said the Japanese economy will contract for two straight quarters.

Published

on

Japan_Nuclear_Plant

Damage estimates are up to US$183 billion, amounting to as much as 3 per cent of Japan’s gross domestic product, according to Credit Suisse economist Hiromichi Shirakawa and analysts at Barclays Capital, whereas other experts said the Japanese economy will contract for two straight quarters.

Thai exports to Japan are likely to fall by 7.2 per cent if Japan’s economic growth drops by one per cent, according to University of the Thai Chamber of Commerce (UTCC) Center for International Trade Studies.

As Japan is Thailand’s second largest market for exports, the Japanese economy shrinking by one-per cent will create estimated losses to Thai exports of about US$730million-1.4 billion in value, and will affect overall Thai exports to world markets by 0.3-0.7 per cent, said centre director Aat Pisanwanich.

Prior to Japan’s recent natural and nuclear disasters, Thailand aimed to export goods to the country valued at US$22 billion, while it expected to expand export figures in general by 12 per cent.

Source : http://www.mcot.net/cfcustom/cache_page/182121.html

On exports:

The Bangkok Post:

University of the Thai Chamber of Commerce (UTCC) economic and business forecasting centre director Att Pisarnvanich said on Tuesday that Japan’s economic growth for 2011 would likely drop by 0.5 to 1.0 per cent.

Mr Att said he expected the catastrophe would cause Thai exports to Japan to fall by about 7.2 per cent, or about US$735 million, to $1.47 billion, accounting for 0.3 to 0.7 per cent of total Thai exports to the world market.

The impact on Thailand’s industrial exports would be higher, estimated at 8.3 per cent, with agricultural exports looking at a 2.9 per cent, he added.

BP: Japan is Thailand’s second-largest export market last year, taking 10.5 percent of its shipments.

On tourism:

Bloomberg:

“Thailand may feel the short-term impact from delays in exports and imports,” Pornthep Jubandhu, a senior economist at Bangkok-based Siam Commercial Bank Pcl, said in a research note today. “More worrisome is the long-term problem for foreign direct investment. This event may prompt many companies in Japan to focus on the reconstruction of local operations.”

The earthquake will also “significantly affect” the tourism sector by potentially hindering Japanese travelers, he said. Last year, one million Japanese visited Thailand, accounting for about 6 percent of the 15 million in total tourist arrivals, according to the research note.

 

 

See more here:
How will the situation in Japan affect the upcoming Thai election?

Click to comment

Leave a Reply

Business

Large Shopping Malls in Bangkok Will Be Closed until July 25th

Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.

Published

on

BANGKOK (NNT) – Large-scale shopping malls in Bangkok and in some dark-red zone provinces are now closed for two weeks, to comply with the latest COVID-19 curbs in 10 provinces.

(more…)
Continue Reading

Business

Downside risks loom for Thai economy due to Prolonged COVID-19 Outbreak

The most important issue for the Thai economy at present would be the procurement and distribution of appropriate vaccines adequately and timely.

Published

on

The Bank of Thailand (BoT) has revealed that Thailand’s economy faces significant downside risks, because a prolonged COVID-19 outbreak could cause the economy to underperform the baseline projection, squeezing business liquidity and slowing employment.

(more…)
Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 14,158 other subscribers

Wise

Recent