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Thai food export to decline on higher costs

Thai food exports in the second and third quarters of 2012 are projected to decline owing to the slowing global economy and higher Thai production costs, according to the National Food Institute (NFI). In April-June, the production is likely to slow in tandem with exports.

Aishwarya Gupta

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Rice bags Import

Thai food exports in the second and third quarters of 2012 are projected to decline owing to the slowing global economy and higher Thai production costs, according to the National Food Institute (NFI). In April-June, the production is likely to slow in tandem with exports. 

Food exports in particular are forecast to drop 2.3 per cent valued at nearly Bt250 billion, said NFI Director Petch Chinnabutr. Exports of rice, frozen shrimp, processed tuna and processed fruit and vegetable are projected to decrease. Food exports are likely to continue slowing into the third quarter, but will rebound in the fourth quarter.

Rice bags Import

Vietnam will eclipse Thailand as the world's biggest rice exporter this year as the government's pledging scheme artificially inflates Thai prices, exporters predicted.

Overall in 2012, food exports are projected to drop in quantity but prices will tend to rise, so that Thai food export value is likely to surpass one trillion baht, an increase of 5.1 per cent. Risk factors that should be monitored are global energy costs, effects from the minimum wage rise and higher prices of raw materials for agricultural production. Regarding the increase of the daily minimum wage in April, most entrepreneurs experienced higher production costs but 75.9 per cent of those still capped the prices while 20.3 per cent will increase prices, and another 38 per cent may raise their prices in the next three months. Thai food exports projected to decline this year

Thailand has been the largest rice exporter in the world for nearly five decades, when the volume of Thai rice exports steadily increased from 1 million tons in 1974-75 to more than 10 million tons in 2010-11. The country’s share in the global market peaked at 43% in 1988-89; since then, it has been fluctuating between 25% and 30%.

During this period, however, global rice trade has tripled from 11 to 33 million tons in the wake of trade liberalization among many countries in the late 1980s and the 1994 General Agreement on Tariffs and Trade (GATT). As part of their GATT market access commitments, countries partially opened up rice trade, which increased the volume more than 50% in the past decade.

The expansion of trade came along with the emergence of Vietnam and India as growing exporters in the global rice market. In the last decade, Vietnam and India together have accounted for nearly a third of global rice trade.  Despite losing market share, Thailand has been able to steadily increase its volume of exports and maintain its status as the largest exporter in the world.

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BoI plans more efforts to promote BCG economy

National News Bureau of Thailand

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BANGKOK (NNT) – The Board of Investment (BoI) is working with related agencies to rev up promotion of the bio-, circular and green (BCG) economy to help drive growth over the next 5 years.

BoI Secretary-General Duangjai Asawachintachit said the BoI is looking into more business categories for high technology as part of efforts to promote the BCG economy.

She said the government is focused on developing the bio-economy as Thailand has more than 30 million people working in the farm sector, yet most of them remain in poverty.

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Will Covid-19 unleash a new generation of digital nomads?

Oxford Business Group

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Will Covid-19 unleash a new generation of digital nomads?

– Covid-19 has facilitated the widespread adoption of remote working
– Despite travel restrictions, countries are seeking to attract digital nomads
– Dubai and Mexico have emerged as key destinations for foreign remote workers
– As travel resumes, many anticipate a new wave of roaming digital nomads

With Covid-19 facilitating the widespread adoption of remote working practices, some emerging markets are seeking to attract digital nomads through a series of incentives and special visas.

Despite border closures and travel restrictions resulting from the virus, various countries are stepping up efforts to incentivise the movement of so-called digital nomads – people who work remotely and relocate relatively freely.

For example, in October the Dubai government launched its virtual working programme, an initiative that gives foreign professionals the opportunity to move to the emirate and continue to work remotely in their current jobs.

The one-year programme, launched after Dubai reopened its borders to international tourists in July last year, is designed is attract professionals, entrepreneurs and those working in start-ups.

Given its strong ICT infrastructure and healthy start-up scene, Dubai has been seen as an increasingly attractive option for digital nomads in recent years, with officials marketing the emirate as a place where people can live and work by the beach.

As a further incentive, in January officials began offering free vaccines to those on the programme.

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Economics

BoI Plans More Efforts to Promote BCG Economy

National News Bureau of Thailand

Published

on

logomain

BANGKOK (NNT) – The Board of Investment (BoI) is working with related agencies to rev up promotion of the bio-, circular and green (BCG) economy to help drive growth over the next 5 years.

BoI Secretary-General Duangjai Asawachintachit said the BoI is looking into more business categories for high technology as part of efforts to promote the BCG economy.

She said the government is focused on developing the bio-economy as Thailand has more than 30 million people working in the farm sector, yet most of them remain in poverty.

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