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Thai exports jumped 10.2% in November, the biggest improvement in 9 months.

Thai Exports for November rose over 10% with value jumping in excess of US$18.9 billion, the Trade Policy and Strategy Office says.

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Thai Exports for November rose over 10% with value jumping in excess of US$18.9 billion, the Trade Policy and Strategy Office says.

Ms Pimchanok Wonkoporn, deputy director of the Trade Policy and Strategy Office with the Ministry of Commerce, said export statistics for November 2016 was in excess of US$18.9 billion, representing a 10.19% growth compared to the same period the previous year.

Exports figures taken from the same period last year showed a contraction of 4%, thus making the latest export figures the highest degree of growth in a 9 month period she said.

Estimates for the coming year on the other hand shows great promising as export growth of between 2.5 – 3% can be expected due to the continued recovery of the global economy, she added.

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  • The value of exports expanded by 10.2%YOY in November, growing in almost every market.
  • Oil price recovery prompted exports of oil-related products to grow for the first time in over 25 months.
  • Leading by imports of fuels following oil price recovery, the value of imports also rose for the third consecutive month by 3.0%YOY.
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  • EIC believes that Thai exports is still affected by slow recovery of global economies and subdued oil prices, but thanks to gold exports, overall drop in export value has been minimized.
  • Although exports of major manufacturing sectors, such as electronics and electrical appliances, posted positive growth in November, but given the fragile recovery of Thailand’s major trading partners, EIC believes that the recovery of such exports will not be sustained going forward.
  • EIC assesses that Thailand’s export value will contract by 0.5%YOY in 2016, but expand by 1.5%YOY in 2017. In the final month of 2016 and throughout 2017, exports of major manufacturing products will still be weighed down by subdued global trade and various global risk factors.
  • However, the oil price rebound will support positive growth in both prices and values of oil-related commodities exports. Moreover, the improvement in income and purchasing power among countries that rely on oil exports will help spur demand for Thai products, especially automobile and parts.
  • EIC expects import value to decline by 6.3%YOY in 2016, and then grow by 4.5%YOY in 2017, as imports of fuels rise with oil price and demand for consumer products improves on the back of stronger household consumption. Nevertheless, imports of capital goods will remain subdue, as investment by major manufacturing sectors is expected to stall throughout 2017

 

Author: Pimnipa Booasang
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Economics

Thai fruit exports to FTA markets up 107 percent

China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.

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Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

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Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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