Thailand’s industrial confidence index has fallen for the first time in five months with uncertainty in the global economic outlook being a reason to blame.
This was disclosed yesterday by the Federation of Thai Industries (FTI).FTI said statistics for the Industrial Confidence Index for January of this year showed it fell to 87.2 points from 88.5 in December 2016.
This is the first time that the index has fallen in a five-month period. Growing uncertainty over the global economic outlook was attributed primarily to the fall.
Other factors such as the planned minimum wage hike and the southern flood crisis also contributed to the drop in the index, FTI said.
Meanwhile automobile production figures for January 2017 rose by 3.12% over the same period last year.
This increase in production output was driven primarily by the increase in domestic demand which rose by 10.5%.
Automobile exports however contracted significantly by 14.5% falling to its lowest point in 19 months.This has been attributed to the drop in foreign demand for pickup trucks which saw a contraction in all of Thailand’s major markets.
Car exports for January drops 14.53 percent, the lowest in 19 months
The number of fully-assembled cars exported for the month of January was registered at 80,097 units, representing a drop of 14.53 percent compared to a month earlier which was the lowest in 19 months, said Mr Surapong Paisitpattanapong, vice chairman and spokesman of the automotive sector of the Federation of Thai Industries, on Thursday.
He noted that export of pickup trucks to all markets dropped with the exception of markets in Australia and northern America with the export value amounting to 41.42 billion baht, representing 18.1 percent decline.
Export of motorcycles, on the other hand, increased 18.85 percent to 152,000 units for the month of January compared to 135,000 units in December – an increase of 12.13 percent.
Production of cars for domestic market increased 17.62 percent to 55,322 units whereas motorcycle production for local consumption increased 7.65 percent to 220,000 units which are correspondence with the local automotive sale which increased 10.5 percent to 57,254 units.
Surapong said that car producers were worried that the drop in car export for the month of January might be an indicator that car exports for the whole year might fall below the projection of 1.2 million units.
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.
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.
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
50:50 campaign may not get immediate extension
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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