Connect with us

Economics

Thailand’s export up 12.2%YOY in September, reaching historic high

Thailand’s export value expanded 12.2%YOY in September, posing strong growth in almost all product categories and key markets

Avatar

Published

on

Thai exports in February were valued at US$19.03 billion, a growth of 0.91 per cent compared to the same period last year.

Thailand’s export value expanded 12.2%YOY in September, posing strong growth in almost all product categories and key markets. Gold exports, in particular, grew 243%YOY, with the export growth rate at 7.9%YOY without gold.

Oil and related products, such as refined fuel, as well as rubber and rubber products expanded by 53%YOY and 42% YOY respectively.

Meanwhile, in the manufacturing sector, computer equipment and parts exports increased by more than 9%YOY in line with more demand for industrial products thanks to a better global economic outlook.

Update :

Exports in November grow to record high in six years

Thai exports continued to grow strongly with a two-digit growth of 13.4% registered in November, making it the highest in six years time.

According to the director of the Commerce Ministry’s General Trade Policy and Strategy Office, Ms Pimchanok Vonkorpon, the growth for November was the ninth consecutive month. It rose to 13.4%, the record high in six years.

She attributed the export growth to the global economic recovery, particularly in the European Union, US, China, and South Asia which saw the growth of 5.3, 20.7, 16.9 and 41.8 % respectively.

Overall, Thailand’s exports saw a 9.3%YOY growth in the first nine months of the year.

Import value also continued expanding, at 9.7%YOY, led by imports of computer equipment and parts, which grew 18.8%YOY in line with more exports in the same product category.

Continuing recovery is also seen in the imports of capital goods (excluding airplanes and ships), with a 3.8%YOY growth rate, reflecting a better outlook for domestic investment. Overall, Thailand’s import value grew by more than 14.8%YOY in the first nine months of the year.

EIC expects export value growth to be 7.0% and 3.3% YOY in 2017 and 2018 respectively.

The price of oil which remains low and some commodity prices that are likely to contract may depress export price and exporters’ income in 2018.

However, the economies of major trading partners such as the US, Eurozone, Japan, and China are likely to continue expanding in 2018, boosting confidence in trade and investment and thereby maintaining demand for key industrial products.

If global trade and the manufacturing sector continue their upward trend, export growth may also beat the forecast.

EIC forecasts import value will expand 13% and 7% YOY in 2017 and 2018 respectively. Import figures will depend on demand for raw materials and capital goods, which is likely to rise thanks to Thailand’s better domestic investment outlook. However, low oil price may dampen fuel products imports.

Author: Pimnipa Booasang
Source link

Comments

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.

Source link

Continue Reading

Ecommerce

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

Oxford Business Group

Published

on

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.

Read More

Continue Reading

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.

Source link

Continue Reading

Latest

Most Viewed

Subscribe via Email

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

Join 13,634 other subscribers

Trending