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Thai Economy Slightly Improved in August (BoT)

The Bank of Thailand stated that, in August 2020, the Thai economy slightly improved, held up by lighter contractions in merchandise exports value, manufacturing production, and private investment indicators.

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The Bank of Thailand stated that, in August 2020, the Thai economy improved slightly, held up by lighter contractions in merchandise exports value, manufacturing production, and private investment indicators.

According to the release on economic and monetary conditions for August 2020, issued by the Bank of Thailand on 30 September, the value of merchandise exports contracted by 8.2 percent from the same period last year.

Manufacturing production had a softer contraction in almost all categories, aligning with the gradual recovery in the merchandise exports and domestic spending. Private investment indicators marked lighter contraction as compared to the previous month, mainly from investment in machinery and equipment.

Public spending, excluding transfers, had greater expansion. However, private consumption indicators contracted further after the positive effects of a special extended holiday in the previous month terminated. They were still on a recovery path in line with factors supporting consumer purchasing power.

Meanwhile, the tourism sector persistently experienced severe contraction. Thailand received no foreign tourist arrivals for the fifth consecutive months as international travel restrictions remained in place.

On the economic stability front, headline inflation recorded a softer negative on the back of the increase in fresh food and energy prices.

Labor market improved but remained vulnerable. The current account was a surplus largely contributed by gold exports. The capital and financial accounts posted a deficit owing to the liability position.

Source : The Government Public Relations Department

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1.7 million Thais without smartphones register for "Rao Chana" benefits

The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.

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BANGKOK (NNT) – The Rao Chana scheme has seen a large number of Thais who don’t have smartphones visiting the branches of Krung Thai Bank (KTB) and its mobile units around the country to register in person for the government’s 7,000-baht benefit.

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Economics

BoI allows private sector in border logistics center

National News Bureau of Thailand

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NAKHON PHANOM (NNT) – The Thailand Board of Investment (BoI) has agreed to allow the private sector getting involved in the construction of a border logistics and transport center in Nakhon Phanom province.

Transport Minister Saksayam Chidchob said the BoI approved in principle providing incentives to the private sector concerning this center.

The incentives will be offered in relation to an inland container depot project, a distribution center project and a project to construct buildings for industrial plants and warehouses.

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Thailand Post joins Prompt Song app to buy supplies at market for restaurants

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand Post Distribution Co., Ltd. has joined with the Prompt Song application to buy supplies at a market for restaurants via the online system, which is another option for vendors during the COVID-19 situation.

Mr. Pheera Udomkitsakul, Managing Director of Thailand Post Distribution Co., Ltd, said that the delivery service through online ordering is another service operated by Thailand Post via the e-Marketplace Platform in the form of the Prompt Song application.

Thailand Post will pick up products from the manufacturer or distributor and store them at a temperature controlled warehouse. The area is divided by a modern system. The vehicle tracking system is managed using a bar code to ensure that the products are delivered to the service’s users on time. The delivery times ate 3-8 a.m. The service is being piloted in Bangkok and its vicinity.

This will solve a problem for restaurant operators who can’t buy ingredients for cooking or market closures due to the COVID-19 situation as the application allows the vendors to wait in front of the restaurant.

Mr. Pheera said that a good and comprehensive logistics system will play a very important role in helping operators reduce problems and costs, systematization and distribution and reduce the risk of product defects. It saves time in product distribution, resulting in smooth and efficient trading.

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