Connect with us

Economics

Thai exports undermined by rising baht

The baht was trading yesterday at a 13-year high of 30.82/85 to the US dollar, compared with 33.15 baht in January. The 7.6% increase is the highest in the region behind the Malaysian ringgit.

Published

on

thai baht

The continued appreciation of the Thai baht is taking its toll on some Thai exports, the chairman of the Federation of Thai Industries (FTI) said Friday, urging the Bank of Thailand to respond with measures to cushion the impact.

Citing a survey of 39 industrial groups affected by the baht strengthening, Phayungsak Chartsutipol said the industries hardest hit by the stronger baht accounts for 30 per cent of those surveyed, including the clothing, textiles, ceramics, agricultural and processed products industries.

thai baht

The baht was trading yesterday at a 13-year high of 30.82/85 to the US dollar, The 7.6% increase since January is the highest in the region behind the Malaysian ringgit.

Among those heavily-affected industries — 41 per cent of those surveyed — are sawmills, wood drying factories, air-conditioning parts, instant foods, auto parts for export, and medicines.

via Thai exports feel pinch of rising baht; FTI calls for action.

The baht was trading yesterday at a 13-year high of 30.82/85 to the US dollar, compared with 33.15 baht in January. The 7.6% increase is the highest in the region behind the Malaysian ringgit.

The FTI has proposed six remedies for the export sector, starting with an explicit acknowledgement by the government that rises in export goods prices are reducing exporters’ competitiveness against their rivals.

It said the central bank needed to intervene more in the currency market to stabilise the exchange rate so the gains are more in line with those of other regional currencies.

As well, the FTI said, both the government and the central bank should take immediate measures to prevent speculators from pursuing short-term profits.

It is also asking the Port Authority of Thailand to lower service fees for exporters for three months. Customs duties for exports should also be reduced.

Economics

Asia’s slow rate of vaccination is a thorn in the region’s economic recovery

Southeast Asia has been hit badly. Daily infections for Indonesia, Thailand, Vietnam are at their worst, on a seven-day moving average. The Philippines and Malaysia are not far off their daily infection peaks reached in the second quarter of 2021.

Published

on

Last week was tough for the Asia-Pacific region. Many countries responded to stubbornly elevated daily infections by extending or tightening social distancing measures.

(more…)
Continue Reading

Economics

World Bank lowers Thai GDP growth outlook to 2.2%

In the Thailand Economic Monitor released today, the World Bank adjusted its outlook on Thailand’s economic growth this year to just 2.2% from its previous forecast of 3.4%.

Published

on

BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.

(more…)
Continue Reading

Most Viewed

Subscribe via Email

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

Join 14,159 other subscribers

Wise

Recent