BANGKOK, 13 April 2019 (NNT) – As a reduction in the global economic growth projection by the International Monetary Fund to 3.3% from 3.5%, and a new lower value of global trade expectations of 3.4% down from 4%, will eventually affect the Thai export sector; the Ministry of Commerce will be holding talks with the private sector and industries after the Songkran holidays to make necessary adjustments to the May export projection, and to evaluate the situation with Thai commercial attaches nationwide.
The Department of Foreign Trade’s (DFT) Director General Banjongjitt Angsusingh revealed the department will hold talks later this month to assess the export situation with the private sector and each industry, before holding a meeting with head of trade promotion offices globally in May, to adjust the export strategy according to the situation and revise this year’s export goal.
The department will be working harder to promote well-performing products such as food, farm items, processed farm items, and items requiring domestic raw materials; while items affected by the trade war between China and the U.S. such as vehicle parts and electronics will be difficult to promote due to a declining global economy, but the department will adjust the strategy to target markets affected by sanctions, opening new opportunities for Thai products.
The DFT chief said she believes exporters can adjust themselves appropriately, however risk factors from currency fluctuations still persist, thus companies should be covered by risk insurance, or opt to use the currency of their trading partner instead of U.S. dollars.
Thailand’s English proficiency falls to “very low”
The report shows that Thailand fell to 74th out of 100 countries, a 10 points drop compared to 2018, with a score of 47.62 considered a “very low” competence.
English proficiency is not a strong point for Thais: their level is falling again for the third year in a row, according to the annual English Proficiency Index developed by EF Education First World Education Society.(more…)
Thailand ranks 31st in WEF tourism competitiveness index
Seven of the subregion’s nine economies improved their T&T competitiveness since the last edition of the report.
Thailand ranked 31st in the tourism Competitiveness Index (TTCI) 2019, the country has South-East Asia’s largest T&T GDP, which is reinforced by some of Asia-Pacific’s most attractive natural resources (10th) and most efficient tourist services infrastructure (14th).(more…)
Heavy rains hit southern Thailand
The Thai Meteorological Department on Sunday morning warned of heavy rain and strong winds in the southern and eastern provinces of Ranong, Phang-nga, Phuket, Krabi, Trang, Satun, Chanthaburi and Trat on Sunday and Monday.
Thailand among top five countries for salary hikes
Thailand is among the top five economies in the world to see real salary increases and is likely to see...
Thailand Ecommerce Market: Shooting For Success
At present, the Thai ecommerce market is valued at USD 3.5 billion. According to a Google Temasek study, Thailand’s e-commerce...
Aspire Set to Become First SME Neobank in Southeast Asia with US$32.5 Million Raise
The recent financing has been led by Mass-Mutual Ventures Southeast Asia with participation from Silicon Valley’s Arc Labs and existing...