The Ministry of Digital Economy and Society (DE) revealed that Thai e-Commerce grew the most in ASEAN with changes in consumer behaviour in 2018, estimating that the value would shoot up to 3.2 trillion baht.
The number of Internet users in Thailand has grown 4 times over the past 10 years, and many Thai-International platforms have grown to support the number of online shoppers, along with increasing confidence in e-Payment and faster logistics and delivery services.
Service providers have chosen to use Big Data to analyse the behaviour and needs of consumers, while AI is being used to develop the quality of the product and services through uses of Chatbots.
Trends show that growth will continue with the arrival of 5G, creating new innovations that will lift up the quality of life for consumers.
Mrs. Surangkana Wayuparp, the Executive Director and CEO of Electronic Transactions Development Agency (Public Organization) or ETDA, Ministry of Digital Economy and Society (DE) revealed that the results of surveys that value of e-Commerce in Thailand has grown consistently between 8-10% per year. ETDA has been collecting these statistics since 2014.
From 16 to 45 millions Internet users in 10 years
When comparing the number of Internet users over the past 10 years, there were only 16.1 million Internet users in 2008; latest information revealed that in 2017, there were 45.2 million users.
Thai e-Commerce is to develop even further because, statistically, Thailand has over 45 million Internet users (in 2018), 124.8 million mobile subscribers (2019), 44 million people using LINE messenger (2019), 52 million Facebook users (2019), and there is a trend that points to the value of e-Commerce in Thailand reaching up to 3.2 trillion baht (2019)
This reflects the change in consumer behaviour that has come as a result of the changes in technology and communication devices, as well as the reduction of the price of these devices and services, which has resulted in more people having more online access.
This has resulted in the e-Commerce market of Thailand growing as well, including increasing numbers of both buyers and online sellers, which is also in line with the growth of platforms by Thai and international businesses.
How will oil prices shape the Covid-19 recovery in emerging markets?
– After falling significantly in 2020, oil prices have returned to pre-pandemic levels
– The rise has been driven by OPEC+ production cuts and an improving economic climate
– Higher prices are likely to support a rebound in oil-producing emerging markets
– Further virus outbreaks or increased production would pose challenges to price stability
A combination of continued production cuts and an increase in economic activity has prompted oil prices to return to pre-pandemic levels – a factor that will be crucial to the recovery of major oil-producing countries in the Middle East and Africa.
Brent crude prices rose above $60 a barrel in early February, the first time they had exceeded pre-Covid-19 values. They have since continued to rise, going above $66 a barrel on February 24.
The ongoing increase in oil prices, which have soared by 75% since November and around 26% since the beginning of the year, marks a dramatic change from last year.
Following the closure of many national borders and the implementation of travel-related restrictions to stop the spread of the virus, demand for oil slumped globally.
In the wake of the Saudi-Russia price war in early 2020, Brent crude prices fell from around $60 a barrel in February that year to two-decade lows of $20 a barrel in late April, as supply increased and demand plummeted. The value of WTI crude – the main benchmark for oil in the US – fell to record lows of around $40 a barrel last year on the back of a lack of storage space.
While global demand for oil remains low, one factor credited with reversing the trend is the decision to make significant cuts to oil production, which subsequently tightened global supplies.
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