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Thai exports may drop in Q4 due to flood

Thailand’s export growth in the fourth quarter is likely to drop by 1.4 per cent to 17.8 per cent from the earlier projected 19.2 per cent, according to Att Pisanwanit, Director of the Center for International Trade Studies (ITS) of the University of the Thai Chamber of Commerce (UTCC).

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Thailand’s export growth in the fourth quarter is likely to drop by 1.4 per cent to 17.8 per cent from the earlier projected 19.2 per cent, according to Att Pisanwanit, Director of the Center for International Trade Studies (ITS) of the University of the Thai Chamber of Commerce (UTCC).

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Thailand’s flood crisis has caused significant losses to agricultural production.

Flooding, combined with the economic problems in the European Union which impact the global economy, Thai exports in 2011 are  projected to decline by 3.9 per cent to 18.5 per cent from the earlier projected at 23.3 -24.8 per cent.

Concerning flood damage at four industrial estates in Ayutthaya, the initial losses to the manufacturing sector were estimated at Bt79 billion excluding damage to buildings, machinery and investor confidence, which may as high as Bt300-400 billion.

Electric appliances, auto, food and beverage industries are those highly impacted by flooding in Ayutthaya.

Meanwhile, the Bank of Thailand (BoT) reported that 93 branches of 11 commercial banks and one finance company have temporarily closed in the flood hit provinces of Ayutthaya, Nakhon Sawan, Lop Buri, Pathum Thani, Sing Buri, Uthai Thani, Chai Nat and Nonthaburi.

According to the central bank, Bangkok Bank has closed 19 branches, followed by Krung Thai Bank with 13 branches.

Thirteen branches of Thanachart Bank, 11 branches of Siam Commercial Bank, 11 branches of Kasikornbank, 10 branches of the Bank of Ayutthaya, five branches of Thai Military Bank, four branches of CMB THAI Bank, two branches each of Tisco Bank, UOB Bank, and one branch of the Kiatnakin Bank, plus two branches of Siam Industrial Credit were closed. (MCOT online news)

Trade

Thailand to increase rice exports to 6 million tons this year

National News Bureau of Thailand

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BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

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Singapore

UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

Singapore’s role as a hub for UK companies, whether as exporters or investors accessing Southeast Asia’s and broader Asian dynamic economies, was elevated by the new UK-Singapore trade agreement (UKSTA) which came into effect on 1st January 2021.

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UK exporters’ use of Singapore as ASEAN’s supply chain gateway boosted by new bilateral trade agreement

There was much controversy, before and after the United Kingdom’s (UK) Brexit from the European Union (EU), in talk of it adopting a free trade and manufacturing model similar to Singapore’s.

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Economics

Cross-border trade is expected to grow up to 3-6%

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s cross-border trade is expected to recover to growth of 3-6% this year, helped by COVID-19 vaccine distribution and the global economic recovery.

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Foreign Trade Department Director-General Keerati Rushchano said cross-border trade, which includes transit trade, is likely to generate 1.36 to 1.40 trillion baht, up from 1.31 trillion baht in 2020.

According to Mr Keerati, the key risk factor that may derail border trade growth is the political chaos in Myanmar that will weaken purchasing power there and cause a delay in goods transport.

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