Connect with us
The clever new way to send money abroad

Trade

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).

Published

on

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).

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)

Click to comment

Leave a Reply

Trade

How the COVID-19 situation may affect Thailand’s export sector

Thailand’s export sector could face damage of 200-300 billion baht if the situation cannot be brought under control within six months.

Published

on

UTCC: Thai export sector to be affected by US-China trade war

The Thai National Shippers’ Council has raised a concern that the export sector might face a 200-300 billion baht toll should the COVID-19 situation not be brought under control in six months, urging the government to speed up the vaccine rollout to all segments of the population.

(more…)
Continue Reading

Business

Pandemic drives sea freight prices to record high

The Covid-19 pandemic, which initially brought global shipping to a virtual standstill, did not bode well for the industry and led to “an unprecedented drop in demand”

Published

on

UTCC: Thai export sector to be affected by US-China trade war

Container shipping prices have reached record highs some 18 months after the outbreak of the coronavirus pandemic which disrupted maritime logistics chains and drove demand sky-high.

(more…)
Continue Reading

Most Read

Recent