Economics
National News Of Thailand
The Thai economy has been affected by a number of uncontrollable factors over the past few years. The trade war between the world’s economic superpowers, China and the United States (US), led to sluggish global growth, hurting Thai exports (World Bank 2016+3.4% 2017+3.8% 2018+3.6% 2019+2.9%). Thailand is one of the major exporters of information technology (IT) products, electronics and circuit boards to China. By the end of 2019, the US revoked the Generalized System of Preferences (GSP) benefits for 573 Thai products. The Thai export sector suffered more blows after the US suspended GSP benefits for 231 Thai products last year. Furthermore, Thai exporters were hit by the continuous appreciation of the Thai baht. The strong currency was attributed to Thailand’s high current account surplus and foreign reserves, backed by a strong economic foundation. Some business and industrial sectors were unable to keep pace with technological changes, slowing the transition process. Nonetheless, the government actively continues to implement measures to support the economy, starting with providing low-income earners with state welfare cards, offering crop price guarantees to help farmers and improving the liquidity of small and medium-sized enterprises (SMEs), to ensure smooth business operations. The government also helps stimulate tourist spending through its Chim Shop Chai (Taste, Shop, Spend) scheme, aimed at injecting more capital into the local economy. Although the drought situation has undermined some of these efforts, the government continues to direct its human and financial resources to help those affected in the long term. Various measures resulted in economic growth in 2019 (Thai economic growth in 2019 Q1+2.8% Q2+2.3% Q3+2.4% Q4+1.6%), but the unexpected occurrence of the COVID-19 pandemic led to a national lockdown and travel restrictions, affecting tourism, trade and investment worldwide. Adverse effects on the Thai economy cannot be avoided. The government has been working to the best of its ability to keep the situation stable and to drive the Thai economy amid the global crisis.
Economics
National News Bureau Of Thailand
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.
Commerce Minister Jurin Laksanawisit said G2G deals and a campaign to make Thai rice more recognizable around the world will spearhead efforts to increase the export volume from last year’s 5.7 million tons.
He said the ministry is working with the Thai Rice Exporters Association to promote Thai rice under the “Think Rice, Think Thailand” campaign, adding that Thailand successfully made Thai rice become better known in Canada, increasing its exports to the country by 21% to 120,000 tons last year.
Mr Jurin said one of the distinctive characteristics of Thai rice is its very low sugar content. This would make it the preferred choice among Canadians as 28% of the Canadian population has high blood sugar levels.
Economics
Bangkok Metropolitan Energy Authority (MEA) partners with Chineses owned Newsky Energy (Thailand) Company
The MEA has signed a Memorandum of Understanding with private firm Newsky Energy Thailand on co-investment arrangements for waste-to-energy power plants in the Nong Khaem and On Nut districts of Bangkok, a project costing about 10 billion baht.
MEA Governor Kirapat Jiamset, said today that each of the waste-to-energy plants will have a generating capacity of 35 megawatts of electricity using 1,000 tons of waste as fuel each day.
Mr Kirapat said the two power plants will be introduced along with the smart grid system, which allows communities in service areas to receive power entirely from these plants, independent of the main power lines.
New Sky Energy Thailand CEO He Ning said the company has been working with the Bangkok Metropolitan Administration to operate a waste-to-energy incinerator at Nong Khaem dump, which converts 500 tons of garbage into electricity each day.
Operating since 2016, Mr Ning said the incinerator has been continuously feeding electricity to the MEA, with systems in place to take care of the environment and nearby communities.
The proposed new waste-to-energy plants are currently in the public consultation process. The construction of these projects is expected to commence later this year, and come online in the electricity grid in 2024.
According to the Department of Business Development, Newsky Energy (Thailand) Company Limited is currently registered as an electric power generation and transmission company in Thailand. The company is 100% owned by Chinese investors and reported a -7.25% net profit in the fiscal year 2019.
Economics
Thailand sets export growth target at 4% for 2021
BANGKOK (NNT) – Thailand has seen export growth of 0.35 per cent in the first month of the year. The Commerce Minister has ordered the Department of International Trade Promotion to advance an action plan to accelerate growth, which is set at 4 per cent this year.
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