Economy News
Discover the latest updates on Thailand’s economy with our in-depth coverage of breaking news, developments, and events shaping its financial landscape. Stay informed and ahead of the curve with our thorough analysis and insights into the business sectors, financial markets, and government policies of Thailand.
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BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
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Zen Corp and CPF launch ready-to-eat Tummour meal at 7-Eleven stores
If you visit 7-eleven a lot in Thailand, there’s good news for you. Zen Corporation Plc, known for operating restaurant chains such as Zen, AKA, and Tummour, has announced its expansion into the ready-to-eat meal market in a bid to strengthen its long-term business prospects. The company’s chief commercial officer for Thai brands, Siruwat Chatchawan, disclosed that Zen Corporation has…
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Thailand’s tourism rebounds with 11.4 million visitors
Thailand has experienced a surge in foreign tourist arrivals, with 11.4 million visitors recorded from January to June 11, according to a statement released by the Ministry of Tourism and Sports. This figure has already surpassed the total number of tourists in 2022, which reached 11.15 million. The statement also revealed that tourist spending during this period amounted to 472…
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Japanese investors seek Thai tech startups for regional expansion
Thai tech startups have caught the attention of Japanese investors, who are keen to support their expansion into regional markets, according to an executive at Bank of Ayudhya (Krungsri). Southeast Asia, and Thailand in particular, are considered prime investment locations for Japanese investors, who see potential in the country’s high-growth tech startups. Bunsei Okubo, head of Japanese corporate and multinational…
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Ubolratana Dam usable water drops 11% amid insufficient wastewater plants
A significant decrease in usable water has been reported at Khon Kaen’s Ubolratana Dam, with an 11% drop attributed to an insufficient number of wastewater treatment plants in the region. The Office of National Water Resources (ONWR) has revealed that the dam currently holds only 32% of its total capacity, with merely 207 million cubic metres (m³) of usable water,…
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Suvarnabhumi Airport’s SAT-1 terminal set for soft takeoff in September
Suvarnabhumi Airport in Bangkok is set to soft launch its Satellite Airport Terminal 1 (SAT-1) in September, with a full opening planned for early next year. Airports of Thailand (AoT) president, Kerati Kijmanawat, stated that the new 216,000-square-metre facility, with a capacity for 28 aircraft parking bays, aims to address existing issues at the airport. With the ability to accommodate…
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Eggs-traordinary crisis: Thailand’s soaring egg prices crack traders and consumers alike
The soaring cost of eggs in Thailand has left traders and consumers concerned, with some attributing the price hike to a shortage of supplies at farms and increased export demand. Wanchai Rungmitcharatsaeng, a 65 year old egg shop owner in Khon Kaen’s Mueang district, has been in the business for over 20 years and claims that egg prices have reached…
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Thailand urged to boost beauty and wellness market for long-term growth
Thailand’s new coalition government is being encouraged to adopt a consistent policy to support the nation’s beauty and wellness market over an extended period. Ketmanee Lertkitcha, the chairwoman of the health, wellness and beauty industry cluster of the Federation of Thai Industries, highlighted the need for a national strategy to promote this sector, which, along with tourism, plays a crucial…
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New Na Klang-Ao Jik road links Phuket and Phang Nga, boosting tourism
The newly completed Na Klang-Ao Jik road, which connects Phuket and Phang Nga, is set to provide a boost to local tourism and cross-provincial transport. The Department of Rural Roads (DRR) has invested approximately 282.8 million baht (US$8.5 million) in the 4.2-kilometre road, which is part of a city expansion project in Phang Nga’s Thai Muang district. The concrete road…
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Thai GDP growth at risk as new government formation faces delays
Concerns are rising within the private sector as the potential delay in the formation of Thailand’s new government could lead to a decline in the country’s GDP growth to 1-2%. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, stated that the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is closely monitoring the political situation. A new government…
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Thai economy could face 36 billion baht hit from extreme weather
Extreme weather conditions, including drought and floods, could potentially inflict a 36 billion baht blow to Thailand‘s economy this year, warns the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). Drought, in particular, is a significant concern as it may severely affect the agricultural and manufacturing sectors, further hindering the country’s already sluggish exports. “Manufacturers are worried about drought…
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Medical glove exports decline amid allergy concerns and easing Covid-19 cases
The export of medical gloves made from rubber latex is expected to continue its decline this year, as Covid-19 infections ease and some countries impose bans on natural rubber gloves due to allergy concerns, according to the Office of Industrial Economics (OIE). The decline in glove exports has been significant since last year, impacting Thailand, Indonesia, and Malaysia, said Warawan…
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Bangkok’s YMID initiative drives Thai medical innovation to meet Asian demand
The National Innovation Agency (NIA) is continuing to push forward the Yothi Medical Innovation District (YMID) initiative in Bangkok, aiming to meet the growing demand for a central medical hub in Asia, according to NIA’s executive director, Pun-Arj Chairatana. Situated in Bangkok’s Yothi neighbourhood, the YMID project seeks to decrease imports of medical innovations and establish a Thai medical innovation…
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Inflation plummets to 21-month low in Thailand as fuel and electricity prices drop
Inflation in Thailand reached its lowest point in 21 months last month, primarily driven by declining fuel prices and electricity bills, along with a higher price base in May of the previous year. Experts predict that the inflation rate will further decrease throughout June. Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, expects inflation for June to…
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Foreign investors sell 100 billion baht in Thai stocks and shares amid global rate rise
In the first five months of this year, foreign investors offloaded almost 100 billion baht worth of Thai shares, with 33.4 billion baht sold in May alone, due to increasing global interest rates and uncertainties surrounding the formation of a new government. Despite this, the Stock Exchange of Thailand (SET) expressed optimism yesterday, believing that the recent easing of the…
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Southern Thai tourism seeks eased regulations for Malaysian tour buses
The tourism association representing 14 southern provinces in Thailand has urged the Transport Ministry to relax regulations, allowing Malaysian tour buses to travel beyond the border province of Songkhla. This move could potentially stimulate the region’s economy through promotional campaigns, as discussed at a recent forum on tourism organised by the National Economic and Social Development Council (NESDC). Jarun Kaewjeesub,…
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Thai exports decline for seventh month as global demand slows
The Thai Ministry of Commerce has reported a decline in the nation’s export value for the seventh consecutive month. In April, the value dropped by 7.6% compared to the previous year, a significantly larger decrease than the 2% fall anticipated by economists. April’s exports were valued at US$21.72 billion, a notable decrease from March’s 12-month high of US$27.65 billion. Despite…
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Thai parties pledge to tackle economic inequality, business groups sceptical
Business organisations have expressed support for the Move Forward Party’s campaign pledges to address economic inequality in Thailand, but they question the party’s ability to overcome long-standing issues. On May 22, eight political parties signed a memorandum of understanding, outlining 23 focal points for governing Thailand. These included a joint commitment to reducing inequality and promoting equitable economic growth. The…
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Thai rice exports valued at 23% more than same period last year
From January to April, Thailand’s rice exports reached 2.79 million tonnes, with an estimated total for the year surpassing 8 million tonnes, according to the government. Prime Minister Prayut Chan-o-cha, expressed optimism regarding the exports being valued at US$1.5 billion (51.2 billion baht) revenue, a 23% increase compared to the same period last year, as reported by government spokesperson Anucha…
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Thailand’s forest rangers push for higher salary
Thailand’s forest rangers are pushing for a higher salary. The Department of National Parks, Wildlife and Plant Conservation in Thailand is calling for a pay raise for approximately 14,000 forest rangers, Thai PBS reported. The department is seeking an increase from the current monthly salary of 9,000 baht to 11,000 baht from the Comptroller Department of the Finance Ministry, effective…
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Pheu Thai candidate Dr Silp champions cultural diversity for economic revival
Dr Silp – Silpwichai Noisyamitr, a candidate for the constituency 24 of Khlong San, Thonburi, and Ratchaburana, Bang Pakok, under the Pheu Thai Party, aims to revive the economy with the diverse local culture. Growing up, he was a keen reader of Bangkok’s column in the newspaper, which made him an “active citizen” with a great knowledge of urban development.…
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Thailand is the world’s biggest exporter of durian
Thailand, known for its rich culture and stunning beaches, is also the world’s biggest exporter of the notorious fruit, durian. According to the Trade Policy and Strategy Office, Ministry of Commerce, Thailand has retained its top spot for durian exports, accounting for a whopping 93.3% of the global market share, Pattaya Mail reported yesterday. In 2022, Thailand exported fresh durian…
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Thailand’s struggle with high household debt and political promises
Kavita Wongyakasem, a 48-year-old business owner in Bangkok, struggles daily to keep her household afloat. Running a company that provides services for a major energy firm, she owns a house in Nonthaburi, drives a pickup truck, and sends her two daughters to good schools. But beneath the surface, she is eight million baht in debt and lacks any cash savings.…
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US and Thailand advance energy cooperation in recent discussions
The United States and Thailand have recently agreed to advance energy cooperation during talks in Washington, DC. The Office of the Spokesperson for the US Department of State issued a joint press statement revealing that the discussions took place during the third US-Thailand Energy Policy Dialogue, held from April 18 to April 20. Both nations aimed to deepen their ties…
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PPRP offers upskilling for welfare card holders to tackle poverty
The Palang Pracharath Party (PPRP) has proposed new initiatives for the holders of its Pracharath welfare cards aimed at empowering them to break free from the poverty trap. Charnkrit Detwithak, a spokesperson for the party’s election strategy committee, stated that the party leader and prime ministerial candidate, General Prawit Wongsuwon, is focused on core issues and the need to boost…
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Top 5 nationalities investing in Thailand in Q1
Foreigners invested 33 billion baht into Thailand in the first quarter of the year, a government spokesperson revealed today. Investors from Japan invested the most, followed by investors from Singapore and the USA, respectively. A spokesperson for the Prime Minister’s Office and Deputy Secretary-General to the Prime Minister Anucha Burapachaisri revealed that the government approved investment from 174 foreign investors…
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Labour Day celebrations amidst scepticism over political promises
As Labour Day is celebrated in the country today, activists have voiced scepticism over political parties’ campaign promises to increase minimum daily wages to seemingly unrealistic levels. For example, the Pheu Thai Party has vowed to raise the minimum wage to a flat rate of 600 baht, while the Move Forward Party has pledged to increase it to 450 baht…
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Thai government to resubmit subsidy proposal to Election Commission
Thailand‘s issues around electricity costs are continuing. Thailand’s Prime Minister Prayut Chan-o-cha remains determined that the government will resubmit a proposed 11 million baht (US$330 million) subsidy for household electricity bills to the Election Commission (EC) for approval. The proposal, which was approved by the Cabinet last week, was previously rejected by the polling regulator, according to an unnamed source.…
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Bank of Thailand predicts 28 million foreign tourists this year
The Bank of Thailand (BoT) predicts that the Land of Smiles will see 28 million tourists this year. The BoT’s governor, Sethaput Suthiwartnarueput, said the BoT expects a 3.6% expansion in the gross domestic product (GDP) for this year. The BoT predicts a GDP growth of 2.9% in the first half of this year from the same period last year,…
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Mitr Phol Group ranks second in global food industry sustainability assessment
Mitr Phol Group, the world’s second-largest sugar producer and a leader in sustainable development within the agro-industrial sector in Thailand, has recently been ranked second globally for sustainable development in the food production industry in the latest Corporate Sustainability Assessment (CSA) conducted by S&P Global. This marks the fifth consecutive year that Mitr Phol Group has been included in the…
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