Thailand’s export to see worst performance in 10 years
Despite the weakening baht, the Thai National Shippers’ Council (TNSC) expects export value of the country to contract by at least 8 percent in 2020, with a possibility of double digit contraction looming.
Bangkok (VNA) - Despite the weakening baht, the Thai National Shippers’ Council (TNSC) expects export value of the country to contract by at least 8 percent in 2020, with a possibility of double digit contraction looming.
TNSC’s prediction is in line with that of the Bank of Thailand and the Center for International Trade Studies at the University of the Thai Chamber of Commerce (UTCC), which forecasts exports to contract by 7-8 percent this year. If true, this will be the sector’s worst performance in a decade.
Thailand's export value contracted by 2.7 percent to 246.25 billion USD in 2019. The UTCC expects that number to come down to 228.82 billion USD in 2020, which means that the COVID-19 pandemic could take away 17.42 billion USD from Thai export value this year.
TNSC’s Chairperson Ghanyapad Tantipipatpong said the predictions were based on the baht, as it sat at 30.5 THB per US dollar. The currency was trading at 32.8 THB per US dollar on April 7 morning compared to around 30 THB at the end of 2019.
On April 7, Thailand’s cabinet approved a package of economic measures worth 1.9 trillion THB (58 billion USD) to alleviate the impact of the COVID-19.
Thai Deputy Prime Minister Somkid Jatusripitak said the package will cover all economic sectors for at least the next six months./.
The Asian Development Bank (ADB) has predicted that the Thai economy will shrink by 4.8 percent this year due to the COVID-19 pandemic, heading for its deepest contraction since the Asian financial crisis in 1998.
Nearly 1,200 people were arrested over the last three nights in Thailand for violating curfew that has been imposed since April 3 to slow the spread of the COVID-19 pandemic.
Thailand will launch training programmes for unemployed people as part of the third series of its government's stimulus measures to ease the impact of the COVID-19 on the economy, said Thai Deputy Prime Minister Somkid Jatusripitak.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Photo: www.thaienquirer.com) 
