Council optimistic on export outlookA container is loaded at the Port Authority of Thailand. Chaichan Chareonsuk, chairman of the Thai National Shippers’ Council (TNSC), said with export growth posted in August and September, and shippers indicating continuing orders for the final three months of the year, the council is confident that export performance in 2023 will not contract significantly. Exports are estimated to increase by up to 7% year-on-year in the final quarter, said Mr Chaichan. “The TNSC is maintaining the export target for this year at -1.5%, as of November,” he said. There are no signs of an export slowdown, nor issues with container shortages, said Mr Chaichan.

(Photo: Apichart Jinakul)Analysts are expressing concerns about Thailand's first year-on-year decline in inflation in 25 months, saying the dip in the consumer price index (CPI) reflects growing risks of an economic slowdown and deflation. "Recent inflation data fell below our expectations, indicating the Thai economic recovery, apart from the tourism sector, remains weak," said BofA. "Thai inflation is considered low compared with other countries in the region, and remained below the target of 2% for six consecutive months," KS said in a report. The think tank maintained its GDP growth forecast for 2023 at 3% on healthy exports in the final quarter. Though K-Research has not made a forecast for 2024 growth, the centre projects expansion in a range of 3-4%, she said.

Minimum wage to rise next month, but not to B400/dayA worker lays paving stones in the midday heat on the eve of May Day in 2019. The wage hike is intended as a New Year gift for daily wage earners, while the promised 400-baht new minimum daily wage rate will be introduced around the end of next year (2024) in certain provinces, said the minister. In a survey last year, 31 provinces said they didn’t want to raise their minimum daily wage for fear of adverse impact on businesses leading to job cuts, he said. In the end, the minumum daily wage was raised in all 77 provinces to between 328 and 354 baht. Rayong, Chon Buri and Phuket have the highest daily minimum wage rate of 354 baht, followed by 353 baht in Bangkok, Nonthaburi, Nakhon Patho, Pathum Thani, Samut Prakand and Samut Sakhon, said Mr Pipat.

Inflation falls for first time in 25 monthsThailand's inflation rate fell for the first time in 25 months, thanks to falling energy prices due to government support measures and lower food prices, the commerce ministry said on Monday. The consumer price index (CPI) fell 0.31% in October from a year earlier, versus a 0.3% year-on-year rise in the previous month, according to data. Headline inflation has been below the central bank's target of 1% to 3% for the sixth consecutive month. In the January-October period, the headline CPI rose an average 1.60% from the same period a year earlier, with the core CPI up 1.41%. The ministry still sees headline inflation at 1.0% to 1.7% this year.

The instruction concerned a daily minimum wage increase for workers as well as an increase in the salary of civil servants. Government spokesman Chai Wacharonke on Sunday downplayed speculation the salaries of civil servants would be increased sooner rather than later. He said the PM had only ordered a study into whether it is possible to increase civil servants' salaries. Of them, some 427,000 serve as teachers and educational personnel while about 421,000 are civil servants and about 325,000 serve with the armed forces. There are also another 1.24 million personnel in state enterprises, universities, state agencies and public organisations.

Hua Seng Heng projects gold prices could reach $2,000 per ounce for a resistance level and $1,970 for support. Another factor supporting gold prices rising is buying from central banks. Future trends in gold prices will depend on the Fed's policy, he said. The state of the Middle East war is also critical to gold price movement, which pushed gold prices to exceed $2,000 an ounce on Oct 30, said Mr Fan. Demand for gold jewellery fell by 2% to 2.5 tonnes from 2.54 tonnes last year, partly attributed to price fluctuations.

Long hours won't help India growDo Indians not work enough? "Unless we improve our work productivity," he insisted, "we will not be able to compete with those countries that have made tremendous progress." This is considerably higher than the work hours reported by similar surveys in other countries. This week, India Inc's luminaries lined up to drape themselves in the flag and endorse their fellow billionaire. But Mr Tata, Mr Murthy, and their fellow captains of industry are wrong.

Birthday boy Kohli equals Tendulkar's record 49 ODI hundredsStar of the show: Virat Kohli celebrates after scoring his centuryKOLKATA - India's Virat Kohli equalled Sachin Tendulkar's record of 49 one-day international hundreds when he reached three figures in a World Cup match against South Africa on Sunday. Kohli, on his 35th birthday, got to the landmark in 119 balls, including 10 fours, at Kolkata's Eden Gardens. It had taken him 277 innings to score 49 hundreds at this level compared to the 438 required by Tendulkar. Kohli's 101 not out was the centrepiece of unbeaten tournament hosts India's 326-5 in their 50 overs. Both India and second-placed South Africa, whose only defeat at this 10-team tournament so far was a shock loss to non-Test side the Netherlands, have already qualified for the semi-finals.

Should rich also get digital handout? Public evenly split: pollSupporters of the digital wallet scheme voice their demand that the 10,000-baht handout go ahead at the headquarters of the Pheu Thai Party on Oct 17. (Photo: Somchai Poomlard)Most people are of the opinion that the 10,000-baht payout via the government's digital wallet scheme should be paid to people of all groups regardless of their incomes or bank deposits, according to an opinion survey by the National Institute of Development Administration, or Nida Poll. Many questions have been raised about the feasibility of the scheme, particularly about how it will be funded. On Saturday, Prime Minister Srettha Thavisin said the details of the project, including how it will be funded, will all be announced at a specially arranged press conference on Friday.

The new network will link the regional route that connects Singapore, Malaysia, Thailand, Laos, and China, Department of Rail Transport director-general Pichet Kunathammarak said yesterday. To achieve the goal of opening this new regional rail link by 2027, Thailand needs to accelerate construction of the second phase of its double-track railroad as well as the new Thai-Lao friendship bridge, he said. The first phase of the new train system will wrap up next year when the total length of its double-track railway will have been extended to 627km, Mr Pichet said. The construction of these three -- of seven -- sections in the second phase, which span a total length of 1,479km, will have to be sped up in order to facilitate the planned connection of the double-track rail services through Thailand. The study found the new bridge should be built to serve transnational double-track rail services, as the first Thai-Lao bridge in the northeastern province can still meet the demand for transportation by car across the Mekong River.

The 10,000-baht digital wallet handout was projected to cost around 560 billion baht, according to the original estimate. Analysts are expressing concerns over Thailand's fiscal position, saying figures are likely to deteriorate in the medium term as the government pushes through populist policies such as the digital wallet scheme. "Thailand's fiscal position will come under pressure in the medium term, as we think the Pheu Thai government will implement expansionary populist spending to reach its growth target of 5.0%," said the London-based research company. Policymakers have already announced several measures that will be detrimental to Thailand's fiscal position. Maybank Securities said the watered-down digital wallet scheme and delayed implementation would relieve the near-term strain on Thailand's fiscal balances, "at a time when credit rating agencies are voicing concerns about the country's public debt levels".

Thailand needs more resilience - central bank chiefPeople shop at Wang Lang Market in Bangkok Noi district in September 2023. (Photo: Apichart Jinakul)Thailand needs to be more resilient to grow sustainably, Bank of Thailand (BoT) governor Sethaput Suthiwartnarueput said on Friday. The central bank chief has said the economy is expected to grow close to forecast this year, but next year's outlook of 4.4% growth would be revised down if the government's handout plan was reduced. On Friday, he said he was worried about high household and public debt, but that the country's external stability remains strong. The rate has been raised by total of 200 basis points since August last year to curb price pressures.

Thai stocks spike after Fed maintains rates againAn investor monitors share price movements at a brokerage in Bangkok. The Stock Exchange of Thailand (SET) index rebounded strongly on Thursday as other regional bourses tracked gains on Wall Street after the Federal Reserve kept US interest rates unchanged at 5.25-5.50%. (Bangkok Post File Photo)The Stock Exchange of Thailand (SET) index rebounded strongly on Thursday as other regional bourses tracked gains on Wall Street after the Federal Reserve kept US interest rates unchanged at 5.25-5.50%. Hong Kong's Hang Seng index rose 1.06%, while South Korea's Kospi gained 1.99%. Tisco expects the Thai index to have a support level of 1,320 points and resistance at 1,420 points this month.

PTTEP looks to Mideast, MalaysiaPTTEP is increasing gas production at its Erawan gas block in the Gulf of Thailand. SET-listed PTT Exploration and Production (PTTEP) plans to increase its petroleum production capacity in the Middle East and Malaysia to brace for the depletion of domestic gas and oil supply within a decade. With the gas volume in the country expected to decline, PTTEP plans to focus on petroleum exploration and production projects in Malaysia and the Middle East, said Mr Sumrid. The Lang Lebah project completed front-end engineering design in October and is expected to have its first gas production in the first half of 2028. PTTEP also operates a petroleum production business in Oman and the United Arab Emirates.

Keep the change: Prime Minister Srettha Thavisin collects an iced Americano from City Plus Coffee, a Government House cafeteria that employs people with disabilities, on Thursday. (Photo: Chanat Katanyu)The government is planning a mass evacuation of Thais in Israel as the Israel-Gaza war is expected to escalate, Prime Minister Srettha Thavisin said. "Things are also becoming complicated as the number of Thai workers who choose to remain in Israel is still not known. According to the Labour Ministry's Facebook page, 21,229 Thai workers remain in Israel, and 8,637 had returned home as of yesterday. He said Malaysia was ready to help the Thai government in safely repatriating all the Thai workers.