Mango mania: Thailand’s sweet export boomLegacy Thailand’s mango exports soared by a staggering 130% in the first quarter of this year, reaching an impressive 1.6 billion baht, compared to the same period last year. Not to be outdone, exports of sticky rice saw a notable increase of 13%, totalling about 1 billion baht. Chotima Iemsawasdikul, the Director-General of the Trade Negotiations Department, attributed this surge to the growing global popularity of Thai mango sticky rice. Recently ranked as the world’s second-best rice pudding by TasteAtlas, this beloved dessert has captivated taste bu ..read more

Thai betel nut exports hit by India tariffs and Myanmar conflictLegacy Thai betel nut exporters are currently facing significant challenges due to tariff barriers imposed by India and the ongoing armed conflict between the Myanmar military and rebel forces. Betel nuts, also known as areca nuts, are widely chewed for their stimulating effects across many Asian countries, including Bangladesh, Myanmar, Cambodia, Thailand, and Laos. However, the nuts are classified as a carcinogen that can cause mouth cancer. In Phatthalung’s Tamot district, dried betel nuts are being sold to local villagers for ..read more

Home loan difficulties lead to six-year low in housing transfersLegacy Difficulties in securing home loans have led to a significant decline in housing transfers across the country in the first quarter, reaching the lowest level in six years and marking the fifth consecutive quarter of decline. The Acting Director-General of the Real Estate Information Center (REIC) Vichai Viratkapan reported that residential demand nationwide contracted in the first quarter, with housing transfers falling 13.8% year-on-year to 72,954 units. He reveals that the first-quarter decline not only persisted from the ..read more

Thailand’s solar panel tax cut scheme to save households on billsLegacy A new tax reduction scheme aimed at encouraging households to install rooftop solar panels is expected to be finalised by mid-year, announced the Department of Alternative Energy Development and Efficiency (DEDE). The initiative seeks to lower electricity bills and reduce carbon dioxide emissions. Households that purchase solar panels with a power generation capacity of less than 10 kilowatts, costing under 200,000 baht, will be eligible for the programme, according to DEDE Director-General Wattanapong Kurovat. The Revenue ..read more

Taxing times: Local governments urged to ‘build’ a better lawLegacy Local governments must take a more active role in revising the land and building tax law, which has been in effect for five years, according to the Director-General of the Fiscal Policy Office, Pornchai Thiraveja. Pornchai stated that the Land and Building Tax Act of 2019 grants local administrative organisations the authority to collect taxes to fund local development initiatives. However, this property tax has faced several implementation challenges. For example, high-value urban land used to grow limes is taxed at a much lo ..read more

Lamborghini to debut electric supercar in Thailand by 2028Legacy Automobili Lamborghini, the renowned Italian luxury sports car manufacturer, plans to introduce its new electric supercar to Thailand, with a global debut slated for 2028. This initiative is part of the company’s broader strategy to reduce carbon dioxide emissions. For years, Lamborghini has been actively developing electric vehicle (EV) technology to support its goal of achieving carbon neutrality, according to Francesco Scardaoni, Automobili Lamborghini’s regional director for Asia-Pacific. Carbon neutrality refers to the balan ..read more

Thailand’s business confidence drops amid wage hike concernsLegacy Business confidence in Thailand took a hit as the Thai Industries Sentiment Index (TISI) dropped in April, reflecting entrepreneurs’ concerns over a slew of economic pressures, including a proposed daily minimum wage increase. The TISI, a measure of the mood in the industrial sector, registered at 90.3 points, a decrease from the 92.4 points recorded in March, as reported by the Federation of Thai Industries (FTI). Entrepreneurs are facing a multitude of challenges, from anticipated lower sales and production to the financial i ..read more

Finance Minister, Central Bank Chief to discuss interest ratesLegacy A crucial meeting is scheduled tomorrow between Finance Minister Pichai Chunhavajira and Bank of Thailand Governor Sethaput Suthiwartnarueput to address the prevailing contention over interest rates. The government, under Prime Minister Srettha Thavisin’s directive, has been advocating for a rate reduction to stimulate the economy. In contrast, the central bank has maintained its key rate at the highest in ten years, 2.50%, with the upcoming rate review set for June 12. Pichai, who stepped into his role amid a Cabinet reshuff ..read more

Superrich faces stalled growth as tourists prefer travel cardsLegacy Renowned local money changer Superrich Currency Exchange (1995) Co, known by its SuperRich Orange brand, has faced a challenging start to the year with its transaction growth stalling at zero during the initial four months, despite an increase in foreign travellers. The stagnation in Superrich’s growth is largely due to the rising popularity of travel card services, which are increasingly preferred by tourists for their convenience. The company, which maintained its transaction volume at 32 billion baht (US$875 million), matc ..read more

SMEs loans complications eased by Finance Ministry’s new AMCLegacy The Thai Finance Ministry has scheduled the establishment of a new asset management company (AMC) for next month. This move aims to provide relief to beleaguered retail borrowers, especially small and medium-sized enterprises (SMEs), by assisting them in clearing non-performing loan (NPL) statuses and embarking on a fresh financial journey. The collaborative effort between Government Savings Bank (GSB) and Bangkok Commercial Asset Management Plc (BAM) is expected to bring relief to many small Thai businesses currently in the re ..read more