Thailand’s consumer confidence rose in January, reaching the highest level in 47 months since March 2020, boosted by the government's stimulus measures to propel spending and reduce electricity and fuel prices, and strong recovery of tourism industry.
Rice for sale at a supermarket in Bangkok. (Photo: AFP/VNA)
Bangkok (VNA) - Thailand’s consumer confidence rose in January, reaching the highest level in 47 months since March 2020, boosted by the government's stimulus measures to propel spending and reduce electricity and fuel prices, and strong recovery of tourism industry.
According to a report by the University of the Thai Chamber of Commerce (UTCC) released on February 13, the consumer confidence index of the Southeast Asian country rose to 62.9 in January from 62.0 in December.
Consumer confidence is likely to continue to improve if the government is able to stimulate the economy in the first half of 2024 under various policies, including measures to reduce the cost of living, the report said.
Experts said that the Thai government also needs to continue measures to support the tourism industry such as expanding visa exemption for foreign tourists.
Thai officials have insisted they will go ahead with the government’s signature policy to give away 10,000 THB (276.45 USD) to 50 million people through a mobile app to be spent within six months in their local communities.
Regarding the recovery momentum of the tourism industry, the Thai government’s data shows that from January 1 to February 11, Thailand welcomed 4.39 million foreign tourists, up 48% compared to the same period in 2023./.
Thailand's tourism industry saw a strong start to 2024 with nearly 4 million foreign arrivals in January, the government’s spokesperson Chai Wacharonke said on February 10.
Thailand exported over 100,000 tonnes of chicken worth over 100 billion BTH (2.7 billion USD) last year, making the country the world’s third-largest exporter behind Brazil and the US.
The Fisheries Department under Thailand's Ministry for Agriculture and Cooperatives has announced a 3-month commercial fishing restriction in the Gulf of Thailand starting February 15 to protect spawning mackerel and to allow their fry to mature.
Spending for Valentine’s Day this year in Thailand is expected to increase 5.4% from 2023 to about 2.52 billion THB (70 million USD), according to a recent survey by the University of the Thai Chamber of Commerce (UTCC).
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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Rice for sale at a supermarket in Bangkok. (Photo: AFP/VNA) 
