According to Credit Bureau data, out of 280,000 SMEs, 10% or 28,000 have already turned into bad debts worth Bt290,000m. It is also estimated that another Bt130,000 is likely to turn bad with 5 industries particularly worrying; construction, hotels, property, manufacturing, retail and wholesale.
Energy Minister wants electricity tariff not to exceed Bt4.20/unit instead of Bt4.68/unit that was proposed by Energy Policy and Planning Office.
Interior Ministry report total Bt3.3b worth of informal debts, involving 70K individuals, has entered Government’s program to tackle informal debts during 1st 6 days.
Excise department allocates Bt17bn for EV subsidy in 2024 vs. the Bt4bn used for 74,000 vehicles in 2023. It estimates that total subsidy will amount to Bt40bn throughout the 4 year period.
Tourism revenue this year is likely to tally Bt2.07tn which will miss the government target set by Bt300bn, according to Tourism Authority of Thailand. Tourism revenue of 2nd-tier areas this year should exceed the 2019 level by nearly 40%, driving domestic tourism to tally Bt800b.
Thai Bankers’ Association (TBA) has signaled the local banking industry will hold prime rates steady, in line with the BOT’s policy rate, as the Fed plans to trim interest rates next year.
Promotions set to drive EV sales: Competition is fierce in the sector. Battery electric vehicle (BEV) sales in Thailand are expected to reach 70,000 units this year thanks to the launch of new models and marketing campaigns, especially during November and December, says the Federation of Thai Industries (FTI). Bangkok Post
Concerns over EV loans: NCB perturbed by quality, depreciation. The National Credit Bureau (NCB) is expressing concern over the quality of electric vehicle (EV) loans, noting that the value of an EV depreciates faster than the value of a conventional internal combustion engine (ICE)powered car. Competition and marketing campaigns in the EV segment are intensifying, especially among the Chinese brands, resulting in an increase in the number of loans extended to purchasers. Bangkok Post
Sharp rise in rice exports anticipated for 2023: Thailand is projected to end the year with rice exports reaching 8.6-8.7 million tonnes, marking an increase from the 7.69 million tonnes recorded last year. The estimated export value is 140-150 billion baht, up from the 138 billion baht recorded in 2022. Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association, said Thailand is expected to have exported about 900,000 tonnes of rice in November, and is set to export 800,000-900,000 tonnes in December now major importers are continuing to buy Thai rice to compensate for reduced domestic rice production and to stockpile for the end of this year and the beginning of 2024. Bangkok Post
Thailand’s rate tightening cycle is over: Interest rate cuts expected to start in second half of 2024, says BMI. As expected, the Monetary Policy Committee of the Bank of Thailand (BoT) voted unanimously to leave its benchmark policy interest rate unchanged at 2.50% on Nov 29. Financial conditions are already at their tightest since 2013 after the central bank lifted rates by a cumulative 200 basis points since August 2022, notes BMI, a Fitch Solutions company. Bangkok Post
