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Business Times
5 days ago
- Business
- Business Times
Thai business group cuts 2025 GDP forecast as US tariffs threaten exports
[BANGKOK] Thailand's export engine could stall, and the economy is expected to slow sharply in the second half of the year due to the impact of US tariffs, a leading Thai business group said on Wednesday (Jun 4). The economy was likely to grow by 1.5 per cent to 2.0 per cent this year, down from an earlier forecast of 2.0 per cent to 2.2 per cent, the Joint Standing Committee on Commerce, Industry and Banking said. Committee chair Payong Srivanich said annual growth would fall below 1 per cent in the second half of the year from 3 per cent in the first half, after the group cut its forecast for exports to a range of a drop of 0.5 per cent to a rise of 0.3 per cent, from 0.3 per cent to 0.9 per cent growth previously. Businesses were concerned about the uncertain status of trade negotiations with Washington, and the prospect that other nations could strike a better deal than Thailand. 'We also have to look at our neighbours ... if Vietnam receives a lower tariff than us, the impact will be quite severe,' Federation of Thai Industries chair Kriangkrai Thianuku said. Thailand faces a 36 per cent US tariff if a reduction can't be negotiated before a moratorium expires in July, while Vietnam faces a tariff rate of 46 per cent. Hanoi has held two rounds of talks with Washington. Payong said there were also concerns amongst firms that an appreciating baht would hit their competitiveness. REUTERS
The Sun
21-05-2025
- Business
- The Sun
Federation of Thai Industries, Petrochemical Industry Club (FTIPC) hosts the Asia Petrochemical Industry Conference 2025 (APIC 2025) under the theme 'Ensuring a Transformed World Prosperity', driving Asia's petrochemical industry toward global sustainability and growth
BANGKOK, THAILAND - Media OutReach Newswire - 21 May 2025 - Federation of Thai Industries, Petrochemical Industry Club (FTIPC), proudly represented Thailand as host of the Asia Petrochemical Industry Conference 2025 (APIC 2025). Held in collaboration with petrochemical associations from seven core member associations—Thailand, Japan, South Korea, Taiwan, India, Malaysia, and Singapore—the event focused on fostering innovation, regional cooperation, and sustainable development in the petrochemical industry. Taking place on May 15 - 16, 2025, at the Centara Grand at CentralWorld Bangkok, APIC 2025 marked the 43rd edition of the conference and the third time Thailand has been the host. This year's theme, 'Ensuring a Transformed World Prosperity' - Action for Planet with Innovation and Collaboration, driving Asia's petrochemical industry towards global sustainability and growth, reflects the industry's mission to drive economic growth, enhance quality of life, and contribute to a sustainable future through innovation and collaboration. Mr. Apichai Chareonsuk, Chairman of the Petrochemical Industry Club, the Federation of Thai Industries, said at the opening: 'Petrochemicals are central to modern life—not only in production but in enabling a better, more sustainable world. Our industry is committed to balancing growth with responsibility. Through partnerships and innovation, we can drive the transformation needed to support future generations.' The event drew over 1,500 delegates from across the globe, including petrochemical producers, plastics manufacturers, investors, and strategic partners. APIC 2025 generated an estimated 145 million baht in economic value, supporting Thailand's tourism and service sectors while creating high-potential business opportunities for Thai operators. The conference is expected to lead to deals worth several billion baht. The event served as a key platform to highlight the host's capabilities, reinforcing Thailand's role as a regional hub for petrochemical innovation and collaboration. It provided a space for industry leadership and meaningful dialogue on sustainability, the circular economy, and inclusive growth. 'Through the theme 'Ensuring a Transformed World Prosperity,' we emphasized that innovation and collaboration are key to building a better future. We hope to see stronger regional and global partnerships—advancing sustainable practices, driving innovation, and strengthening business networks across the petrochemical industry. This cooperation, in the long run, will lead to meaningful, positive change,' Mr. Apichai concluded. Mr. Koshiro Kudo, Chairman of the Japan Petrochemical Industry Association and the next APIC host, praised Thailand's role in this year's event, saying: 'Thailand did an outstanding job hosting APIC 2025. The discussion topics and the exchange of perspectives were well-aligned with the theme 'Ensuring a Transformed World Prosperity' and addressed it comprehensively. The conference delivered a positive impact both nationally and regionally. As Japan takes on the honor of hosting the next APIC, we are proud and delighted to welcome member associations and global representatives to continue fostering collaboration and driving the petrochemical industry in Asia toward a global stage.' APIC 2025 serves as a key platform bringing together experts and opinion leaders from the petrochemical industry. It facilitates the exchange of views, exploration of business expansion opportunities, and strengthening regional and global cooperation. The event aims to foster regional collaboration, create business opportunities, and drive innovation toward global sustainability and growth, as outlined below: --> Executive Panel: Top executives, including Narongsak Jivakanun, Chief Executive Officer of GC, Sakchai Patiparnpreechavud, Chief Executive Officer & President of SCGC, and leaders from Gulf Petrochemicals & Chemicals Association (GPCA) and McKinsey & Company, shared their vision in the session 'Building a Sustainable Future: The Role of the Chemical Industry in a Transformed World'. Discussions explored trends, challenges, and the path forward for the petrochemical sector. --> Empowering Women in Asia's Chemical Industry: This panel, organized by Women in Chemicals, emphasized the importance of supporting female leadership across the region. Featured speakers included Khunying Thongtip Ratanarat, Member of Council of Trustees & Advisor, Petroleum and Energy Institute of Thailand (PEIT), and Anusara Suthikulavet, President and CEO, UBE Chemicals (Asia), spotlighting the impact of women in advancing the industry. --> Exhibition & Networking Zone: A dynamic space where regional and global companies connected, showcased new technologies, and explored partnerships, strengthening the international business network in petrochemicals. --> Sustainability & Circular Economy Discussions: Focused on actionable pathways for sustainable industry growth and meaningful cross-border cooperation. APIC 2025 integrated Green Meeting practices, following the Thailand Convention and Exhibition Bureau (TCEB) guidelines. Measures included paper reduction, sustainable catering, resource optimization, waste management, and awareness campaigns, reflecting the industry's commitment to responsible operations.
CNA
07-05-2025
- Business
- CNA
Thai business group says US tariffs will deliver hit to economy
BANGKOK :Thailand's economy and exports will grow less than expected this year because of U.S. tariffs, a leading business group said on Wednesday, adding the country could lose market share in the United States if a tariff reduction was not secured. Southeast Asia's second-largest economy was now expected to grow between 2.0 per cent and 2.2 per cent this year, down from a previous forecast of 2.4 per cent to 2.9 per cent growth, the Joint Standing Committee on Commerce, Industry and Banking said. And exports, a key economic driver, were seen growing by between 0.3 per cent and 0.9 per cent this year, down from earlier projection of 1.5 per cent to 2.5 per cent growth, while expected tourist arrivals were cut to 36 million to 37 million, down from 39 million to 39.5 million. Thailand is among the Southeast Asian nations hardest hit by U.S. President Donald Trump's trade policy, facing a 36 per cent tariff on shipments to its biggest export market if a reduction cannot be negotiated before July. If the tariffs stand, the economy might grow by just 0.7 per cent this year, and lost export revenue over the next decade could be 1.4 trillion baht ($43 billion), said Kriengkrai Theinnukul, chair of the Federation of Thai Industries, part of the group. There was also a risk that other countries might negotiate better tariff terms and weaken Thai exports to the United States, Kriengkrai said. The United States took more than 18 per cent of Thai exports last year, worth $55 billion. Washington has put its trade deficit with Thailand at $45.6 billion. Kriengkrai said business was also worried about the strength of the baht, saying the government should make sure the currency does not appreciate too fast or become too volatile. The finance ministry last week cut its forecast for economic growth this year to 2.1 per cent from 3 per cent due to the impact of U.S. tariffs and a global slowdown. Thailand's economy has lagged regional peers since the pandemic, and the group said tariffs added to structural challenges such as high levels of household debt. ($1 = 32.64 baht)
Yahoo
01-05-2025
- Automotive
- Yahoo
Thai vehicle sales decline down slightly in March
Thailand's new vehicle market declined slightly to 55,798 units in March 2025 from a weak 56,099 units a year earlier, according to the latest wholesale data released by the Federation of Thai Industries (FTI). The market looks like it is beginning to bottom out after two years of sharp decline, much of which has been blamed on stricter lending criteria introduced by banks and auto finance companies in response to rising levels of non-performing loans (NPLs) - leaving the country's highly indebted consumers and small businesses struggling to access financing. FTI data show vehicle sales last year fell by 26% to 572,675 units from 775,780 in 2023 - the lowest level since 2009, with the auto loan rejection rate reported to have exceeded 70% during the year. Vehicle sales in the country declined by 6.5% to 153,193 units in the first quarter of 2025 from 163,756 units in the same period of 2024, with sales of pickup trucks declining by 13% to 40,475 units; passenger pickup trucks 9,387 units (-4%); internal combustion engine (ICE) passenger vehicles 37,555 units (-14%); hybrid vehicles 35,781 units (-2%), while sales of battery electric vehicles (BEVs) increased by 19% to 22,737 units. At the end of March, the Thai government made available THB 5 billion to fund a loan guarantee programme to support the country's struggling pickup segment. The programme, scheduled to run until the end of the year, offers loan guarantees for small and medium-sized businesses planning to purchase pickup trucks for business purposes. The government has also approved a lower sales tax rate for plug-in hybrid electric vehicles (PHEVs), scheduled to become effective from the beginning of 2026. Thailand remains the ASEAN region's largest vehicle producer, despite a 14% drop in output to 352,499 units in the first quarter of 2025. Exports fell by 19% to 220,139 units, due to lower overseas demand, rising competition from China-based automakers and tightened emissions regulations in some key markets. The Federation now expects full-year vehicle output to drop to 1.4 million units in 2025, down from the 1.5 million units it had forecast earlier in the year. This compares with 1.84 million units produced in 2023. Vehicle and component manufacturers also face the added pressure of new import tariffs in the US. "Thai vehicle sales decline down slightly in March" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
BusinessToday
29-04-2025
- Automotive
- BusinessToday
Thailand's Auto Production Down 6.9% In March
Thailand's auto production continued to contract in March but at a slower pace due to higher output of electric vehicles (EV) for the domestic market, data from the Federation of Thai Industries (FTI) showed on Tuesday. Thai auto manufacturers produced 129,909 vehicles last month, down 6.09 percent from a year earlier and easing from a 13.62 percent decline in February, mainly owing to a major fall in trucks and fuel-powered passenger cars, according to the FTI. For the first quarter of 2025, auto production slumped 14.88 percent over the previous year to 352,499 units, despite significant growth in plug-in hybrid and pure EVs, said FTI Automotive Industry Club spokesperson Surapong Paisitpattanapong. Domestic auto sales dipped 0.54 percent year-on-year to 55,798 units in March as sales of pickup trucks dropped amid tightened lending practices among financial institutions, high household debt, and a slowing economy, Surapong told a news conference. The Southeast Asian country's finished car exports plunged 14.91 percent from a year earlier to 80,914 units in March, attributed to model changes for certain passenger vehicles and stricter carbon emission regulations in some markets, Surapong said. Related
