Latest news with #ThanavathPhonvichai
CNA
3 days ago
- Business
- CNA
Thai consumer confidence hits 27-month low in May over US tariffs
BANGKOK: Thai consumer confidence dropped for a fourth consecutive month in May, falling to its lowest level in 27 months, due to concerns over US tariffs and a sluggish economy, a survey showed on Thursday (Jun 12). The consumer index of the University of the Thai Chamber of Commerce fell to 54.2 in May from 55.4 in the previous month, the university said in a statement. "The current situation clearly indicates that from the consumers' perspective, the economy is not good, with no signs of recovering," university president Thanavath Phonvichai told a press conference. Thailand will face a 36 per cent US tariff if it fails to negotiate a reduction before a moratorium expires in July. A tariff of 10 per cent has been set for most nations while the moratorium is in place. Southeast Asia's second largest economy has yet to begin negotiations with the United States. "At this time, it is unclear whether Thailand will be able to negotiate successfully in time," Thanavath said. The estimated damage to the economy from lost exports and tourism revenues will be around 150 billion to 200 billion baht (US$4.6 billion-US$6.2 billion), he added.
Business Recorder
3 days ago
- Business
- Business Recorder
Thai consumer confidence hits 27-month low in May over U.S. tariffs
BANGKOK: Thai consumer confidence dropped for a fourth consecutive month in May, falling to its lowest level in 27 months, due to concerns over U.S. tariffs and a sluggish economy, a survey showed on Thursday. The consumer index of the University of the Thai Chamber of Commerce fell to 54.2 in May from 55.4 in the previous month, the university said in a statement. 'The current situation clearly indicates that from the consumers' perspective, the economy is not good, with no signs of recovering,' university president Thanavath Phonvichai told a press conference. Thailand will face a 36% U.S. tariff if it fails to negotiate a reduction before a moratorium expires in July. A tariff of 10% has been set for most nations while the moratorium is in place. Southeast Asia's second largest economy has yet to begin negotiations with the United States. Thai consumer confidence hits 7-month low in April due to US tariffs 'At this time, it is unclear whether Thailand will be able to negotiate successfully in time,' Thanavath said. The estimated damage to the economy from lost exports and tourism revenues will be around 150 billion to 200 billion baht ($4.6 billion-$6.2 billion), he added. Last month, Thailand's state planning agency slashed its growth forecast range by one percentage point to 1.3% to 2.3% this year, warning that the impact of the tariffs would last for two years.
New Straits Times
3 days ago
- Business
- New Straits Times
Thai consumer confidence hits 27-month low in May over US tariffs
BANGKOK: Thai consumer confidence dropped for a fourth consecutive month in May, falling to its lowest level in 27 months, due to concerns over US tariffs and a sluggish economy, a survey showed on Thursday. The consumer index of the University of the Thai Chamber of Commerce fell to 54.2 in May from 55.4 in the previous month, the university said in a statement. "The current situation clearly indicates that from the consumers' perspective, the economy is not good, with no signs of recovering," university president Thanavath Phonvichai told a press conference. Thailand will face a 36 per cent US tariff if it fails to negotiate a reduction before a moratorium expires in July. A tariff of 10 per cent has been set for most nations while the moratorium is in place. Southeast Asia's second largest economy has yet to begin negotiations with the United States. "At this time, it is unclear whether Thailand will be able to negotiate successfully in time," Thanavath said. The estimated damage to the economy from lost exports and tourism revenues will be around 150 billion to 200 billion baht (US$4.6 billion-US$6.2 billion), he added. Last month, Thailand's state planning agency slashed its growth forecast range by one percentage point to 1.3 per cent to 2.3 per cent this year, warning that the impact of the tariffs would last for two years.
The Sun
15-05-2025
- Business
- The Sun
Thai Consumer Confidence Falls for Third Month
BANGKOK: Thai consumer confidence dropped for a third straight month in April, hitting its lowest level in seven months due to concerns over U.S. tariffs and a slow domestic economic recovery, a survey showed on Thursday. The consumer index of the University of the Thai Chamber of Commerce fell to 55.4 in April from 56.7 in the previous month, the university said in a statement. 'Confidence has steadily declined... due mainly to the trade war', university president Thanavath Phonvichai told a press conference. 'Purchasing power remains stagnant, suggesting confidence is still in a downward trend,' he said, adding consumers were hesitant to make purchases, especially on durable goods, homes, vehicles, and travel. Thailand will face a 36% U.S. tariff if a reduction can't be negotiated before a moratorium expires in July. The U.S. has set a 10% tariff for most nations while the moratorium is in place. Thailand has sent a trade proposal to Washington as part of its efforts to avoid the tariffs, Finance Minister Pichai Chunhavajira said on Wednesday. Thanavath said if tariffs remained at 10% for most nations, then it could cut Thailand's economic growth by up to 1 percentage point this year. Earlier this month, the finance ministry cut its 2025 forecast for growth in Southeast Asia's second-largest economy to 2.1% from 3% due to the impact of U.S. tariffs and a global slowdown. The economy expanded 2.5% last year, lagging regional peers..
The Sun
15-05-2025
- Business
- The Sun
Thai consumer confidence hits 7-month low in April due to U.S. tariffs
BANGKOK: Thai consumer confidence dropped for a third straight month in April, hitting its lowest level in seven months due to concerns over U.S. tariffs and a slow domestic economic recovery, a survey showed on Thursday. The consumer index of the University of the Thai Chamber of Commerce fell to 55.4 in April from 56.7 in the previous month, the university said in a statement. 'Confidence has steadily declined... due mainly to the trade war', university president Thanavath Phonvichai told a press conference. 'Purchasing power remains stagnant, suggesting confidence is still in a downward trend,' he said, adding consumers were hesitant to make purchases, especially on durable goods, homes, vehicles, and travel. Thailand will face a 36% U.S. tariff if a reduction can't be negotiated before a moratorium expires in July. The U.S. has set a 10% tariff for most nations while the moratorium is in place. Thailand has sent a trade proposal to Washington as part of its efforts to avoid the tariffs, Finance Minister Pichai Chunhavajira said on Wednesday. Thanavath said if tariffs remained at 10% for most nations, then it could cut Thailand's economic growth by up to 1 percentage point this year. Earlier this month, the finance ministry cut its 2025 forecast for growth in Southeast Asia's second-largest economy to 2.1% from 3% due to the impact of U.S. tariffs and a global slowdown. The economy expanded 2.5% last year, lagging regional peers..
