DPM Somkid holds urgent meeting re impact of US-China trade war on Thai exports

 

 

Thailand’s Deputy Prime Minister Somkid Jatusripitak called an urgent meeting of his economic team at Government House today to assess the impact on Thai exports of the latest moves in the US-China trade war.

 

An informed Government House source said that Deputy Commerce Minister Ms. Chutima Boonyapraphat had been instructed to present the latest updates on the escalating trade war.

 

The source said that there is serious concern that the intensification of the trade war between the world’s two biggest economies will seriously disrupt the global economy and impact Thai exports and tourism industry.

 

Full story: https://www.thaipbsworld.com/dpm-somkid-holds-urgent-meeting-re-impact-of-us-china-trade-war-on-thai-exports/

 

 

-- © Copyright Thai PBS 2019-05-14

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Somkid is not dealing with a full deck. Trade war has no effect on Thailand. Actually might help Thailand.

Thailand should be on the receiving end of US sanctions. 

22 minutes ago, holy cow cm said:

Somkid is not dealing with a full deck. Trade war has no effect on Thailand. Actually might help Thailand.

It has been Malaysia and Vietnam that has benefited the most with the transference of manufacturing plants out of China into neighbouring countries. Laos and Cambodia are also looking good to get some benefit but for whatever reason Thailand seems to be on the nose and has been left out of the shuffle.

Plenty of reasons could be found to explain that.

 

this reminded me of Friday's article:

US-China trade row won’t hurt Thai exporters

an assessment by the Ministry of Commerce...

 

Hasn't hurt the Thai Baht up till now

Thailand runs a large surplus with the US and might soon  be on Trump's hit list once he has finished with China.

13 minutes ago, Pedrogaz said:

Thailand runs a large surplus with the US and might soon  be on Trump's hit list once he has finished with China.

One can hope one of the issues would be the taxes on wine. Somebody needs to bitchslap some sense into it.

U.S. tariffs on China goods may cut Thai exports as much as $6.7 billion - ministry

  



FILE PHOTO: A crane is seen at the port of Bangkok, Thailand May 26, 2016. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand's exports could fall between $5.6 billion to $6.7 billion because of new U.S. tariffs on Chinese goods, the Thai commerce ministry said on Tuesday.

 

Full story: https://forum.thaivisa.com/topic/1100423-us-tariffs-on-china-goods-may-cut-thai-exports-as-much-as-67-billion-ministry/

Somkid March 2019:

• although all countries in the world have been confronting challenges and high uncertainties due to the slowing global economy and shrinking global trade and exports, Thailand’s internal factors remained strong as a result of economic stimulus, economic reforms and the new wave of domestic investment.   http://www.nationmultimedia.com/detail/Economy/30365190

17 minutes ago, Srikcir said:

Somkid March 2019:

• although all countries in the world have been confronting challenges and high uncertainties due to the slowing global economy and shrinking global trade and exports, Thailand’s internal factors remained strong as a result of economic stimulus, economic reforms and the new wave of domestic investment.   http://www.nationmultimedia.com/detail/Economy/30365190

It gets worrisome with all these infrastructure projects at a time when there are economic uncertainties. Thailand will take a lot of debts while the investment climate is so weak. It’s akin to a large housing projects with a poor demand. What’s left would probably be empty real estates. Wiser for Somkid to re-prioritize the projects to a longer time frame. 

This guy is soon going to have to start to create some very clever accounting once all the new boys start their management of Thailand.....

38 minutes ago, Eric Loh said:

It gets worrisome with all these infrastructure projects at a time when there are economic uncertainties. Thailand will take a lot of debts while the investment climate is so weak. It’s akin to a large housing projects with a poor demand. What’s left would probably be empty real estates. Wiser for Somkid to re-prioritize the projects to a longer time frame. 

Can we expect the infrastructure projects to be completed then lay abandoned, as we have seen with fleets of buses and fire trucks?

Bugeted, budget fleeced, paid for, received and then no longer of any use. 

3 hours ago, holy cow cm said:

Somkid is not dealing with a full deck. Trade war has no effect on Thailand. Actually might help Thailand.

It certainly wont help Thailand.

A large percentage of product is actually manufactured here in Thailand and then sent China for export, and will therefore incur the Tariffs.

For ages now, China has been offloading large quantities of raw billet steel and aluminium into Thailand, so as not to incur tariffs upn t. It has hen been turned intc consumer goods and electronic components and sent back to China as finished product.

Make a bed and lie in it 

 

4 minutes ago, Cake Monster said:

It certainly wont help Thailand.

A large percentage of product is actually manufactured here in Thailand and then sent China for export, and will therefore incur the Tariffs.

For ages now, China has been offloading large quantities of raw billet steel and aluminium into Thailand, so as not to incur tariffs upn t. It has hen been turned intc consumer goods and electronic components and sent back to China as finished product.

Make a bed and lie in it 

 

It will actually help the agricultural food areas. Makes Thailand more competitive say like for the USA.

1 hour ago, Oziex1 said:

Can we expect the infrastructure projects to be completed then lay abandoned, as we have seen with fleets of buses and fire trucks?

Bugeted, budget fleeced, paid for, received and then no longer of any use. 

You mean something like this? 

 

http://www.thebohemianblog.com/2014/02/welcome-to-ordos-world-largest-ghost-city-china.html

 

Mega projects are good for putting a country on a leash by lending the local usurpers du jour some cash they can fill their troughs with. Never mind sovereignty when there's yuan to be made, sell it all.

4 hours ago, holy cow cm said:

Somkid is not dealing with a full deck. Trade war has no effect on Thailand. Actually might help Thailand.

Thailand supplies china with many things including car parts that are shipped on to other countries.the whole of the euro zone are worried about the trade war because it actually affects the rest of the world.we are talking about a trade war between two of the big boys here,not The falklands and the Maldives.

But,but ,but we were informed last week that it wouldn't effect good old bullet proof Thailand.

why do these people always deny,deny,deny and then a few days later pop up with a face like a smacked arse and admit the truth.

like someone pointed out earlier.if trump knew what taxes thailand  imposed on US goods he would go all out on Thailand.

i remember when he met the Thai pm chan o cha cha he said he couldn't work out why there was such a trade deficit between Thai-US.hes stinging china because of things like 40% tax on US car imports,if he knew what Thailand taxed US imports he would want to nuke the place.

Edited May 14, 20197 yr by happy chappie

59 minutes ago, holy cow cm said:

It will actually help the agricultural food areas. Makes Thailand more competitive say like for the USA.

With all the banned pesticides they use here I can't see that happening 

4 hours ago, DrTuner said:

Thailand should be on the receiving end of US sanctions. 

And guess who would be first to feel the impact? 

Expats looking for their Post breakfast cereals, Jif peanut butter, and USDA Steaks. 

You've never lived in a country with sanctions, have you? 

 

50 minutes ago, Small Joke said:

You've never lived in a country with sanctions, have you? 

I've lived in one where US imports were a rare luxury (Finland, 70-80's, nestled at the bosom of USSR until they managed to implode). Won't die due to lack of peanut butter and Thais would likely cave in quicker than they opened the door to the japs back in -41.

 

2 hours ago, DrTuner said:

You mean something like this? 

 

http://www.thebohemianblog.com/2014/02/welcome-to-ordos-world-largest-ghost-city-china.html

 

Mega projects are good for putting a country on a leash by lending the local usurpers du jour some cash they can fill their troughs with. Never mind sovereignty when there's yuan to be made, sell it all.

Ordos is not a ghost city in China today. You should have read the comment by John in that link of yours. Also, watch the explanation given about Ordos and other "ghost cities" in this video:

 

 

1 hour ago, DrTuner said:

I've lived in one where US imports were a rare luxury (Finland, 70-80's, nestled at the bosom of USSR until they managed to implode). Won't die due to lack of peanut butter and Thais would likely cave in quicker than they opened the door to the japs back in -41.

Ok granted, but as a fellow wine aficionado, I noted your comment on wine. 

I believe we expats are the only ones who suffer, and will suffer, as sophisticated Thais likely don't even feel the pain, as we all know this place runs on dirty money, so it's not really ever their 'hard earned' money, just the cream of the trough. I remember decades ago when I was young and charming, falling into a fast crowd at Spasso (the Hyatt Erawan Resto/Nightclub, for those wondering) the top shelf spirits flowed, I was appointed 'farang wine expert' by my drunk new best friends. The wine list was staggering, I didn't want to embarrass the crowd by selecting some middling to good stuff, even then, starting around three grand THB. I tactfully got this across, the response? Oh don't worry! The UNHCR (Cambodia) is paying! ????

Think about that next time they ask for UN donations on your next international flight.

Edited May 14, 20197 yr by Small Joke

2 hours ago, happy chappie said:

But,but ,but we were informed last week that it wouldn't effect good old bullet proof Thailand.

why do these people always deny,deny,deny and then a few days later pop up with a face like a smacked arse and admit the truth.

like someone pointed out earlier.if trump knew what taxes thailand  imposed on US goods he would go all out on Thailand.

i remember when he met the Thai pm chan o cha cha he said he couldn't work out why there was such a trade deficit between Thai-US.hes stinging china because of things like 40% tax on US car imports,if he knew what Thailand taxed US imports he would want to nuke the place.

He'd be aware.

The Embassies, are not here for the likes of us, that's PR fluff, and why they don't help much when you're up shit creek.

They're literally ambassadors to the White House, Westminster, the Kremlin, etc.

You'll be aware that there is a very delicate dance in SE Asia at the moment.

The US have bases in Thailand, and all over this part of the world and everywhere else.

The Chinese have projects, and open checkbooks, in countermeasure.

 

I'm hope I'm not being condescending when I say that all of us here are nobodies, fed a media diet of whatever our elites feel will drive their agendas, regardless of whether were left or right, we're all puppets.

My point is, the West will not punish Thailand if it means it will damage its own strategic policy, no matter how badly they behave.

 

Look at what laughing boy in Cambodia gets away with! He's playing both sides like a violin, and has done since he left the Khmer Rouge. He really should have been jailed for that legacy alone, but, the 'bigger strategic picture' always drives the agenda, folks.

 

Terrible thing that Chinese goods are likely to be reduced in price to increase demand to make up for the reduced orders going to the United States. Even worse is that many people will move to Thai goods to replace any Chinese goods that might go up in price. Thailand stands to be one of the winers in this trade war.