Government Working to Mitigate Effects of Russia-Ukraine Crisis on Thai Trade

[snoop1130]

 

BANGKOK (NNT) - The Russia-Ukraine crisis has continued to impact Thailand’s import and export trade, with both manufacturers and consumers being affected by rising oil prices that have caused a spike in inflation.

 

According to Deputy Prime Minister and Commerce Minister Jurin Laksanawisit, a close analysis of downward trends in trade volumes since the fighting broke out has revealed a correlation that most experts attribute to volatility in the value of the Russian ruble. As a result, Thai businesses have reduced volumes of trade to mitigate against the increased risk of price fluctuations, in a trend that is being repeated all around the world.

 

Jurin said all ministries are now working on ways to dampen the rising costs of energy products and consumer goods in order to spare both producers and consumers the worst of the economic fallout resulting from the conflict. He added that the administration is also putting extra resources into enforcing laws prohibiting price gouging for all products.

 

The minister further noted that the government will continue its policy of strict price controls on vital consumer staples, which have been grouped into 18 categories regardless of how the situation in eastern Europe plays out.

 

Jurin also defended caps placed on the prices of various electric home appliances, such as refrigerators and rice cookers, as being guided by their universal necessity and the impact that changes in more expensive items can have on the overall cost of living among the public.

 

-- © Copyright NNT 2022-03-07

 

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[smedly]

7 hours ago, snoop1130 said:

The Russia-Ukraine crisis has continued to impact Thailand’s import and export trade

get a backbone and step outside your tiny world of greed and corruption - you may think you can sit on the fence .....................you cannot, go ahead and stay silent - that actully means you are taking sides - there is no nuetral ground with this - you either support what idiot Putin is doing or you don't, there is no stting on the fence with this 

[Soikhaonoiken]

They only ever think of what effect it will have on tourist numbers and the Baht.....

[Srikcir]

The War (hardly just a crisis) between authoritarian states (Russia, Belarus, Syria) and democratic states presents Thailand with a conundrum - to whom does Thailand surrender?

[Cake Monster]

Reduced volumes of Trade, both Import and Export is going to happen whatever the Government tries to do to mitigate the effects of the Russian Invasion on Ukraine.

Exports will be particularly hard hit, because Business's and Agent have no way now of getting paid for their product by the Russians.

The only way Thailand can continue any kind of Trade with Russia is to re-route all exports through China and use the CIPS payment system, making all product roughly 40 % more expensive to a Country that will have no Money to buy it.

[Srikcir]

With the ruble falling to almost half its value to the baht since 2021 year-end, Thailand should immediately buy all the Russian oil that it can.  

[Srikcir]

Mitigating effects:

Putin just released a list of "unfriendly" countries. Obviously related to Russia's "intrusion" into Ukraine.

The list includes "Australia, UK, EU countries, Iceland, Canada, Liechtenstein, Monaco, New Zealand, Norway, (S.) Korea, San Marino, Singapore, USA, Taiwan (recognized as a country!"), Ukraine (duh!), Montenegro, Switzerland, Japan,"

https://www.businessinsider.com/russia-publishes-list-unfriendly-countries-Ukraine-war-condemnation-2022-3

From the perspective of investment and trade with Thailand, if Thailand is too supportive of Russia during its occupation of Ukraine, mitigation with some of these countries might prove complicated.