Eurozone Debt Crisis Not Worrisome To Thailand: Finance Minister

[webfact]

Eurozone debt crisis not worrisome to Thailand: Finance Minister

BANGKOK, June 28 - The current eurozone debt crisis is not worrisome to Thailand, thus no measures are needed to deal with the situation, a gathering of Thailand’s commerce counselors around the world was told today by the deputy prime minister/finance minister.

The meeting held Thursday led by Deputy Premier/FinanceMinister Kittirat Na-Ranong to find measures and strategies to help Thai exporters cope with Europe's economic woes.

As the current Thai export situation is positive, despite a slowdown earlier this year, commerce counsellors were assigned to monitor markets outside Europe to develop more distribution channels in growing economies such as China, India and Brazil.

The sense of the meeting was that the ASEAN economy will continue to expand and that Thailand's export sector will be pushed to grow at 15 per cent this year, as previously targetted.

Thailand will resume its frozen chicken exports to Europe on July 1 after being banned for several years while Europe chose to import the product from Brazil. Manufactured goods sent to Europe to be closely monitored include jewelry and accessories, as well as textiles and garments.

Meanwhile, Federation of Thai Industries (FTI) Chairman Payungsak Chartsuthipol announced that the organisation is holding a seminar July 11 with Siam Commercial Bank to analyse the impacts on Thailand's export sector from the eurozone debt crisis and the slowdown of Chinese and the Indian economies.

He said the Thai export sector is to be watched closely, for it is affected directly from the export ratio (10%) to Europe and indirectly to China and Japan, which both highly depend on their exports to the continent. China's export to Europe count for 20 per cent, while Japan's export to the continent for 12 per cent.

Thai exporters must work more cooperatively with the government to search for new markets affected the least by Europe's economic problems.

Strategies include cross-border trade expansion with neighbouring countries, which is annually worth around Bt900 billion in value. (MCOT online news)

-- TNA 2012-06-28

[MaxLee]

Of course he says it's not worrisome, because this dude collects all the population's tax money to enrich himself. Those people always get bailed out by corruption, while the middle size business sector will suffer big time, dudes.

[givenall]

Nothing is worrisome to Thailand especially to the one matters, the rich. Just like the flood that really did not do any harm to common people

[andytime]

Nothing to worry about..... move along remember thailand is a hub for "everything" and that HUB is now the buying hub for just about every product thailand produces (prawns, rice, onion, rubber, pineapples, tapioca et al).. little wonder Thailand has food inflation. You don't think some of the other products that Thailand ships to China are used in finished products shipped onto other markets and that these might slow. I am really surprised his nose is not growing!!!!

Edited June 28, 2012 by andytime

[puipuitom]

Of course no worry for the rich of Thailand or those, who can lift tax payers money into theri own.

But.. when the Europeans are going to be more carefull with their money, they will buy.. Greek/Italian/Spanish peaches/apricots instead of Thai mango's, will travel to close-bye tourist destinations and will postpone a lot of other purchases.

Second: they will lower the prices (in US$ / THB) of their industrial goods, being more competative, like to Thai made products.

To understand that, you even do not need European high school economics but for sure more as Thai Gov'mt grade.

[how241]

Nothing is worrisome to Thailand especially to the one matters, the rich. Just like the flood that really did not do any harm to common people

+1

[belg]

nice to see the crisis is all over the world, except thailand.... their labour cost and inflation goes up, the rice export is slowing down thanks to the profiteering of the rice middle men, but hey, no problems for thailand

all is nice and well, all rich in 6 months, right ?

[hawker9000]

Translation:

Eurozone debt crisis IS worrisome to Thailand.

(for those of you who don't speak Thai... )

[rbrooks]

Thailand is to other countries like Mars is to Earth, unreachable, mysterious and really out of this world. That is the allure of Amazing Thailand. Anything goes and everything is possible, you just need some imagination and loads of Sing beer or Thai whiskey.

[RogueLeader]

no measures are needed to deal with the situation

Hurrah! No-one needs to do anything! Trebles all round...