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Min of Commerce invites public sector to yuan meeting

BANGKOK, 17 August 2015, (NNT) - The Ministry of Commerce will invite Thai Chamber of Commerce (TCC), Thai National Shippers' Council (TNSC) and National Economic and Social Development Board (NESDB) to tomorrow's meeting on ways to handle the devaluation of China's yuan.

Commerce Minister General Chatchai Sarikalya said tomorrow's meeting would also produce strategies for the export sector to ship more products, especially intermediate goods for projects upstream and midstream to China. He revealed that the country has been importing these goods from Thailand in large volumes.

Despite the fact that China has devalued its currency multiple times, General Chatchai is confident that the effect of yuan devaluation would only be short-term. He said Thailand should take the opportunity to sell more products to the nation.

The ministry has affirmed it will not revise this year's export target, which was previously reduced to 3 percent contraction.

Meanwhile, Mr. Yong Suksudprasert, Chairman of the Thai-Chinese Chamber of Commerce, said it is not certain that the yuan's depreciation would have a direct effect on Thailand's exports.


-- NNT 2015-08-17

[Jimlove]

Despite the fact that China has devalued its currency multiple times, General Chatchai is confident that the effect of yuan devaluation would only be short-term. He said Thailand should take the opportunity to sell more products to the nation.

Meanwhile, Mr. Yong Suksudprasert, Chairman of the Thai-Chinese Chamber of Commerce, said it is not certain that the yuan's depreciation would have a direct effect on Thailand's exports.

Sounds easy just to sell more to China but I guess thats why he is a General and not an Economist ... dooohhhh

Mr. Yong is not certain about the effect ... Wow the incompetence here is astonishing, just ask TAT and Ms. Popcorn, they will know the answer ...

[Thai at Heart]

Use it to sell more? Huh. Imports into China just got more expensive.

[BuaBS]

What are they talking about ? Even with the SMALL devaluation , CNY is as strong as ever compaired to the THB and many others !

[Srikcir]

Short term impacts may have long term affects on Thailand's already collapsing economy:

Director of the Center for Economic and Business Forecasting of the University of the Thai Chamber of Commerce - "He noted that the currency devaluation might contract Thai exports and affect Chinese tourists to the Kingdom."

Deputy Commerce Minister Apiradi Tantraporn - "Thailand's exports of electrical and home appliances as well as building materials could face fiercer competition from Chinese products"

Pornpimol Kanchanalak, China's curreny devaluation, Thailand's economic nightmare, The Nation 2015-08-13 - "Tourism, our No 1 foreign exchange earner, will likely suffer due to shrinking purchasing power and disposable income among the Chinese, who constitute the largest portion of our visitors."

Tim Leelahaphan, an economist with Maybank Kim Eng Securities (Thailand) - "China and Thailand are both emerging markets with similar products so the depreciation means that Thailand's export of products that are similar to China, especially in the export of agriculture products, will suffer,"

Vichai Assarasakorn, vice chairman to Thai Chamber of Commerce - "Thai traders, especially those who do business with China, need to closely monitor the currency movement as it could affect Thai exports to China."

China has little or no concern for its import partners. The Junta needs to be more pragmatic about its trade relationship with China than viewing it as its economic savior.