Thailand’s industrial confidence dips ahead of April wage hike
The Industrial Confidence Index (ICI) of Thailand has declined despite continued export growth, as businesses, especially SMEs, expressed concern over the upcoming minimum wage hike in April.
Bangkok (NNT/VNA) - The Industrial ConfidenceIndex (ICI) of Thailand has declined despite continued export growth, asbusinesses, especially SMEs, expressed concern over the upcoming minimum wagehike in April.
President of the Federation of Thai Industries JenNamchaisiri revealed that the February ICI polling 45 industrial sectorsdeclined to 89.9 from 91 in January.
The decline was due to concerns over rising principle costs for raw materials,the upcoming wage hike, and greater competition. Exporters are also concernedabout currency risks and potential trade barriers.
Large businesses remained confident, thanks to an increase inpurchase orders and sales abroad, especially in the auto and auto parts, food,electronics, and petrochemical industries.
The auto industry in February reportedly produced more than178,000 cars, an increase of 15.3 percent compared to the same period lastyear.
Domestic car sales totalled over 75,000 vehicles, an increase of 10.3 percentwhile car exports hit over 102,000 vehicles, an increase of 4.05 percent.
Auto exports have expanded for the fourth straight month, with major buyersbeing the Middle East, Central and South America, and Australia.-VNA
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Thailand’s Department of International Trade Promotion (DITP) has set a target of 6.5 percent growth for exports to member countries of the Association of Southeast Asian Nations (ASEAN).
Thailand’s export sector during the first two months of 2018 has reportedly grown by 13.8 percent from the same period last year, the highest rate in seven years.
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The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
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