New business registrations reach 5 year high in 2017
New businesses registered in 2017 reached a five year high with a total of 74,517 companies registering, due to the government's business promotion and infrastructure investment, growth in tourism, and global economic recovery. The number of new business registrations totaled 74,500 in 2017, up 16% from 64,200 in 2016 and is expected to top 75,000 in 2018. The total registered capital of new companies also jumped 119% year-on-year to 519 billion baht. In addition to the government’s infrastructure investment’s the director cited the growth was due in large part to largely because of the government's tax incentives to support individual entrepreneurs, especially for gold trading, drug stores and real estate, and new regulations that allowed them to establish their businesses through juristic persons.
After International Air Transport Association (Iata) released its passenger forecast last year predicting Thailand will reach the 10th largest aviation players in the next 20 years the Aeronautical Radio of Thailand (Aerothai) urged aviation authorities to kick-start immediate reforms in airspace routing and management. Iata predicted Thailand should reach 3 million flights a year in the next 18 years, currently the country has over one million a year. Aerothai has commissioned the help of British authorities to conduct studies to come up with milestones the authority must reach to successfully handle 3 million flights by 2036. Aerothai is the main regulator of air traffic in Thailand and is working to manage airspace usage by reviewing air passageways to allow for more flights in the same space, the director cited the United Kingdom with twice as many flights and less airspace.
Exports growth in 2017 reached 9.9 percent, the highest in six years due to higher purchases from the U.S., E.U., Asean, and China. The value of exports totaled US$237 billion or 7.5 trillion baht and top shipments included rubber products, electronics, oil-related products, rice, automobiles and auto parts which all rose. Border trade also rose in 2017, up 6.2 percent to 1.1 trillion baht. Agricultural products were also top performers; rice, rubber, fruit and chicken. In 2017, rice exports hit a record of 11.6 million tons. The Commerce Ministry predicts exports will rise about 5-7 percent in 2018 as concerns about a stronger baht, protectionist trade policies out of the U.S. and higher wages.