Economy grew in June due to export, tourism growth

The Bank of Thailand reported that the economy grew continuously in June, with a 7.6 percent increase in exports compared to the same period last year. The export growth was the result of expansion in electronic and processed agricultural products and products whose export value fluctuates with the price of crude oil. There was an 11.4 percent increase in tourists from almost all countries compared to the same period last year, resulting in higher spending in the service sector. There has been not yet been an economic impact assessment of flooding in the North East, however the senior director believes the flooding conditions will have a short-term impact on the Thai economy and that the impact will be smaller than the latest flooding in the southern region. The economy is predicted to grow more in the second quarter than in the first but outside factors such as a policy increase by the Fed in the United States could have an effect.

Although passenger traffic growth at the six major airports slowed in first half of 2017 due to several factors including the crackdown on zero dollar tours from China and the partial closure of one of the runways at Suvarnabhumi for two months earlier this year. Growth remained healthy with Suvarnabhumi seeing 6.67 percent year on year growth reaching 30.3 million passengers, Don Mueang saw passenger traffic rise 8.15 percent to 18.9 million. Phuket traffic rose 10.1 percent to 8.44 million; Chiang Mai, grew 8.31 percent to 5 million; Hat Yai was up 14.8 percent to 2.22 million; and Chiang Rai, had the highest growth rate at 22.1 percent to 1.2 million. The Ministry of Tourism reported Ministry of Tourism and Sports reported 4.4 percent growth in international arrivals year on year. In the first half of 2017 the country saw 17.3 million international arrivals, contributing 87.6 billion baht to the Thai economy.

Thai AirAsia is adding two new routes to India believing that the growing number of Indian tourists will be attracted to Bangkok and Thailand. Indians are the sixth most request visitors to Thailand with 1.19 million Indian travelers visiting the country. TAA already operates four non-stop flights; Chennai, Bengaluru, Kolkata and Kochi as well as the two new routes to Jaipur and Tiruchirappalli. The Department of Tourism is hoping to boost Indian tourist arrivals by 8 percent in 2017.

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Any foreigner working in Thailand must obtain a Work Permit before beginning work. While a prospective employer may file an application on the foreigner’s behalf in advance of his starting work, the actual Work Permit will not be issued until the foreigner has entered Thailand in accordance with the immigration laws and has presented himself to receive his Work Permit.

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