Gems and Jewelry exports continue to grow
Gems and jewelry exports are expected to buck the trend and are predicted to see 5-10 percent growth in 2019 according to the president of the Thai Gem and Jewelry Traders Association. Last year’s exports were estimated at 254 billion baht, not including gold. Thailand is ranked number one in silver jewelry exports to the US and is one of the biggest exporters of colored stone products to China. The gem and jewelry business in Thailand has seen little impact from Brexit or the US – China trade war.
The Customs Department has implemented online payment for businesses needing to pay customs tax and duty on imported goods. The new bill payment service is available through online banking, counter service, and bank branches at Siam Commercial Bank, Kasikorn Bank, Bangkok Bank, and Krungthai Bank. Taxpayers will also be able to print out their receipts online without having to visit the department.
E-commerce businesses are expected to be rising stars in the Thai economy according to the University of the Thai Chamber of Commerce (UTCC). The top 10 rising businesses are are e-Commerce, health and beauty, cosmetics, information technology and logistics, financial technology and e-payments, tourism and hospitality, food and insurance, education and language tutoring, construction and real estate, and car care, publication, and packaging businesses according to the director of the UTCC. Declining businesses include book publishing, handicrafts and furniture, leather-related businesses, landline phone services, private schools and universities, toys, retail, flowers, rubber, and palm oil production.
The TAT is promoting tourism in India in roadshows as numbers of tourist arrivals from India continues to grow and is expected to reach 5 million by 2023. Arrivals grew more than 12 percent year on year in the first 11 months of 2018 generating 63 billion baht in revenues. Indian travelers are visiting such destinations as Chiang Rai, Rayong, Trat, Hua Hin, and Samut Songkhram. There are now 307 flights between Thailand and 16 major cities in India on 13 airlines each week. India is now one of the top ten sources of visitor arrivals in Thailand.