1) Thai stock market overview
Thailand’s SET Index closed at 1,560.27 points, decreased 12.40 points or 0.79% with a trading value of 55 billion baht. The analyst stated that the Thai stock market traded lower due to concerns over recessions, rising Covid-19 cases in China and the baht depreciation at its weakest in more than five years. Meanwhile, Thai inflation for June is expected to continue increasing to 7.45%, cementing the possibility of rate hikes by the central bank.
2) Germany records its first monthly trade deficit since 1991 in May as inflation worsens
Germany reported its first monthly trade deficit since 1991 as the cost of its oil and gas imports skyrocketed in the aftermath of Russia’s war in Ukraine, the office reported on Monday.
May’s foreign trade balance came in at a minus EUR1 billion, the first negative reading in more than three decades, due to the country’s energy issues and manufacturing downturn.
At the same time, exports declined for the third time in five months, by 0.5 percent on a month-over-month and seasonally-adjusted basis, but were still up 11.7 percent on the year, while imports outperformed expectations by increasing by 2.7 percent, according to statistics released by the Federal Statistical Office on Monday.
3) Thai economy sees uptick in 2022 but global recession on the horizon, says IAA
Thailand’s economy is expected to expand by 3.18 percent in 2022, as most economic activity resumed after the situation with the Covid-19 outbreak improved, resulting in the country reopening its borders, according to a survey released on Monday by the Investment Analysts Association.
Estimated GDP growth of 3.18 percent for the second largest economy in Southeast Asia is up slightly from the 3.09 percent growth projected in April’s survey.
4) Thai tourism is on an uptrend after lifting restrictions, govt’t expecting over 10 arrivals in 2022
The number of flights had increased noticeably during the first three days into the month of July. On Friday, July 1, 2022, the flights landed at Suvarnabhumi Airport rose to 140 with 27,645 passengers on board. 134 flights and 27,147 passengers followed on Saturday and another 150 flights and 28,910 passengers on Sunday. The number was higher than an average of 130 daily landings with 24,000 passenger arrivals.
Seeing an uptrend on pent-up demand, the Tourism and Sports Ministry estimated that international arrivals could soon top 30,000 a day. The International Air Transport Association (IATA) forecast more than 10 million air travellers this year.