1) Thai stock market overview
Thailand’s SET Index closed at 1,515.31 points, increased 8.47 points or 0.56% with a trading value of 44 billion baht. The analyst stated that the Thai stock market finished higher in response to the voting for the chairman of the parliament, which reflected progression in forming the coalition government. In addition, the analyst expected the market to move in a sideways trend and recommended investors to monitor Thai inflation data for May and the voting for Thai PM.
2) Australia’s central bank holds policy rates at 4.10%, but warns of more hikes amid high inflation
The Reserve Bank of Australia (RBA) maintained its interest rates at an 11-year high of 4.10% in the policy meeting in July after raising 400 basis points of its benchmark rates since May last year as the country was facing a high inflation rate.
However, the central bank noted that further hikes might be required as inflation is still too high and will remain so for some time yet.
Headline inflation in Australia is running at 7% in the first quarter of this year, while recording at 5.6% in May, which was still higher than the central bank’s target range of 2-3%. It is forecast that inflation would come down to the target range by mid-2025.
3) Thai shipper council expects better outlook for exports in 2H23
Thailand’s exports are expected to see some improvement in the year as the Thai shippers’ council forecast between a 0.5% drop and a 1.0% rise in 2023 as global demand remains soft, despite weak Thai baht.
Exports are one of the key economic drivers for Thailand.
The Thai National Shippers’ Council wrote in a statement that it expected to see a rise of 0.6% in the third quarter from a year earlier.
4) Thailand’s foreign tourist arrivals surpassed 13 million
Thailand saw foreign tourist arrivals surpass 13 million so far this year, nearly half of the 30-million target by year’s end, the Tourism Ministry reported on Tuesday, with July alone seeing an influx of about 2.3 million.
The number of tourists has already surpassed 11.15 million for the entire year of 2022.
Compared to the record-breaking nearly 40 million international tourists who spent THB1.91 trillion in Thailand prior to the pandemic, this year’s influx of visitors has brought in THB538.2 billion in tourism revenue.
The Tourism Authority of Thailand expects to see 30 million arrivals this year as China has reopened the border.