Post by account_disabled on Jan 8, 2024 6:17:46 GMT
"Strong baht" pushes imports of luxury goods to grow over 358 billion in 5 months. "Home decorations - clothes, shoes - cosmetics" grows sharply. "TMB" reveals online shopping for foreign products soars. IT products - luxury brands benefit from reduced import costs. But with purchasing power collapsing, BoT uses 2 measures to prevent speculation in the value of the baht. "Prachachat Turakij" reporter reported that the Thai exchange rate has continued to strengthen until it broke the record for the highest appreciation in 6 years and is likely to continue to strengthen. which has a negative impact on exports While it is a positive factor for importers with lower costs. The Ministry of Commerce reported data on imports of luxury goods in the first 5 months (January - May 2019) valued at 11,566 million US dollars (358 billion baht), an increase of 1% from the previous year, with the luxury goods group Imports increased, such as home decoration appliances, which increased 14.9%, clothing group Shoes increased 13.6% and cosmetics increased 4%.
The baht strengthens, online shopping abroad surges p0103150762p1Mr. Naris Job Function Email Database Sathapondecha, executive of TMB Economic Analysis Center, told "Prachachat Turakij" that the stronger baht this year estimated that It should cause the amount of credit card and debit card spending to buy online products from abroad to grow even more. Because from statistics over the past 3 years, the amount of online shopping for foreign products has continued to grow. From 2016, the total amount was 35,595 million baht, divided into 32,359 million baht for credit cards and 3,236 million baht for debit cards. In 2017, the total number of card swipes increased. increased to 46,755 million baht, divided into 37,002 million baht of credit cards and 9,753 million baht of debit cards, and in 2018 the total amount was 54,912 million baht, 40,953 million baht of credit cards and 13,959 million baht of debit cards. “There has been a lot of growth in the past. In 2018, foreign online shopping transactions grew 17%, credit cards grew 11%, and debit cards grew 43%. In terms of spending via debit cards, Most of them are purchasing services in iTunes, Play Store, various applications, including iTem in online games. The past few years may not be seen as being caused by the baht strengthening.
But this year the baht has strengthened a lot. It will definitely result in more people swiping their cards to shop for foreign products. Because the purchase of products is much cheaper. If compared to the same period last year Now the baht and the US dollar have strengthened by 7%. If compared from the beginning of the year to the present (Y to D), the baht has strengthened by 5.2%,” Mr. Nariskla. IT costs are reduced but purchasing power is poor. Mr. Banphot Wattanasombat, Managing Director of RTB Technology Company Limited, an importer of gadget equipment, stated that The baht strengthens Of course, this will have a positive effect on the cost of importing products to be lower. But at the same time, it has a negative impact on the purchasing power of foreigners. It is evident that Chinese tourists are increasingly turning to visit Vietnam. Lower import costs are a slight positive factor. But it must be used to create more promotions to stimulate purchasing power. Because this year the economy is quite stagnant, so consumers will definitely benefit because they get cheaper products. “While part of the purchasing power of the gadget market is from tourists. which has now clearly decreased Makes the market drop even more So, despite the positive factor that costs are falling, But customers are also decreasing,” Mr. Banphot said. Ms. Suthida Mongkolsuthee, Chief Executive Officer of Synnex (Thailand) Public Company Limited.
The baht strengthens, online shopping abroad surges p0103150762p1Mr. Naris Job Function Email Database Sathapondecha, executive of TMB Economic Analysis Center, told "Prachachat Turakij" that the stronger baht this year estimated that It should cause the amount of credit card and debit card spending to buy online products from abroad to grow even more. Because from statistics over the past 3 years, the amount of online shopping for foreign products has continued to grow. From 2016, the total amount was 35,595 million baht, divided into 32,359 million baht for credit cards and 3,236 million baht for debit cards. In 2017, the total number of card swipes increased. increased to 46,755 million baht, divided into 37,002 million baht of credit cards and 9,753 million baht of debit cards, and in 2018 the total amount was 54,912 million baht, 40,953 million baht of credit cards and 13,959 million baht of debit cards. “There has been a lot of growth in the past. In 2018, foreign online shopping transactions grew 17%, credit cards grew 11%, and debit cards grew 43%. In terms of spending via debit cards, Most of them are purchasing services in iTunes, Play Store, various applications, including iTem in online games. The past few years may not be seen as being caused by the baht strengthening.
But this year the baht has strengthened a lot. It will definitely result in more people swiping their cards to shop for foreign products. Because the purchase of products is much cheaper. If compared to the same period last year Now the baht and the US dollar have strengthened by 7%. If compared from the beginning of the year to the present (Y to D), the baht has strengthened by 5.2%,” Mr. Nariskla. IT costs are reduced but purchasing power is poor. Mr. Banphot Wattanasombat, Managing Director of RTB Technology Company Limited, an importer of gadget equipment, stated that The baht strengthens Of course, this will have a positive effect on the cost of importing products to be lower. But at the same time, it has a negative impact on the purchasing power of foreigners. It is evident that Chinese tourists are increasingly turning to visit Vietnam. Lower import costs are a slight positive factor. But it must be used to create more promotions to stimulate purchasing power. Because this year the economy is quite stagnant, so consumers will definitely benefit because they get cheaper products. “While part of the purchasing power of the gadget market is from tourists. which has now clearly decreased Makes the market drop even more So, despite the positive factor that costs are falling, But customers are also decreasing,” Mr. Banphot said. Ms. Suthida Mongkolsuthee, Chief Executive Officer of Synnex (Thailand) Public Company Limited.