Business
Thai Export Extravaganza: Record-Setting $290 Billion Forecast for 2023
Thailand’s export sector is set for a record-breaking year, with total export values projected to reach $290 billion, surpassing the government’s initial 2% growth target. Key drivers behind this rapid growth include booming global demand for Thai agricultural products, food items, and electronics, especially from major markets like the United States and the European Union.
Thailand’s Export Sector Surges to New Highs: $290 Billion Expected by Year-End
1. Record Growth in Thai Exports Led by Agricultural and Industrial Goods
According to Poonpong Naiyanapakorn, Chief of the Trade Policy and Strategy Office (TPSO), Thailand’s export values are on a strong upward trend. September alone saw exports rise by 1.1% to $25.9 billion, while imports jumped 9.9% to $25.5 billion, resulting in a trade surplus of $394 million. This is the second consecutive month of trade surplus, indicating strong momentum heading into the final quarter.
2. Agricultural Exports Fuel Thai Export Boom
Agricultural products continue to lead Thailand’s export growth, with a 3.5% increase year-on-year in September. The highest-performing exports include rice, rubber, and processed chicken, although fresh fruits and vegetables saw a slight dip. However, overall agricultural exports have grown 5.4% year-to-date, showcasing Thailand’s continued strength in the global agricultural market.
- Top Agricultural Products: Rice, rubber, and processed chicken
- Nine-Month Growth: 5.4% in agricultural exports
Key Growth in Industrial Exports Bolsters Economy
The industrial sector also saw a 2% year-on-year rise, primarily due to high demand for computers, rubber products, and air conditioners. Despite challenges in the auto and jewelry sectors, industrial exports have climbed 3.8% so far this year. This strong performance in the industrial sector is vital for reaching the $290 billion goal.
3. Optimistic Forecasts for Thai Exports into 2024
Looking ahead to 2024, both the Ministry of Commerce and Thai National Shippers’ Council remain optimistic about Thailand’s export performance. Challenges such as the U.S. elections, geopolitical tensions, a strong baht, and China’s economic slowdown could impact growth. However, the government is confident that Thailand’s export momentum will continue.
Currency Exchange Trends Supporting Export Growth
The current exchange rate of 33.5–33.8 baht to the dollar is favorable for exports, with potential further weakening in the baht expected to provide a boost into early 2025.
- Potential Exchange Rate Impact: If the baht depreciates to 33-34 against the dollar, export competitiveness will increase, further benefiting the Thai economy.
4. Export Goals and Economic Impact of the $290 Billion Target
Reaching the $290 billion target would represent a 2% year-on-year increase, eclipsing the previous record of $287 billion. Thai exports have already reached $223 billion in the first nine months of 2023, making the ambitious goal within reach. This potential record would not only mark a significant economic achievement for Thailand but also strengthen the nation’s position as a global exporter, particularly within Southeast Asia.
Conclusion: Thai Export Sector Shines with Record-Breaking Projections
Thailand’s export sector is poised for a golden year, with strong growth across agricultural and industrial exports pushing the projected total to $290 billion. Supported by high demand and favorable exchange rates, Thailand’s export industry is expected to reach new highs, contributing significantly to national economic growth and resilience heading into 2024.
Business
10 In-Demand Careers for 2025: Future Proof Your Career
Exploring the Future Job Market: Top Careers to Consider
As we approach 2025, the job market is undergoing significant changes driven by technological advancements, demographic shifts, and evolving consumer needs. According to the World Economic Forum, while approximately 85 million jobs may be replaced by machines, an estimated 97 million new roles are set to emerge. This article highlights ten in-demand careers that are expected to thrive in the coming years.
Key Factors Driving Job Growth
The demand for skilled professionals is being fueled by several key trends, including the rise of digital technology, the need for data analysis, and a growing focus on sustainability. Understanding these trends can help job seekers target their career paths effectively.
Top 10 In-Demand Careers for 2025
1. Software Developer
Software developers are crucial in creating applications and systems that drive businesses forward. Their expertise in programming languages and software design makes them indispensable in today’s digital landscape.Salary Range: 25,000-140,000 baht/month
2. AI & Machine Learning Engineer
With artificial intelligence becoming integral to various industries, AI and machine learning engineers are in high demand. They specialize in developing algorithms and models that enable machines to learn from data.Salary Range: 60,000-80,000 baht/month
3. Data Analyst
Data analysts play a vital role in interpreting complex data sets to inform business decisions. Their ability to derive insights from data helps organizations optimize their strategies and improve performance.Salary Range: 40,000-80,000 baht/month
4. Data Scientist
Data scientists focus on advanced analytics and predictive modeling to provide actionable insights for businesses. They combine statistical knowledge with programming skills to enhance decision-making processes.Salary Range: 35,000-80,000 baht/month
5. Digital Marketing Specialist
Digital marketing specialists leverage online platforms to create effective marketing strategies. Their skills in content creation and data analysis help businesses engage with their target audiences effectively.Salary Range: 30,000-80,000 baht/month
6. Cybersecurity Professional
As cyber threats increase, cybersecurity professionals are essential for protecting organizational data and systems. They implement security measures and respond to incidents to safeguard against breaches.Salary Range: 60,000-100,000 baht/month
7. Cloud Engineer
Cloud engineers design and manage cloud-based infrastructure and services. With the growing adoption of cloud computing, their expertise is crucial for organizations transitioning to cloud environments.Salary Range: 50,000-90,000 baht/month
8. Nurse Practitioner
The healthcare sector is experiencing a surge in demand for nurse practitioners who provide primary care services. Their role is vital in addressing the needs of an aging population and increasing healthcare accessibility.Salary Range: 120,000 baht/month
9. Renewable Energy Technician
As the world shifts towards sustainable energy sources, renewable energy technicians are becoming increasingly important. They install and maintain systems such as solar panels and wind turbines.Salary Range: $46,000/year (approx. 40,000 baht/month)
10. Content Creator
Content creators produce engaging material across various platforms to connect with audiences. Their creativity in writing, video production, and social media management drives engagement and brand awareness.Salary Range: 25,000-50,000 baht/month
Preparing for Future Careers
The job market of 2025 promises exciting opportunities across various sectors driven by technology and sustainability initiatives. By focusing on developing relevant skills for these in-demand careers—such as software development, data analysis, and cybersecurity—individuals can position themselves for success in a rapidly evolving landscape. Embracing continuous learning will be essential for thriving in this dynamic environment.
Business
Thailand Commits to Becoming an AI Learning Hub
Ministers Announce Plans for AI Governance Collaboration
Thailand is dedicated to advancing global trust in artificial intelligence (AI) governance and establishing itself as a learning hub for AI through collaboration with UNESCO, according to Prasert Jantararuangthong, the Minister of Digital Economy and Society (DES). This initiative aims to enhance the ethical application of AI technologies while fostering skilled professionals in the field.
Goals for AI Workforce Development
The Ministry of Higher Education, Science, Research and Innovation (MHESI) has set ambitious goals to increase the number of AI-skilled workers by adding 30,000 engineers over the next three years. This plan includes generating 100 AI innovations valued at 40 billion baht and promoting AI adoption across 600 agencies nationwide.
Significant Increase in AI Adoption Rates
According to the AI Readiness Measurement 2024 report by the Electronic Transactions Development Agency and the National Science and Technology Development Agency, AI adoption plans among Thai organizations have reached 73.3%, reflecting an increase of nearly 20 percentage points year-on-year. This surge indicates a growing recognition of the importance of AI in various sectors.
Hosting the UNESCO Global Forum on AI Ethics
On Wednesday, the DES Ministry, MHESI, the Education Ministry, and UNESCO announced their partnership to host the 3rd UNESCO Global Forum on the Ethics of AI 2025, themed “Ethical Governance of AI in Motion.” This event is scheduled to take place from June 24 to 27, 2025, in Bangkok and will serve as a platform for knowledge exchange and collaboration on AI governance.
Commitment to Ethical AI Implementation
Prasert emphasized that Thailand’s commitment aligns with UNESCO’s AI Readiness Assessment framework, which is recognized globally. The country has recently introduced key frameworks such as the AI Governance Guideline for Executives and the Generative AI Governance Guideline for Organizations. These resources aim to ensure responsible and transparent implementation of AI at all organizational levels.
Multilateral Collaboration for Developing Countries
The upcoming forum is expected to foster multilateral collaboration and build AI governance capacity in developing countries. It highlights Thailand’s dedication to global trust in AI governance while positioning itself as a leader in ethical AI practices.
Integration of AI Technologies Across Industries
Suphachai Jaismut, vice-minister for MHESI, stated that Thailand is prepared to integrate AI technologies across various industries, driven by a commitment to advancing research and development (R&D). This integration is crucial as Southeast Asia’s digital economy continues to grow rapidly.
Addressing Challenges in the Digital Economy
While advancements in AI infrastructure are promising, challenges such as the digital divide and job displacement due to automation remain significant concerns. Xing Qu, deputy director-general for UNESCO, emphasized that building peace through education, science, and culture is vital in an era where AI increasingly influences societies and economies.
Business
Thailand to Finalise Free Trade Agreement with EFTA by January 2024
Thailand is preparing to finalise a landmark Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) by January 2024. The agreement marks Thailand’s first FTA with a European trade bloc and is expected to bolster exports, attract investments, and enhance Thailand’s position in the global economy.
EFTA Partnership: A Milestone in Thailand’s Trade Strategy
Who Are EFTA Members?
The EFTA comprises Switzerland, Norway, Iceland, and Liechtenstein, offering Thailand access to lucrative European markets.
Commerce Minister Pichai Naripthaphan highlighted the FTA’s importance, describing it as a pivotal step for economic growth and trade expansion.
“This is Thailand’s inaugural FTA with a European bloc, setting a precedent for modern trade standards and sustainable development goals,” said Pichai.
Comprehensive Scope of the Agreement
What Does the FTA Cover?
The FTA includes 15 broad areas designed to modernise trade relations and foster sustainable development. Key areas include:
- Trade in Goods
- Rules of Origin
- Investment Opportunities
- Trade Facilitation
- Intellectual Property Rights
- Sustainability and SMEs Development
Future Expansion Opportunities
The FTA is seen as a stepping stone toward future trade agreements with other significant partners, including the European Union, advancing Thailand’s global trade ambitions.
Economic Impact of the Thailand-EFTA Trade Partnership
Surging Trade Figures
Between January and October 2023, trade between Thailand and the EFTA exceeded US$10 billion, accounting for 2.03% of Thailand’s global trade and reflecting a 23.22% year-on-year growth.
Key Thai Exports and Imports
- Exports to EFTA: Jewellery, watches, canned seafood, machinery, cosmetics, and rice.
- Imports from EFTA: Gems, gold, pharmaceuticals, scientific equipment, and fresh seafood.
The agreement is expected to further diversify and increase Thailand’s trade portfolio.
Next Steps: Approval and Implementation
High-Level Signing at WEF Davos
The FTA will be presented to the Thai Cabinet for approval before its official signing at the World Economic Forum (WEF) in Davos, Switzerland, in January 2024. Prime Minister Paetongtarn Shinawatra and Commerce Minister Pichai will attend the signing ceremony.
Ratification and Rollout
Following Parliamentary approval, the agreement will be ratified, paving the way for implementation and significant contributions to Thailand’s GDP growth.
A Strategic Vision for Thailand’s Future
The Thailand-EFTA Free Trade Agreement aligns with Prime Minister Paetongtarn Shinawatra’s vision of positioning Thailand as a global trade hub. By establishing this partnership, Thailand is set to achieve:
- Increased export opportunities
- Enhanced foreign investment
- Strengthened trade ties with Europe
As the January deadline approaches, Thailand’s first European trade agreement symbolizes a bold step toward economic transformation, underscoring its commitment to modernisation, sustainability, and global collaboration.
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