Logo of Phnom Penh Post newspaper Phnom Penh Post - Thailand sizes up Ukraine conflict’s impact on trade amid mounting fuel fears

Thailand sizes up Ukraine conflict’s impact on trade amid mounting fuel fears

Content image - Phnom Penh Post
Thai finance permanent secretary Krisada Chinavicharana. THAI CUSTOMS

Thailand sizes up Ukraine conflict’s impact on trade amid mounting fuel fears

Thailand's finance ministry is launching measures to counter disruption to the country’s three-billion-baht ($92 million) trade with Russia and Ukraine caused by the outbreak of conflict between the two neighbouring countries.

The ministry’s Fiscal Policy Office has been tasked with analysing the situation, predicting impacts for the Thai and global economies, and drafting response measures, according to finance permanent secretary Krisada Chinavicharana.

Thailand is reliant on imports of Russian fuel, aerospace parts and tourists.

“The conflict may result in higher prices for products and fuel, rising inflation and fluctuation in the currency exchange rate. These are the aspects that the measures to be issued by Fiscal Policy Office will need to cover,” Krisada said.

Bilateral trade between Thailand and Russia rose 12.84 per cent to $2.78 billion last year, according to the commerce ministry. Thai exports to Russia accounted for $1.03 billion, while imports stood at $1.75 billion.

Thailand’s trade with Ukraine, meanwhile, rose 5.56 per cent to $386.47 million in 2021. Thai exports to Ukraine were worth $134.76 million and imports $251.71 million.

Krisada said Thailand would also examine the long-term impact on Thai tourism, as the conflict could hit overseas travel by Russians and Europeans, who are core target groups for Thailand.

The Thai tourism industry might have to switch focus to other markets if the conflict drags on, he added.

THE NATION (THAILAND)/ASIA NEWS NETWORK

MOST VIEWED

  • Angkor lifetime pass, special Siem Reap travel offers planned

    The Ministry of Tourism plans to introduce a convenient, single lifetime pass for foreign travellers to visit Angkor Archaeological Park and potentially other areas. The move is designed to stimulate tourism to the culturally rich province of Siem Reap as the start of the “Visit

  • Ice cream, noodles flagged over carcinogen

    The General Department of Customs and Excise of Cambodia (GDCE) has identified three types of instant noodles and ice cream trademarks originating from Thailand, Vietnam and France that are suspected to contain ethylene oxide, which poses a cancer risk to consumers. The general department has

  • Exclusive interview with Josep Borrell Fontelles, High Representative of the EU

    CAMBODIA is hosting the 55th ASEAN Foreign Ministers’ Meeting (AMM) and Related Meetings this week with top officials from the US, China, and Russia and other countries in the region slated to attend and to meet with face-to-face with their counterparts on the sidelines. In

  • Rise in Thai air routes to Siem Reap fuels travel hopes

    Local tourism industry players are eager for regional airline Bangkok Airways Pcl’s resumption of direct flight services between the Thai capital and Siem Reap town on August 1 – home of Cambodia’s awe-inspiring Angkor Archaeological Park – which is expected to boost the growth rate of

  • ASEAN Foreign Ministers’ meet commences, Taiwan issue possibly on table

    The 55th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings hosted by Cambodia kicks off in Phnom Penh on August 3, with progress, challenges, and the way forward for the ASEAN Community-building on the table. Issues on Taiwan, sparked by the visit of US House Speaker

  • Recap of this year’s ASEAN FM meet and look ahead

    This year’s edition of the ASEAN Foreign Ministers’ Meeting (AMM) hosted by Cambodia comes against the backdrop of heightened global tensions and increasing rivalry between major powers that have been compared to the animosity of the Cold War era. The following is The Post’