Weekly Economic Report as of April 22, 2022

Jul 05, 2026 | view 3,139

The Office of the National Economic and Social Development Council (NESDC) presents the weekly economic report as of April 22, 2022, as follows:

The number of foreign tourists arriving in Thailand in March 2022 grew by 3,029.5% year-on-year.
The agricultural product index in March 2022 increased by 4.9% compared to the same period last year, while the agricultural price index rose by 8.8% year-on-year.
Total budget disbursement in March 2022 grew by 5.5% year-on-year.
The government collected net revenue (after allocation to local administrations) in March 2022, which increased by 0.9% year-on-year.
The government's cash-based fiscal position in March 2022 recorded a deficit of -96,790 million baht.
The value-added tax collected by the government at constant prices in March 2022 grew by 1.1% year-on-year.
Tax revenue from real estate transactions in March 2022 contracted by -14.6% year-on-year.
The volume of passenger car sales in March 2022 decreased by -1.4% compared to the same period last year.
The volume of commercial vehicle sales in March 2022 was 57,474 units, growing by 15.4% year-on-year.
The volume of domestic cement sales in March 2022 contracted by -2.7% year-on-year.
The liquidity asset ratio of commercial banks in February 2022 was 1.90 times the required liquidity assets.
China's GDP in the first quarter of 2022 grew by 4.8% year-on-year.

Thai Economic Indicators
In March 2022, the number of foreign tourists visiting Thailand increased from the previous month due to the continuous registration for Thailand Pass, while domestic tourism continued to grow thanks to the "We Travel Together" program and domestic tours.

In March 2022, the number of foreign tourists arriving in Thailand was 210,836, primarily from the United Kingdom, Germany, France, the United States, and India. Compared to the same period last year, the number of tourists grew significantly by 3,029.5% year-on-year, partly due to a low base effect. However, when seasonal effects are removed, growth was still at 56.3%, reflecting the continuous expansion of foreign tourism. The increase in tourists from the previous month was a result of the resumption of Thailand Pass registration since February 1, 2022, along with the benefits of the Travel Bubble project between Thailand and India. Meanwhile, neighboring countries such as Indonesia, the Philippines, Vietnam, and Cambodia have relaxed international travel measures, signaling a recovery in tourists from these countries.

Domestic tourism, reflected by the number of Thai visitors in March 2022, was 15.4 million, slightly up from the previous month, representing a growth rate of 42.4% year-on-year amid rising COVID-19 cases in the country. However, when seasonal effects are removed, growth was still at 26.6%, supported by the "We Travel Together" and "Domestic Tour" programs, indicating that domestic tourism continues to expand.

Agricultural Product Index in March 2022 Grew by 4.9% Year-on-Year or a contraction of -7.1% compared to the previous month after adjusting for seasonal effects.
When examining the agricultural product categories in March 2022, the agricultural product index grew in the major crop and fishery categories by 8.6% and 3.3%, respectively, while livestock production contracted by -2.6%. Key agricultural products with increased production included rice, shrimp, sugarcane, palm oil, fruit, chicken, eggs, and white shrimp, while significant products with decreased production included corn, cassava, and pigs.

Agricultural Price Index in March 2022 Grew by 8.8% Year-on-Year or a growth of 10.0% compared to the previous month after adjusting for seasonal effects. When examining the agricultural price categories in March 2022, the agricultural price index grew in all product categories, with major crops, livestock, and fishery categories growing by 7.2%, 13.5%, and 10.8%, respectively. Key agricultural products with increased prices included cassava, corn, palm oil, fruit, livestock, and fishery products, while the only product with decreased prices was rice.

Total Budget Disbursement in March 2022 was 293,875 million baht, Growing by 5.5% Year-on-Year resulting in a total disbursement of 1,723,070 million baht in the first six months, growing by 2.2%, with a cumulative disbursement rate of 51.7%.

Of which (1) Current year expenditures amounted to 272,322 million baht, growing by 5.3% year-on-year, with a cumulative disbursement rate of 51.3%. This is divided into (1.1) Regular expenditures of 231,343 million baht, growing by 9.2% year-on-year, with a cumulative disbursement rate of 56.2%, and (1.2) Investment expenditures of 40,980 million baht, contracting by -12.0% year-on-year, with a cumulative disbursement rate of 31.1%. (2) Previous year expenditures amounted to 21,553 million baht, growing by 7.7% year-on-year, with a cumulative disbursement rate of 56.4%.

The Government Collected Net Revenue (After Allocation to Local Administrations) in March 2022 Amounted to 171,061 Million Baht, Growing by 0.9% Year-on-Year resulting in a total collection of 1,091,156 million baht in the first six months, growing by 6.8% year-on-year.

In March 2022, government revenue grew from value-added tax, which increased by 7.5% year-on-year, driven by increased imports, personal income tax, which grew by 14.5% year-on-year, due to the extension of the tax filing and payment deadline from the previous year, and state enterprise remittances, which grew by 74.8% year-on-year.

The Government's Cash-Based Fiscal Position in March 2022 Recorded a Deficit of -96,790 Million Baht

With an off-budget deficit of -6,191 million baht and a cash balance before borrowing of -102,981 million baht. In this month, the government borrowed 45,248 million baht, resulting in a cash balance after borrowing of -57,733 million baht, and the ending cash balance was 360,855 million baht.

The Value-Added Tax Collected by the Government at Constant Prices in March 2022 Grew by 1.1% Year-on-Year and when compared to the previous month after adjusting for seasonal effects, it grew by 1.3%.

This marks the 13th consecutive month of growth, with value-added tax collected from domestic consumption contracting by -16.6% year-on-year, due to the expiration of consumption stimulus measures that ended in February 2022, such as the "Shop Dee Mee Khuen" program and other measures that will end in April 2022, along with rising living costs and energy prices. Additionally, the rapid spread of the Omicron variant of COVID-19 has led to a slowdown in domestic consumption, while the value-added tax collected from imports continued to grow at 29.0% year-on-year, reflecting the economic recovery and favorable import trends.

Tax Revenue from Real Estate Transactions in March 2022 Contracted by -14.6% Year-on-Year and contracted by -14.8% compared to the previous month after adjusting for seasonal effects.

The collection of tax revenue from real estate transactions in March 2022 experienced its first contraction in five months, primarily due to a decline in business tax collections. Key factors included the rising number of COVID-19 cases and deaths, as well as concerns over the Russia-Ukraine conflict, which has led to rising global oil prices, affecting production and transportation costs, causing consumers to worry about living expenses.

The Volume of Passenger Car Sales in March 2022 Was 29,771 Units, Contracting by -1.4% Compared to the Same Period Last Year but grew by 10.2% compared to the previous month after adjusting for seasonal effects.

This was influenced by the rapid spread of the Omicron variant of COVID-19 and rising oil prices during the previous month, leading consumers to delay purchasing decisions. However, promotional activities at the Bangkok International Motor Show 2022, held from March 23 to April 3, 2022, are expected to help stimulate the automotive market's recovery.

The Volume of Commercial Vehicle Sales in March 2022 Was 57,474 Units, Growing by 15.4% Compared to the Same Period Last Year but contracted by -4.8% compared to the previous month after adjusting for seasonal effects, driven by a 21.7% increase in one-ton pickup truck sales and a -2.5% decrease in other categories.

Commercial vehicle sales in March 2022 have grown for three consecutive months year-on-year but contracted compared to the previous month after adjusting for seasonal effects. This growth was supported by the recovery of economic activities and government stimulus measures for those affected by the COVID-19 pandemic, as well as the Motor Show 2022, which saw a 13.6% increase in bookings compared to 2021. However, the rising number of COVID-19 cases and deaths, along with increasing prices of raw materials and energy due to the Russia-Ukraine conflict, are significant factors that may slow down the economy.

The Volume of Domestic Cement Sales in March 2022 Contracted by -2.7% Compared to the Same Period Last Year and contracted by -0.5% compared to the previous month after adjusting for seasonal effects.

In March 2022, cement sales contracted compared to the same period last year and slightly slowed down from the previous month after adjusting for seasonal effects, primarily due to rising raw material and energy costs. Additionally, the overall construction situation is expected to slow down due to increased construction costs, impacted by the Russia-Ukraine conflict.

The Liquidity Asset Ratio of Commercial Banks in February 2022 Was 1.90 Times the Required Liquidity Assets

The total liquidity asset balance of commercial banks in February 2022 was 5.5 trillion baht, an increase from the previous month. The Bank of Thailand has adjusted the liquidity asset maintenance requirement for commercial banks from the previous requirement of maintaining liquidity assets at no less than 6% of deposits to no less than 100% (or 1.0 times) of the net cash outflow in crisis situations (Liquidity Coverage Ratio: LCR) since January 2016.

Eurozone
Export Value in February 2022 Grew by 17.0% Year-on-Year slowing down from the previous month, which grew by 19.7% year-on-year. Import value in February 2022 grew by 38.8% year-on-year, slowing down from the previous month, which grew by 45.1% year-on-year. The trade balance in February 2022 recorded a deficit of 7.6 billion euros, a decrease from the previous month's deficit of 27.3 billion euros. Industrial production in February 2022 grew by 2.0% year-on-year, reversing from a contraction of 1.5% year-on-year in January 2022 and growing more than the market had expected, which was projected to grow by 1.5%.

Hong Kong
Unemployment Rate in March 2022 Was 5.0% of the Total Labor Force increasing from the previous month, which was at 4.5% of the total labor force, and is the highest level since August 2021.

Singapore
Export Value in March 2022 Grew by 13.9% Year-on-Year down from the previous month, which grew by 22.1% year-on-year. Import value in March 2022 grew by 21.9% year-on-year, up from the previous month, which grew by 19.5% year-on-year. The trade balance in March 2022 recorded a surplus of 4.17 billion Singapore dollars, down from the previous month's surplus of 8.28 billion Singapore dollars.

Indonesia
Export value in March 2022 grew by 44.4% year-on-year, up from the previous month, which grew by 34.2% year-on-year. Import value in March 2022 grew by 30.9% year-on-year, up from the previous month, which grew by 25.4% year-on-year. The trade balance in March 2022 recorded a surplus of 4.5 billion US dollars, an increase from the previous month's surplus of 3.8 billion US dollars. The central bank of Indonesia maintained its policy interest rate at 3.5% per annum.

Malaysia
Export value in March 2022 grew by 25.4% year-on-year, up from the previous month, which grew by 16.8% year-on-year. Import value in March 2022 grew by 29.9% year-on-year, up from the previous month, which grew by 18.3% year-on-year. The trade balance in March 2022 recorded a surplus of 26.7 billion Malaysian ringgit, an increase from the previous month's surplus of 19.8 billion Malaysian ringgit.

Money Market and Exchange Rate Indicators

The SET index increased from the previous week, in line with other regional stock markets, such as Nikkei 225 (Japan), JCI (Indonesia), and DJIA (USA). On April 21, 2022, the index closed at 1,690.55 points, with an average trading value between April 18-21, 2022, at 69,749.24 million baht per day. Foreign investors and domestic institutional investors were net buyers, while domestic retail investors and brokerage accounts were net sellers. During April 18-21, 2022, foreign investors net purchased securities worth 4,220.62 million baht.

The yield on government bonds increased overall by 1 to 31 basis points during this week, with investors bidding for 3-year and 22-year government bonds, which attracted interest of 0.44 and 1.11 times the bidding amount, respectively. During April 18-21, 2022, foreign investor funds flowed out of the bond market, netting -10,767.18 million baht, while since the beginning of the year until April 21, 2022, foreign investor funds have flowed into the bond market, netting 18,848.70 million baht.

The Thai baht depreciated from the previous week, closing at 33.83 baht per US dollar on April 21, 2022, a depreciation of -0.43% from the previous week, in line with other currencies in the region, such as the yen, euro, ringgit, won, Singapore dollar, and yuan, which also depreciated against the US dollar. However, the baht depreciated less than other currencies in the region, resulting in the Nominal Effective Exchange Rate (NEER) appreciating by 0.39% from the previous week.