The deadly Myanmar earthquake is set to hurt foreign tourist arrivals to Thailand in the coming weeks, the latest blow to an industry already reeling from dwindling Chinese visitors worried about travel safety.
International tourist arrivals are expected to drop by 10 to 15 percent or even more in the next two weeks as Friday’s magnitude 7.7 earthquake shook buildings in Bangkok and other Thai tourist hot spots, spooking prospective travelers, the Thai Hotels Association said.
About 10 percent of foreign tourists checked out early after the quake, association president Thienprasit Chaiyapatranun said, citing an initial survey among the group’s members. However, some tourists later returned to their hotels as they had no other options, he said.
Photo: Reuters
“A short-term impact is expected for the tourism industry because of safety concerns,” Thienprasit said by phone on Saturday.
Even a short-lived impact on tourist arrivals would hurt an economy where the industry employs one in five of the country’s workforce and accounts for about 13 percent of GDP. Thai authorities are betting on an improved tourism performance to propel growth to 3 percent this year, as merchandise exports — another key driver of growth — face headwinds from US President Donald Trump’s trade tariffs.
While the earthquake rattled buildings across Bangkok, leading to mass evacuations and suspension of public transport for a day, the city emerged largely unscathed in contrast to the massive destruction in Myanmar. The collapse of a high-rise building under construction in Bangkok was the biggest hit from the temblor, killing 10 workers and trapping dozens under its debris.
Tourist arrivals were already on the decline due to safety concerns in recent months. A series of high-profile human trafficking cases to scam centers in Myanmar via Thailand prompted some travelers from China, Thailand’s largest source of tourists, to shun the Southeast Asian nation.
Hotel bookings during the water-splashing Songkran festival next month have not been as good compared with two years ago, and post-tremor safety concerns could further hurt confidence among foreign visitors, Thienprasit said.
Thailand, popular among tourists for its pristine beaches, a vibrant nightlife and Buddhist temples, has welcomed 8.9 million tourists since the start of the year, up 2.9 percent from a year earlier, according to the latest official data.
Foreign visitors traveling in groups are not as concerned about safety, as seen from the normal flight schedules at key Thai airports, said Adith Chairattananon, secretary-general of the Association of Thai Travel Agents.
“But tourists who haven’t made bookings to Thailand may decide to halt travel plans,” Adith said, adding that “the impact could surface in the next two weeks.”
Taiwan’s foreign exchange reserves hit a record high at the end of last month, surpassing the US$600 billion mark for the first time, the central bank said yesterday. Last month, the country’s foreign exchange reserves rose US$5.51 billion from a month earlier to reach US$602.94 billion due to an increase in returns from the central bank’s portfolio management, the movement of other foreign currencies in the portfolio against the US dollar and the bank’s efforts to smooth the volatility of the New Taiwan dollar. Department of Foreign Exchange Director-General Eugene Tsai (蔡炯民)said a rate cut cycle launched by the US Federal Reserve
Handset camera lens maker Largan Precision Co (大立光) on Sunday reported a 6.71 percent year-on-year decline in revenue for the third quarter, despite revenue last month hitting the highest level in 11 months. Third-quarter revenue was NT$17.68 billion (US$581.2 million), compared with NT$18.95 billion a year earlier, the company said in a statement. The figure was in line with Yuanta Securities Investment Consulting Co’s (元大投顧) forecast of NT$17.9 billion, but missed the market consensus estimate of NT$18.97 billion. The third-quarter revenue was a 51.44 percent increase from NT$11.67 billion in the second quarter, as the quarter is usually the peak
The US government on Wednesday sanctioned more than two dozen companies in China, Turkey and the United Arab Emirates, including offshoots of a US chip firm, accusing the businesses of providing illicit support to Iran’s military or proxies. The US Department of Commerce included two subsidiaries of US-based chip distributor Arrow Electronics Inc (艾睿電子) on its so-called entity list published on the federal register for facilitating purchases by Iran’s proxies of US tech. Arrow spokesman John Hourigan said that the subsidiaries have been operating in full compliance with US export control regulations and his company is discussing with the US Bureau of
Pegatron Corp (和碩), a key assembler of Apple Inc’s iPhones, on Thursday reported a 12.3 percent year-on-year decline in revenue for last quarter to NT$257.86 billion (US$8.44 billion), but it expects revenue to improve in the second half on traditional holiday demand. The fourth quarter is usually the peak season for its communications products, a company official said on condition of anonymity. As Apple released its new iPhone 17 series early last month, sales in the communications segment rose sequentially last month, the official said. Shipments to Apple have been stable and in line with earlier expectations, they said. Pegatron shipped 2.4 million notebook