In August, exports declined 7.0% over the same month last year to USD 19.8 billion, which marked the third consecutive monthly drop. The reading, which represents the sharpest contraction observed since November 2011, came in below the 4.5% decline recorded in July and exceeded market expectations of a softer 5.5% drop. A sharp decline in shipments of manufacturing goods, particularly of electronics was the main driver behind the fall. Imports followed suit and declined 8.8% in August (USD 20.8 billion), which contrasted the 13.7% expansion observed in July. As a result, the trade deficit reached USD 1.0 billion in August, which marked an improvement over the USD 1.6 billion shortfall observed in the same month last year. The Ministry of Commerce recently revised down its forecast and now expects exports to grow 9% (previously reported: 15%), while the National Economic and Social Development Board cut its projections for this year and now expects exports to grow 7.3%, below its previous 15.1% estimate.
Thailand Trade Balance
Exports contract for third consecutive month
September 28, 2012
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Thailand Economic News
October 17, 2016
On 13 October, Thailand’s beloved King Bhumibol Adulyadej died after a 70-year reign and his successor, Crown Prince Maha Vajiralongkorn, has declared his wish to wait until he ascends the throne.
October 4, 2016
In September, consumer prices inched up 0.04% from the previous month, which contrasted the 0.04% decrease observed in August and overshot market expectations of a 0.1% increase.
September 30, 2016
In August, manufacturing production increased 3.1% over the same month last year, which was a sharp upswing from the 5.0% contraction seen in July and marked the highest reading in over three years.
September 30, 2016
In August, the trade balance recorded a USD 2.1 billion surplus, which was above the USD 0.7 billion surplus observed in the same month of the previous year and was also higher than the USD 0.8 billion surplus registered in July.
September 14, 2016
At its 14 September monetary policy meeting, the Bank of Thailand (BoT) decided unanimously to keep the one-day repurchase rate at 1.50% as the markets had expected. In its press release, the Bank commented that the Thai economy had accelerated in the second quarter on the back of strong private consumption and resilient public expenditure.