Thailand: Merchandise exports accelerate in November
December 21, 2021
Merchandise exports jumped 24.7% on an annual basis in November, following October’s 17.3% upturn. November’s result marked the strongest growth since June 2021. Meanwhile, merchandise imports soared 25.9% over the same month last year in November (October: +34.6% yoy), marking the weakest result since March 2021.
As a result, the merchandise trade balance improved from the previous month, recording a USD 1.0 billion surplus in November (October 2021: USD 0.1 billion deficit; November 2020: USD 0.2 billion surplus). Consequently, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 5.0 billion surplus in November, compared to the USD 4.2 billion excess in October.
Looking ahead, as the worldwide recovery from the Covid-19 pandemic continues, vaccination rates accelerate and international travel resumes, exports are set to gain momentum on the back of improved foreign demand. That said, outbreaks of the Omicron variant in a number of key international markets and domestic political challenges pose risks to the outlook.
Author: Stephen Vogado, Economist