In March, exports contracted 6.5% over the same month last year to USD 19.8 billion. The reading contrasted the 0.9% increase observed in February and marked the fourth decline in five months. The reading undershot market expectations that had exports declining 5.2%. The deterioration in March reflected a plunge in exports of agricultural products, particularly of rice, which have been declining since September 2011, due to the flooding. However, declines in exports of rice since January this year primarily reflected higher prices, as a result of the policies implemented by the government to boost farmers' income. Meanwhile, imports soared 25.6% in March to USD 24.5 billion, well above the 8.3% expansion registered in February. The reading reflected healthy growth in imports of durable goods, which suggests that the recovery in manufacturing remains on track. As a result, the trade balance swung from a USD 530 million surplus in February to a USD 4.6 billion deficit in March, which represents the largest shortfall on record. The government maintained its forecasts and expects exports to expand 15% this year.
Thailand Trade Balance
Trade balance shows record deficit in March
May 1, 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, 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 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 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.