Thailand: Exports grow at fastest pace in over a year
November 30, 2012
In October, the trade balance recorded a USD 2.5 billion deficit. The figure was below the USD 1.2 billion shortfall recorded in the same month last year and marked, in fact, the lowest level in six months. As a result, the trade balance 12-month sum up to October recorded a USD 19.5 billion deficit (September: USD 18.2 billion). Exports climbed 15.6% over the same month last year, which marked a notable acceleration compared to the 0.2% increase recorded in September. The figure represents, in fact, the fastest pace since September 2011, but fell short of market expectations that had shipments rising 20%. Consequently, the 12-month sum of exports up to October dropped 0.9%, which, nonetheless, marked an improvement over the 2.3% decline observed in September. Meanwhile, imports jumped 21.6% year-on-year in October, which contrasted the 7.7% drop observed in September and marked the strongest expansion since March. As a result, the moving 12-month sum in imports increased 8.0% in October (September: +8.0% year-on-year).
Author: Ricardo Aceves, Senior Economist