Thailand: Merchandise exports increase in September

Merchandise exports climbed 7.8% annually in September, on the heels of August’s 7.5% increase. Meanwhile, merchandise imports jumped 15.6% in annual terms in September (August: +21.2% yoy), marking the weakest reading since March 2021.

As a result, the merchandise trade balance improved from the previous month, recording a USD 0.9 billion deficit in September (August 2022: USD 4.2 billion deficit; September 2021: USD 0.8 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 14.1 billion deficit in September, compared to the USD 12.5 billion deficit in August.

FocusEconomics panelists project exports to grow 5.0% in 2023 and imports 7.6%, which would bring the trade surplus to USD 36.1 billion. In 2024, exports and imports are expected to increase 5.0% and 5.8% respectively, with the trade surplus at USD 36.1 billion.