Thailand Trade Balance August 2021


Thailand: Merchandise exports rise at a milder pace in August

September 24, 2021

Merchandise exports rose 8.9% annually in August, slowing notably from July’s 20.3% growth. August’s outturn marked the weakest expansion since March as the strong base effect boosting Q2’s figures gradually subsides. Meanwhile, merchandise imports soared 47.9% in annual terms in August (July: +45.9% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.2 billion shortfall in August (July 2021: USD 0.2 billion surplus; August 2020: USD 4.5 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 7.4 billion surplus in August, compared to the USD 13.1 billion surplus in July.

Looking ahead, as the worldwide recovery from the Covid-19 pandemic continues and vaccination rates accelerate, exports are set to gain momentum on the back of improved foreign demand. That said, the surge in Covid-19 cases through April–September, a relatively slow vaccine rollout and political challenges at home all pose risks to the outlook.

FocusEconomics panelists project exports to grow 15.7% in 2021 and imports 20.3%, which would bring the trade surplus to USD 37.4 billion. In 2022, exports and imports are expected to increase 6.2% and 6.9% respectively, with the trade surplus at USD 38.0 billion.

Author:, Economist

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Thailand Trade Balance Chart

Thailand Trade12 August 2021

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Bank of Thailand (BoT) and FocusEconomics calculations.

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