Thailand: Merchandise exports accelerate in October
Merchandise exports increased 17.3% annually in October, rising slightly from September’s 17.1% upturn. Meanwhile, merchandise imports shot up 34.6% on an annual basis in October (September: +30.3% yoy), marking the ninth month of double-digit growth.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 0.4 billion shortfall in October (September 2021: USD 0.6 billion surplus; October 2020: USD 2.2 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 2.9 billion surplus in October, compared to the USD 5.5 billion surplus in September.
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, elevated Covid-19 cases through November and domestic political challenges pose risks to the outlook.