Thailand: Exports continue to falter in September
Exports fell 1.4% year-on-year in September, improving from the 4.0% contraction in the prior month but contrasting market expectations of a 1.2% rise. This reflected decreased shipments of automatic data processing machines and parts; polymers of ethylene and propylene; chemical products; and refine fuels, while the drop in tech-related items is likely linked to the global slump in the tech cycle. Imports, meanwhile, dropped 4.2% over the prior year in September, up from the steep 14.6% drop in August.
Even so, the trade surplus widened from USD 0.7 billion in September 2018 to USD 1.3 billion in September 2019 (August: USD 2.1 billion surplus). The 12-month moving sum of the trade balance rose from a USD 7.0 billion surplus in August to a USD 7.6 billion surplus in September.