Thailand: Merchandise exports increase in February
Merchandise exports increased 2.6% over the same month last year in February (January: +7.4% year-on-year). Meanwhile, merchandise imports climbed 3.2% over the same month last year in February (January: +1.7% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 1.7 billion surplus in February (January 2024: USD 1.1 billion deficit; February 2023: USD 1.8 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 18.0 billion surplus in February, compared to the USD 18.1 billion surplus in January.
Commenting on the health of the economy, UOB’s Enrico Tanuwidjaja and Sathit Talaengsatya stated:
“Although the sustained recovery of the tourism sector has crucially generated jobs and income opportunities for workers in the service sector, pressure on consumers’ income persisted owing to prolonged anemic activity of the manufacturing sector. Overall, against the backdrop of sluggish and uneven growth, elevated household debts continued to impose constraints on private consumption amidst tightened credit standards and slower growth of loans to households.”