Thailand Trade November 2018

Thailand

Thailand: Trade deficit widens in November

December 28, 2018

Thailand recorded a USD 1.2 billion trade deficit in November, a bigger shortfall than October’s USD 280 million deficit. Moreover, the result contrasts the USD 1.9 billion trade surplus recorded in November 2017. The 12-month moving sum of the trade balance narrowed strongly from a USD 4.2 billion surplus in October to a USD 1.2 billion surplus in November, the lowest value since March 2015.

Exports contracted 0.9% year-on-year in November, swinging from October’s strong 8.7% expansion. The drop in exports came on the back of marked contractions in shipments of rubber; rice; motor cars, parts and accessories; and automatic data processing machines and parts. On the other hand, exports of precious stones and jewelry, refine fuels, and chemical products continued to grow strongly. Import growth accelerated from 11.2% year-on-year in October to 14.7% in November. Although this has had a negative effect on the trade balance, it reflects the domestic economy continuing to gain traction.

FocusEconomics panelists expect exports to expand 5.5% in 2019. The panel sees imports increasing 7.8% in 2019, which would bring the trade surplus to USD 22.0 billion. In 2020, exports and imports are expected to increase 6.2% and 6.9% respectively, with a trade surplus of USD 21.7 billion.


Author:, Economist

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Thailand Trade12 November 2018 1

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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