Thailand: Weapons shipments lead to rebound in exports in February
March 25, 2019
The external sector rebounded in February, with the trade balance swinging from a USD 4.0 billion deficit in January to a USD 4.0 billion surplus. The 12-month moving sum of the trade balance consequently jumped to a USD 2.4 billion surplus in February from a USD 709 million shortfall in the prior month.
The result reflected a remarkable turnaround of fortunes. Exports grew 5.9% year-on-year, contrasting a 5.6% drop in January, while imports fell 10.0% year-on-year, swinging from a 14.0% increase in the prior month. The strong rise was due to a massive jump in outbound shipments of arms and ammunition, which significantly offset noticeable drops in exports of cars and cars parts and automatic data processing machines and parts.
Author: Jan Lammersen, Economist