Exports in Thailand
Thailand - Exports
Exports shrink in February
Thai exports dropped 4.5% year-on-year in February, swinging from January’s 3.3% increase, likely influenced by the Covid-19 pandemic depressing globe trade and economic activity. The print, moreover, reflected lower exports of cars; polymers of ethylene and propylene; chemical products; electronic integrated circuits; and iron and steel. This more than offset strong growth in precious stones and jewelry.
Imports, meanwhile, fell 4.3% over a year ago, up from the 7.9% contraction in January. As imports continued to plunge, the trade balance swung from a USD 1.6 billion deficit in January to a USD 3.9 billion surplus in February; on a 12-month rolling basis, however, the trade surplus narrowed from USD 12.0 billion to USD 11.8 billion.
Exports are expected to take a beating from the Covid-19 pandemic this year and weigh on the overall economy. Moreover, the balance of risks is notably titled to the downside owing to the pandemic, a slowing Chinese economy and the trade dispute between the U.S. and China.
FocusEconomics panelists expect exports to contract 0.8% in 2020. The panel sees imports increasing 0.5% in 2020, which would bring the trade surplus to USD 23.6 billion. In 2021, exports and imports are expected to increase 5.4% and 6.9% respectively, with the trade surplus narrowing to USD 21.5 billion.
Thailand - Exports Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Exports (USD billion) | 213 | 213 | 234 | 251 | 243 |
Thailand Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 30.11 | 0.17 % | Dec 30 |
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Economic News
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Thailand: Manufacturing production eases in August
September 30, 2020
Manufacturing production grew 3.3% month-on-month in seasonally-adjusted terms in August (July: +6.3% mom).
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September 23, 2020
At its 23 September meeting, the Monetary Policy Committee of the Bank of Thailand (BoT) held the policy rate at a record low of 0.50%, having cut the rate by 75 basis points since the start of the year.
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Thailand: Consumer prices continue to fall in August
September 3, 2020
Consumer prices rose 0.29% over the previous month in August, which was below the 0.66% rise seen in July.
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Thailand: Manufacturing production eases in July
August 28, 2020
On an annual basis, manufacturing production dived 14.7% in July, although this was notably better than June’s 17.8% fall.
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Thailand: Merchandise exports contract at softer rate in July
August 24, 2020
Merchandise exports fell 11.4% over the same month last year in July, softening from June’s 23.2% dive.
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