Imports in Thailand
Thailand - Imports
Export growth remains strong in June despite escalating US-China trade tensions
Thailand’s trade surplus grew to a seven-month high of USD 1.6 billion in June, up from the USD 1.2 billion surplus registered in May, primarily due to softer import growth. The 12-month sum of the trade balance, however, fell to a near three-year low of USD 11.0 billion in June from an upwardly revised USD 11.3 billion in May (previously reported: USD 10.8 billion).
Although export growth eased, to 8.2% in USD terms over the same month a year prior (May: +11.4% year-on-year), it nonetheless remained robust, marking the 16th consecutive month of expansion. Foreign demand for pistons and internal combustion piston engines, steel and steel products, and machinery and mechanical components was particularly strong in June. In addition, exports of chemicals, processed oil, and computer equipment and components also recorded solid growth. Demand from the United States and China was notably robust in June. Meanwhile, import growth continued its downward trend, moderating to 10.8% over the previous year in June from 11.7% in the prior month.
Last year, exporters became concerned over the strength of the Thai baht against the U.S. dollar. However, available trade data for the year to date points to a narrowing trade balance surplus, in part due to increasing global trade protectionism. Combined with low interest rates, the narrowing surplus is putting downward pressure on the THB, which traded at 33.2 per USD on 18 July, a weakening of 3.4% year-on-year. A weaker baht could make Thai exports more attractive and thus propel export growth. However, escalating trade tensions between the United States and China represent a major downside risk to the external sector’s outlook.
FocusEconomics panelists expect exports to expand 8.8% and imports to increase 13.7% in 2018, bringing the trade surplus to USD 24.7 billion. In 2019, exports are expected to increase 6.2% and imports to grow 8.6%, with a trade surplus of USD 20.7 billion.
Thailand - Imports Data
|Imports (USD billion)||228||210||187||178||203|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||2.63||0.0 %||Aug 15|
|Exchange Rate||33.29||0.17 %||Aug 15|
|Stock Market||1,676||-1.41 %||Aug 15|
Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.
Start Your Free Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
August 8, 2018
At the Monetary Policy Committee meeting of the Bank of Thailand (BoT), which was held on 8 August, the committee voted six-to-one to maintain the one-day repurchase rate at 1.50%.
August 1, 2018
Consumer prices decreased 0.05% over the previous month in July, a softer drop than the prior month’s 0.09% decrease.
July 31, 2018
Manufacturing output grew 4.7% year-on-year in June, which was above May’s revised 2.9% annual increase (previously reported: +3.2% year-on-year).
July 23, 2018
Thailand’s trade surplus grew to a seven-month high of USD 1.6 billion in June, up from the USD 1.2 billion surplus registered in May, primarily due to softer import growth.
June 29, 2018
In annual terms, manufacturing output grew 3.2% in May, up from the prior month’s revised 3.1% year-on-year growth rate (previously reported: +4.0% year-on-year).