Trade Balance in Thailand
Thailand - Trade Balance
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 - Trade Balance Data
|Trade Balance (USD billion)||26.1||35.8||32.6||22.4||26.6|
5 years of economic forecasts for more than 30 economic indicators.
Thailand Trade Balance Chart
Source: Bank of Thailand and FocusEconomics calculations.
|Exchange Rate||30.11||0.17 %||Dec 30|
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