The value of Thai exports in January expanded by 8.8% due to exports of oil-related products rising with crude oil price, which jumped by 78%YOY in January.

Exports of manufacturing goods, in particular computers, computer parts and electronic
circuits strengthened following purchases from major export markets like the US and China.

The value of imports expanded for the 5th consecutive month at 5.2%YOY.

EIC expects Thai exports in 2017 to grow by 1.5%YOY. Although global economies are improving, Thai manufacturing exports will likely expand at slower pace given fragile recovery of main trading partners that are weighed down by global risk factors like US trade protectionism against China and elections in Europe, exports of electronics and electrical appliances becoming outdated and shifts in production bases. Nevertheless, recovering oil prices will likely support improvements in exports of oil-related commodities going forward.

EIC assesses that the value of imports in 2017 will grow by 3.5%YOY as imports of fuel-related products increase with oil prices and demand for consumer goods improves on the back of stronger household consumption.

However, investment slowdowns in the manufacturing sector expected this year will put downward pressure on imports going forward.

Author: Pimnipa Booasang

Source link

About the author

Thailand Business News covers the latest economic, market, investment, real-estate and financial news from Thailand and Asean. It also features topics such as tourism, stocks, banking, aviation, property, and more.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thailand’s consumer confidence index (CCI) at 3-year high in March

According to the University of the Thai Chamber of Commerce (UTCC) survey of 2,241 respondents across the country, the CCI rose to 53.8 in March from 52.6 a month earlier, marking the 10th consecutive month of growth.

BOT Maintains 2023 GDP Forecast at 3.6%

The Thai economy is expected to continue expanding, driven mainly by recovery in the tourism sector, which should, in turn, boost labor income and private consumption.

Fitch Ratings downgrades projected Thai growth to 3% this year

According to Fitch, Thailand’s gross domestic product (GDP) is expected to grow by 3.0% in 2023, down from its previous projection of 3.2%.