Economics
Oil prices pushed Thai exports up to 8.8% in January
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.
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US trade protectionism against China and elections in Europe, exports of electronics and electrical appliances becoming outdated and shifts in production bases.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
Economics
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.
(more…)Economics
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
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