The value of Thai exports during May expanded by 13.2%YOY, with rising exports across every major market and in almost all products.
Exports of oil-related products grew on the back of escalating oil prices, whilst exports of main manufacturing products like electronics and electronic appliances increased up to 24.2% and 13.8%, respectively, due to a spike in demand for hard disk drives and electrical circuits.
Growth in exports of cars and car parts was highest in nine months, peaking at 8.7%YOY due to orders from Australia, the Philippines and Indonesia, despite a contraction of 17.8% in purchases from the Middle East, where the economy has remained slow.
The value of imports expanded at slower pace by 18.2%, on the back of 19.8%YOY growth in import of fuels and 12.4%YOY growth in import of computer products and parts, following improvements in exports of related products.
Import of capital goods (excluding airplanes and ships) risen the most in fifty-three months at 14.4% owing to recovery of Thai export sector.
Thai exports to expand 2.5% in 2017
EIC expects the value of Thai exports in 2017 to expand at 2.5% thanks to continued recovery of the global economy and softened global risk supporting a gradual pickup in demand for Thailand’s main manufacturing products for the residual period of 2017.
Nevertheless, growth in exports still face downside risk from trade protectionism policies from the U.S. as investigation and measures have been prompted in order to lower the country’s deficit with Thailand and 15 other trade partners.
Author: Pimnipa Booasang
Thailand relaxes COVID-19 measures to help revive economy
During the past couple weeks, new infection cases have been down from roughly 20,000 daily cases to 17,000 -19,000. Moreover, the number of daily discharges is exceeding infections, which has led to the conclusion that the situation is improving.
Thailand relaxed more virus related social curbs on September 1st, in dozens of cities including Bangkok, in a move that may indicate that the country’s economy, hit hard by COVID-19 will soon revive, lead by the export sector and sound financial fundamentals.(more…)
Southeast Asia to relinquish its lead over Latin America says Moody’s
While the emerging economies of Southeast Asia have outperformed their counterparts in Latin America for most of the past two decades, their lead will slide in the next few quarters as Southeast Asian governments clamp down to fight the pandemic’s lingering second and third waves.
The Delta surge is casting larger clouds over the global recovery and emerging markets are in the thick of it. Despite the ebbing of the coronavirus variant in India, where it first emerged, its spread in Southeast Asia, Africa, and the Middle East has steepened the road to recovery in these regions.(more…)
Thailand Raises Public Debt Ceiling from 60% to 70% of GDP
Thailand’s State Monetary and Fiscal Policy Committee has decided to raise the ceiling of the public debt-to-GDP ratio from 60%...
Thailand Approves Package to Attract Wealthy Foreigners and Professionals
Thailand’s Cabinet has approved an economic stimulus and investment promotion package aimed at attracting wealthy foreigners and highly skilled professionals...
The Role of Telemedicine Today: During and Beyond the COVID-19
Lockdowns, quarantine periods, and hospitals fast filling to the brink needed the medical community to come up with solutions fast....
Malaysia, Thailand banks to join the ASEAN Banking Integration Framework
Banking institutions from Thailand and Malaysia are invited to join the ASEAN Banking Integration Framework and indicate their interest to...
Climate Change Could Force 49 Million People to Migrate in East Asia and the Pacific
Out-migration hotspots in agricultural areas of central Thailand and Myanmar coincide with areas expected to see declines in both water...