September Exports Moderated; Still Positive For 3Q

Economic Research	27 October 2016
Thailand
Economic Highlights
September Exports Moderated; Still Positive For 3Q Thailand’s exports eased to 3.4% y-o-y in September, from a 6.5% gain the month before. Overall, exports expanded 1.2% in 3Q, improving from a 4.1% decline the quarter before. Industrial exports rose 4.2% y-o-y, decelerating from 9.0% the month before, reflecting slower demand for vehicle & parts. In contrast, agricultural shipments grew 1.9% y-o-y, following a 4.1% decline in August, cushioning some of the downside. We raise our forecast for real merchandise exports to flat for 2016, compared to -5.8% last year, anticipating further improvement due to the low base effect in 4Q last year. 2017 export forecast is maintained at -1.6%. Economist:  Ng Kee Chou  | +603 9280 2179
To access our recent reports please click on the links below: 19 October: “Greatest Sorrow” To Dent But Not Derail Economic Growth 04 October: September Inflation Picked Up On Higher Energy Costs 04 October: Broad Money Growth Stable Despite Easing Public Disbursements 04 October: Thailand MPI Sees Broad-based Recovery In August 27 September: Thai Exports Surge On Vehicle Shipments 15 September: BOT Opted To Preserve Policy Space As External Uncertainties Pile Up