Thursday, August 24, 2017

FW: RHB | Thailand | Softer E&E Shipments Weigh On July Exports





Economic Research

22 August 2017



Economic Update




Softer E&E Shipments Weigh On July Exports


Thailand’s exports slowed to +10.5% YoY in July, precipitated by a sharp slowdown in E&E shipments. However, automotive exports surged and agricultural shipments picked up, cushioning some of the downside.

Going forward, exports would likely moderate in 2H17 but remain robust. Electronic shipments should pick up again with the launch of the new iPhone in September, and agricultural exports are expected to remain robust on the back of higher farm yields this year. However, auto exports are expected to trend lower due to a cyclical slowdown in demand. We maintain our forecast for exports to grow 5.3% in 2017, from just +0.5% last year.


Economist:  Ng Kee Chou  | +603 9280 2179



To access our recent reports please click on the links below:


22 August: Private Investment Returns, GDP Fastest In Four Years

17 August: Interest Rate Unchanged Despite Strong THB

10 August: Examining Thailand’s Changing Consumption Patterns

2 August: Energy The Key Driver Again As July CPI Ticks Up

2 August : June MPI Contracts Despite Strong Exports

1 August : Money Supply And Loan Growth Stable In June


Economic Team





Peck Boon Soon

Chief ASEAN Economics

+603 9280 2163

Vincent Loo

Malaysia, Vietnam

+603 9280 2172

Ng Kee Chou

Singapore, Thailand

+603 9280 2179

Rizki Fajar

Indonesia, Philippines

+6221 2970 7065

Aris Nazman Maslan

Malaysia, Vietnam

+603 9280 2184




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