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

 

 

 

 

Economic Research			22 August 2017
Thailand
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	bspeck@rhbgroup.com		+603 9280 2163
Vincent Loo	Malaysia, Vietnam	vincent.loo@rhbgroup.com		+603 9280 2172
Ng Kee Chou	Singapore, Thailand	ng.kee.chou@rhbgroup.com		+603 9280 2179
Rizki Fajar	Indonesia, Philippines	rizki.fajar@rhbgroup.com		+6221 2970 7065
Aris Nazman Maslan	Malaysia, Vietnam	mohd.aris.nazman@rhbgroup.com		+603 9280 2184