FW: RHB | Thailand | Rare Trade Deficit As December Exports Slow Down

 

 

Economic Research			23 January 2018
Thailand
Economic Update
Rare Trade Deficit As December Exports Slow Down   Thailand’s exports slowed to +8.6% YoY in December, undermined by broad-based deceleration in both the agricultural and industrial clusters. For the full year, Thailand’s exports jumped 9.9%, picking up from a 0.5% gain in 2016. The figure is above our forecast and puts upward pressure on our 2017 GDP forecast of 3.7%. Going forward, we maintain our forecast for exports to ease to +7% in 2018, undermined by softer electronics shipments and a high base effect from 2017. However, vehicle exports are set to increase and agricultural shipments would likely remain supportive, cushioning some of the downside.   Economist:  Ng Kee Chou  | +603 9280 2179
To access our recent reports please click on the links below:   4 January: December CPI Slows On Energy Costs 2 January: MPI Rebounds After October Dip 2 January: FX Reserves’ Rise Supports Infrastructure Roadmap 26 December: Agricultural Exports Soar; Industrial Exports Resilient 21 December: BoT Maintains Key Repo Rate At 1.5%
Economic Team
Arup Raha	Group Chief Economist	arup.raha@rhbgroup.com		+65 6232 3896
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

                                                                                                                                    

 

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