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Thai exports for January up 10%, the highest in 19 months


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Thai exports have risen for six straight months, with export value for January increasing by 10%, to US$22.6 billion, while imports went up by 2.6%, to US$25.4 billion, resulting in a trade deficit of US$2.8 billion, according to Kirati Ratchano, permanent secretary of Commerce.

 

He said that January’s export growth was the highest in 19 months, adding that exports to Thailand’s main markets grew in line with global economic recovery, such as a 13.7% increase to the US market, a 4.5% increase to Europe, a 18.1% to the ASEAN market and a 16.6% increase to the CLMV group, comprising Cambodia, Laos, Myanmar and Vietnam.

 

Thai exports to secondary markets also grew, by 8.8%. These include a 0.04% increase to South Asian markets, a 27.2% increase to Australia, a 2.9% increase to Middle Eastern markets, a 4.0% increase to the Latin American market, but with a 1.6% export contraction to the UK market.

 

Full story: Thai PBS 2024-02-23

 

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Just now, flyingtlger said:

The weak baht might hurt exports in the future....

A weak Baht means exports are cheaper, so as long as the buying countries are able to buy, a weak baht is helpful. Import however are more expensive as a result of a weak baht.

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"Thai exports have risen for six straight months, with export value for January increasing by 10%, to US$22.6 billion, while imports went up by 2.6%, to US$25.4 billion, resulting in a trade deficit of US$2.8 billion, according to Kirati Ratchano, permanent secretary of Commerce".

 

And we're told there's an economic crisis, even though exports are at near record levels. Hmmm!

 

One problem is that because imports have become more expensive, especially oil, that means there's a trade deficit. I suspect most of the deficit results from a strong USD and high oil importation costs. This means a weaker Baht in the future, unless some other part of the current account can balance out the trade deficit. If you look at the graph below you can see a major part of why the Baht has been so weak lately.

 

https://tradingeconomics.com/thailand/current-account-to-gdp#:~:text=Current Account to GDP in Thailand is expected to reach,macro models and analysts expectations.

 

Screenshot(42).png.23413c0d23c35bb736e4b1e805359f69.png

 

 

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