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THAILAND: 2024 Customs Trade Deficit Widens

THAILAND
EM BulletAPACEmerging Market NewsBulletMarketsFixed Income BulletsThailand

Thailand’s December customs trade deficit narrowed significantly more than expected printing at $11mn following $224mn. Export growth picked up to 8.7% y/y from 8.2% and imports to 14.9% from 0.9%. When smoothed for monthly volatility both are running at 10.5% y/y 3-month moving average.

  • The 2024 trade deficit widened to $6.3bn from $3.4bn the previous year. While export growth improved it underperformed imports, signalling reasonable domestic demand in an economy that has been underperforming ASEAN.
  • USDTHB has trended higher during today’s APAC trading and took a step up following the trade data. The pair is up 0.4% to 33.95, off the intraday high of 33.99, after trending lower from mid-January when it peaked at 34.83. The JP Morgan THB NEER is 1.8% higher since January 14.

Thailand customs basis exports vs imports y/y% 3-mth ma

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Thailand’s December customs trade deficit narrowed significantly more than expected printing at $11mn following $224mn. Export growth picked up to 8.7% y/y from 8.2% and imports to 14.9% from 0.9%. When smoothed for monthly volatility both are running at 10.5% y/y 3-month moving average.

  • The 2024 trade deficit widened to $6.3bn from $3.4bn the previous year. While export growth improved it underperformed imports, signalling reasonable domestic demand in an economy that has been underperforming ASEAN.
  • USDTHB has trended higher during today’s APAC trading and took a step up following the trade data. The pair is up 0.4% to 33.95, off the intraday high of 33.99, after trending lower from mid-January when it peaked at 34.83. The JP Morgan THB NEER is 1.8% higher since January 14.

Thailand customs basis exports vs imports y/y% 3-mth ma

Keep reading...Show less