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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
THAILAND
Thailand’s February customs trade deficit narrowed close to expectations at $554mn after a deficit of $2758mn. Export growth slowed to 3.6% y/y from 10% y/y but continued to outpace imports at 3.2% up from 2.6%. The Commerce Ministry expects exports to slow further in Q1 with the quarter averaging 1-2% y/y growth as March base effects are unfavourable. USDTHB rose slightly on the data and is currently around 36.39 to be little changed on the day.
- Increased global demand, especially for food, is expected to support Thai exports in 2024. They will be an important support for the economy, which has continued to disappoint.
- Thai rice export volumes were strong rising 33.4% y/y to 800.2k tonnes and prices were 15% y/y higher. Rice prices have risen strongly since mid-2023 after weather-affected harvests and India banned the export of non-basmati varieties (see MNI Rice Prices Had Little Impact On Core Inflation But Now Peaking).
- A pickup in shipments of food and some electronics products also supported export growth.
- Thailand saw strong export growth to the US, its largest destination, in January but while still positive it was soft to China, Japan and the EU.
Thailand customs trade y/y% 3-month ma
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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