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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
The customs trade deficit for October came in better than expected at US$596mn on the back of very disappointing import growth. The September deficit was US$853mn. Both export and import growth were below expectations at -4.4% y/y and -2.1% respectively compared with consensus of +5.5% and +11%.
- Disappointing data, such as this, is likely to keep the Bank of Thailand cautious this week with only a 25bp rate hike to 1.25%.
- The Thai minister for trade expects exports going forward to face headwinds from slower global growth but to be boosted by the weaker currency and stronger tourist numbers.
- Exports in the year to October rose 9.1% y/y, which is still elevated. The ministry expects 2022 exports to be more than double the 4% y/y target.
Thailand customs trade balance USDmn 3mma
Source: MNI - Market News/Refinitiv/Bloomberg
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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