Thai July exports up 10.5% y-o-y, below forecast
[BANGKOK] Thailand's customs-cleared annual exports rose for a fifth straight month in July, but fell short of expectations, as demand from major markets increased.
Exports, a key driver of Thailand's growth, rose 10.5 per cent in July from a year earlier after June's 11.7 per cent rise, commerce ministry data showed on Wednesday. A Reuters poll expected an annual rise of 11.6 per cent in July.
In January-July, exports grew 8.2 per cent from a year earlier, Pimchanok Vonkhorporn, an official at the Commerce Ministry, said at a briefing.
Exports have just recovered this year, but are under pressure from a strong baht, which has appreciated 7.7 per cent against the US dollar this year, the biggest gain in Asia.
The ministry said on Wednesday it expected exports to rise 5-6 per cent this year, compared with the earlier 5 per cent target, after a 0.5 per cent rise last year following three years of decline.
Imports in July increased 18.5 per cent from a year earlier, compared with the forecast of a 13 per cent rise.
Thailand had a trade deficit of US$188 million in July, the first deficit in more than two years, compared with a poll forecast of a US$800 million surplus.
Many of the materials Thailand imports are assembled into completed goods and shipped out again.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Banking giants race to Riyadh as MBS steps up pressure campaign
Biden now calls ally Japan ‘xenophobic’ along with China, Russia
Japanese companies struggle with yen’s continued weakness
Australia’s March goods trade surplus narrows to more than 3-year low
Hong Kong holds rate as Fed signals inflation concerns
Australian business strength is shocking even its biggest lender