A beach town in Thailand

Thailand Trade Balance October 2020

Thailand: Merchandise exports contract at a sharper rate in October

Merchandise exports dived 6.7% year-on-year in October (September: -3.9% year-on-year). Meanwhile, merchandise imports dived 14.3% over the same month last year in October (September: -9.1% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.0 billion surplus in October (September 2020: USD 2.2 billion surplus; October 2019: USD 0.5 billion surplus). However, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 24.0 billion surplus in October, compared to the USD 22.5 billion surplus in September.

The projected easing of the coronavirus pandemic in 2021 should lead to a rebound in global economic growth. For Thailand, activity is set to recover well, with exports likely to be boosted by improving external demand, and returning household spending driving an uptick in imports. However, the future trajectory of the pandemic, and especially its impact on all-important tourism levels, is a key factor determining the outlook.

Regarding exports, Sian Fenner, Lead Asia economist at Oxford Economics, commented:

“We expect goods exports to continue to recover over coming months, but the pace of recovery is likely to be bumpy given uneven global demand. In addition, despite the introduction of special tourism visas, ongoing travel restrictions will mean services exports will remain a drag on the forecast recovery.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen