Thailand: Merchandise exports increase at a faster pace in January
Merchandise exports climbed 7.4% on an annual basis in January, on the heels of December’s 3.1% increase. January’s outturn marked the strongest outturn since September 2022. Meanwhile, merchandise imports rose 1.7% over the same month last year in January (December: -1.6% yoy).
That said, the merchandise trade balance deteriorated from the previous month, recording a USD 1.1 billion deficit in January (December 2020: USD 2.3 billion surplus; January 2023: USD 2.2 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 18.1 billion surplus in January, compared to the USD 17.0 billion surplus in December.
Commenting on the outlook for the tourism sector, UOB’s Enrico Tanuwidjaja and Sathit Talaengsatya stated:
“In the periods ahead, Thailand’s tourism is expected to record a strong rebound supported by key tailwinds from government policies such as the visa-free measures and plans to organize year-round tourism events, on the back of the normalization of cross-border airline capacity.”