Thailand’s customs-based trade deficit narrowed a lot more than expected in September to US$853mn from US$4215mn. Exports rose more than expected and imports less than expected.

• Customs exports rose 7.8% y/y after 7.5% y/y in August. Growth had been expected to slow. Export growth has moderated as Covid-related base effects drop out but has remained solid supported by the post-pandemic recovery, the weaker Thai baht and the easing of semiconductor shortages (electronics are Thailand’s second largest export).
• Customs imports moderated to 15.6% y/y in September from 21.3% y/y. Import growth has remained solid and is still at elevated growth rates, as consumption recovers and the manufacturing PMI is at a record high.

Source: MNI - Market News/Refinitiv