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26 March 2013

Manufactured goods contributed to export recovery in February

The Ministry of Commerce reported that Thailand’s export value for February was at USD 18.4 billion, an increased by 2.4%YOY (compared to the same month in the year earlier). The import value declined by 16.6%YOY to the value of USD 16.6 billion, resulting in a trade surplus of USD 1,767 million.

Author: Chinnawut Techanuwat, Ph.D. and Sophon Vijitmethavanich

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  • The Ministry of Commerce reported that Thailand's export value for February was at USD 18.4 billion, an increased by 2.4%YOY (compared to the same month in the year earlier). The import value declined by 16.6%YOY to the value of USD 16.6 billion, resulting in a trade surplus of USD 1,767 million.
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  • Exports to Europe constantly improved. Export value to the European Union (EU) in February expanded by 6.4%, extending its improvement streak since October 2013, as the European economy continued to revive. Furthermore, exports to Japan increased for two consecutive months, after a lengthy period of declines. However, exports to the U.S. remained lackluster, largely resulting from a drop in processed and frozen seafood exports.

  • Automotive exports significantly expanded, though agricultural exports still disappointed. Automotive exports which severely dropped during the previous 2 months have recovered and significantly grew by 21.0% in February, thanks to a high growth of pickup truck exports to Australia, which grew by as high as 63.5%. Moreover, exports of computer and parts and electrical appliances continuously improved, especially those of computer and parts which consecutively expanded for 6 months. However, exports of major agricultural commodities were contracting. Rubber exports declined due to depressed pricing, while shrimp exports dropped due to slumped export volume from infections.

  • Imports plummeted due to investment slowdown. Political instability in Thailand caused companies to delay their investment and wait for a clearer government policy direction. Hence, imports of capital goods and raw materials, namely machinery and parts and steel, significantly dropped by 13.4% and 23.4% respectively. Furthermore, automotive parts imports also dropped due to high base of imports during early 2013.

  • The trade surplus was at USD 1,767 million. The first trade surplus in 5 months was witnessed in February 2014, due to a significant import decline.
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  • Watch for the continuity of export recovery. In the big picture, Thailand's exports improved from significant expansions in exports of automotive and parts, electrical appliances, and computer and parts, which together account for approximately 33% of total exports. Going forward, global economic recovery will help support exports of these products.

 

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