According to Bot’s latest Press Release, the Thai economy continued to be on a decelerating trend in November, prompting the Central Bank to use the exact same words from its previous Press Release on the Economic and Monetary Conditions in October, to describe the overall situation in November.
The value of merchandise exports continued to contract, mainly due to the economic slowdown of trading partners, consistent with deterioration in merchandise imports, manufacturing production and private investment indicators.
Public spending also contracted from both current and capital expenditures. Meanwhile, private consumption indicators continued to decelerate amid support from the government’s economic stimulus measures. The tourism sector continued to expand.
On the stability front, headline inflation edged up from the previous month on the back of higher core inflation and lower contraction in energy prices. The seasonally adjusted unemployment rate slightly increased while the number of employed persons was unchanged. The current account remained surplus. The capital and financial accounts posted a deficit from the asset position.
Details of the economic conditions are as follows:
The value of exports dropped by 7.7 percent
The value of merchandise exports contracted by 7.7 percent from the same period last year, nearly the same as export values excluding gold.
The contraction of exports in almost all categories was due to
1) the economic slowdown of trading partners;
2) the non-obvious recovery in electronic cycle; and
3) the contraction of global crude oil prices, coupled with…
