Current Account Deficit Narrows with Sluggish Exports Amid Poor Global Demand
Current account deficit stood at $0.68 billion with export increased by 21.7%; while private consumption dropped by 8.1%
According to Bank of Thailand’s economic data release, Thailand recorded a current account deficit of $0.68 billion in July compared to a deficit of $1.3 billion in June. Exports increased by 21.7% YoY in July, compared to 46.1% YoY in June. The drop in exports is due to weak demand from trading partners.
Imports on the other hand increased by 36.6% YoY in July. This brings the total trade balance to $3.36 billion and the overall balance of trade stood at $0.29 billion.
According to the regulator, the private consumption index dropped sharply by 8.1% as the country is struggling to spur economic activity. The sluggish rate is largely contributed by a fall in the non-durables index which dropped by 10.2%. In comparison, the index stood at -2.5% YoY in the month of June.