Thailand’s Export numbers for August were rubbish, according to the the Ministry of Commerce reported that exports dropped -6.9% YoY to US$ 19.6 bn from -4.4% YoY in July (although they were still up +1.1% MoM)
Still something we’ve been writing all year is that because of the austerity measures in Europe coupled (and partly leading to) the slowdown in China will and have hit businesses everywhere. Funnily enough printing tonnes of $$ in the US is what may have led to the US economy continuing to grow.
See below for a breakdown of the numbers
- Industrial product exports, a major category (75.7% of total exports), recovered 1.8% MoM from -3.4% MoM in July, led by a 69.3% MoM increase in jewellery and decorative products vs. -24.7% MoM last month and with a rise in electronic parts exports of +0.4% MoM vs. – 17.6% MoM last month. However, auto exports contracted -11.7% MoM from +7.5% MoM in July and a drop in electronic appliances of -18.1% MoM vs. +2.7% MoM last month.
- Agricultural product exports (9.9%) declined by -8.5% MoM from +23.8% MoM in July. The main agricultural product export was rubber, dropping 11.6% vs. +7.9% MoM in July and rice declined -10.3% MoM vs. +31.6% MoM in July.
- Exports within Asia (63%) continued to shrink by -2.2% MoM vs. -1.5% MoM in July as exports in Asia and to Japan fell 4.8% MoM and 3.9% MoM, respectively. However, exports to China, Hong Kong and Taiwan recovered slightly by +4.0% MoM, +7.5% MoM and +6.3% MoM, respectively.
- European exports (14%) expanded once again by +18.9% MoM from -2.2% MoM in July,
- US exports (10%) contracted at a lower pace of -1.5% MoM from -4.0% MoM in July