Thailand Reports Current Account Deficit in November as Exports Fall

The central bank of Thailand said on Thursday that the country’s current account deficit for November was US$0.4 billion, down from the US$0.6 billion surplus reported for October.

Exports fell 5.5% year on year in November, while imports increased 8.2% over the previous year, resulting in a trade surplus of US$0.5 billion for the month, according to a statement from the Bank of Thailand (BOT).

In November, Thailand’s economy continued to show signs of improvement, thanks to the positive performance of the tourist industry. The BOT predicted that economic activity will continue to improve in December.

According to BOT Assistant governor Chayawadee Chai-Anant, the baht strengthened in December as a result of China’s reopening plans, which made investors optimistic about a revival in Asian countries, including Thailand.

The central bank projects 3.2% growth in the GDP this year and 3.7% growth in 2023, due to a rebound in private consumption and tourism.