Thailand Records Current Account Deficit of $2 bln as Jan. Exports Drop 3.4%

Thailand recorded a current account deficit of $2 billion in January 2023, a huge contrast to a surplus of $1.1 billion in the previous month, the central bank said on Tuesday.

Exports, a key driver of growth, dropped 3.4% YoY in January, the Bank of Thailand said in a statement. Meanwhile, imports rose 9.10% YoY. Consensus expected exports for January to contract 1% and imports to fall 3.4% YoY.

As exports plunged in January, Thailand recorded a deficit in trade balance of $2.7 billion, which was higher than $1.03 billion in December and $1.4 billion expected.