December 28, 2023Thomson Reuters

Thailand's export growth slows, central bank sees limited impact from Red Sea attacks

Exports, a key driver of Thai growth, rose 3.9% in November from a year earlier, after October's 7% increase on the year

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The central bank forecast exports would fall 1.5% this year before rising 4.3% in 2024

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Partly as a result of the slower growth in exports, the country recorded a current account deficit of $1.2 billion in November, after a surplus of $0.7 billion the previous month

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Spending by foreign tourist arrivals dropped in November from October and manufacturing decreased, the central bank said

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Earlier on Thursday, industry data showed manufacturing output dropped 4.7% in November, more than forecast, as economic growth slowed and household debt increased

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Private consumption increased by 0.8% from October and private investment rose by 1.8%, the BOT said, noting domestic demand was expected to continue underpinning economic activities in December

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