Exports slipped to (-)4.4 percent YoY in July 2016, valued at USD17.42 billion (pending official data, however), a fourth consecutive month of contraction. In July, all major exports declined, especially automobiles, auto parts and accessories that shrank 6.7 percent YoY, due to a drop in pickup truck shipments of (-)14.9 percent YoY as a result of falling demand from major pickup truck markets.
Nonetheless, fishery products showed an improvement wherein exports of frozen and processed shrimp rose 29.5 percent YoY, thanks to a recovery in domestic harvests and Thailand being upgraded to the Tier 2 Watch List in the US human trafficking report, which resulted in a better image towards Thai fishery products.
However, we at KResearch maintain that Thailand's total exports for 2016 will drop by 2.0 percent YoY, but we are awaiting the official July export data before tempering our forecast. Figures for September will also be taken into consideration before we undertake any revision to our annual forecast.